Using a search-theoretical framework, we study how a home seller’s choice of whether or not to use a broker depends on different market conditions. We analyze the role that the broker plays in the house-selling process by examining the expected time-to-transaction, the expected transaction price, and the value of the transaction. We show that a broker brings less value to the seller in hot markets than in cold markets.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Jun 15, 2014
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