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Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market

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  • Mats Wilhelmsson

Abstract

This study investigates whether uninformed buyers pay higher prices for single-family houses than do other buyers and tests whether the bargaining power increases with information. Data on real estate prices and attributes is examined, as well as household characteristics and buying process from Stockholm. The results suggest that uninformed buyers pay a higher price than informed buyers do. Bargaining power is not found to be weaker for a first-time buyer but it is weaker if the household has participated in several biddings and lost. Repeated bidding-and-losing households are more willing to increase their reservation price and pay a higher overall price compared to other households.

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  • Mats Wilhelmsson, 2008. "Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market," Journal of Real Estate Research, Taylor & Francis Journals, vol. 30(4), pages 475-500, January.
    • Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:475-500
    DOI: 10.1080/10835547.2008.12091227
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    Cited by:

    1. Wang, Weifang, 2021. "Nuanced insights into land buyer perceptions of engaging in rural land transactions from a cost perspective: Evidence from China’s emerging rural land market," Land Use Policy, Elsevier, vol. 108(C).
    2. Eric Levin & Gwilym Pryce, 2011. "A Disequilibrium Model of the Market for Houses: Implicit Selling Time as a Signal of Optimal Holding Periods and Buyer Valuation," Urban Studies, Urban Studies Journal Limited, vol. 48(11), pages 2249-2263, August.
    3. Steven Caudill & Claudio Detotto & Dominique Prunetti, 2020. "Bargaining power in apartment sales in Corsica: A latent class approach," Urban Studies, Urban Studies Journal Limited, vol. 57(13), pages 2754-2772, October.
    4. Steegmans, Joep & Hassink, Wolter, 2017. "Financial position and house price determination: An empirical study of income and wealth effects," Journal of Housing Economics, Elsevier, vol. 36(C), pages 8-24.
    5. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Global Social Science Institute, vol. 16(3), pages 274-295.
    6. Rocco Curto & Elena Fregonara, 2019. "Monitoring and Analysis of the Real Estate Market in a Social Perspective: Results from the Turin’s (Italy) Experience," Sustainability, MDPI, vol. 11(11), pages 1-22, June.
    7. Justin Benefield & Ronald Rutherford & Marcus Allen, 2012. "The Effects of Estate Sales of Residential Real Estate on Price and Marketing Time," The Journal of Real Estate Finance and Economics, Springer, vol. 45(4), pages 965-981, November.

    More about this item

    JEL classification:

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

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