This study investigates price and time-on-market effects of estate sales of houses versus typical housing transactions using a sample of 180,921 sold properties. The hypothesis that estate sales sell at a discount and sell more quickly than typical houses is supported by the empirical results. The results indicate that estate sale properties sell at a 3.6% price discount and sell about 3.4% (i.e. approximately 4 days) more quickly.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Jan 18, 2011
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