On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service

On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple... This paper investigates the relationship of property price and time-on-market to the use of property photo depictions in a multiple listing service. Empirical testing reveals that price as a function of photo depictions is increasing at a decreasing rate for both interior and exterior photos. Testing also reveals that time-on-market as a function of property photos is increasing at a decreasing rate for interior photos, but is not related to exterior photos. Results are sensitive to the number of photos allowed by the Multiple Listing Service. Overall, the results suggest that additional photographs increase price, while simultaneously lengthening property marketing duration, ceteris paribus. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service

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Publisher
Springer US
Copyright
Copyright © 2009 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-009-9219-6
Publisher site
See Article on Publisher Site

Abstract

This paper investigates the relationship of property price and time-on-market to the use of property photo depictions in a multiple listing service. Empirical testing reveals that price as a function of photo depictions is increasing at a decreasing rate for both interior and exterior photos. Testing also reveals that time-on-market as a function of property photos is increasing at a decreasing rate for interior photos, but is not related to exterior photos. Results are sensitive to the number of photos allowed by the Multiple Listing Service. Overall, the results suggest that additional photographs increase price, while simultaneously lengthening property marketing duration, ceteris paribus.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Nov 18, 2009

References

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