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Marketing Time and Pricing Strategies

Author

Listed:
  • Eddie C.M. Hui

    (The Hong Kong Polytechnic University)

  • Joe T.Y. Wong
  • K.T. Wong

Abstract

This study examines how overpricing of properties (in terms of above-market price), along with various housing attributes, influence their time-on-market (TOM). The results with the full sample show that only dummy variables depicting years 2003–2005 and flats located in Kowloon significantly affect TOM. In the sub-period analyses, however, factors such as the abovemarket price, sale price, a flat's tenure status, general property price trend, and changes in unemployment rate have significant impacts on TOM, yet their respective impacts change over time. Specifically, the effectiveness of overpricing in optimizing sellers' returns and TOM depends on economic conditions as well as on the availability of other alternatives on the housing market.

Suggested Citation

  • Eddie C.M. Hui & Joe T.Y. Wong & K.T. Wong, 2012. "Marketing Time and Pricing Strategies," Journal of Real Estate Research, American Real Estate Society, vol. 34(3), pages 375-398.
    • Handle: RePEc:jre:issued:v:34:n:3:2012:p:375-398
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    Citations

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    Cited by:

    1. Liang, Cong & Hui, Eddie C.M. & Yip, Tsz Leung & Huang, Yaoxuan, 2020. "Private land use for public housing projects: The Influence of a Government Announcement on Housing Markets in Hong Kong," Land Use Policy, Elsevier, vol. 99(C).
    2. David Koch & Gunther Maier, 2015. "The influence of estate agencies’ location and time on Internet," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 35(2), pages 147-171, October.
    3. Eddie Chi Man Hui & Cong Liang & Ziyou Wang & Yuan Wang, 2016. "The roles of developer’s status and competitive intensity in presale pricing in a residential market: A study of the spatio-temporal model in Hangzhou, China," Urban Studies, Urban Studies Journal Limited, vol. 53(6), pages 1203-1224, May.
    4. Bich Hong Nguyen Thi & Trong Hoai Nguyen & Thanh Hiep Truong, 2020. "The Role of Listing Price Strategies on the Probability of Selling a House: Evidence from Vietnam," Real Estate Management and Valuation, Sciendo, vol. 28(2), pages 63-75, June.
    5. Liang, Cong & Hui, Eddie C.M. & Yip, Tsz Leung, 2018. "Time on market (TOM): The impact of new residential stamp duty," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 503(C), pages 1117-1130.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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