Pricing and time on the market for residential properties in a major U.K. city
Date
2009
Authors
McGreal, S.
Adair, A.
Brown, L.
Webb, J.R.
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Journal article
Citation
Journal of Real Estate Research, The, 2009; 31(2):209-233
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Abstract
The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K.) metropolitan area. Three distinctive characteristics of the market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time-on-the-market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion.
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Copyright 2009 American Real Estate Society