International Real Estate Review

2019 ◽  
Vol 22 (3) ◽  
pp. 333-357
Author(s):  
Sean Brunson ◽  
◽  
Richard J. Jr. Buttimer ◽  
Steve Swidler ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Empirical Work ◽  
Listing Service ◽  
Qualitative Information ◽  
Data Set ◽  
Hedonic Modeling ◽  
Multiple Listing Service ◽  
Property Condition ◽  
Transaction Price

This paper considers the information content of Multiple Listing Service (MLS) descriptions and employs a significantly larger data set than previous studies. The analysis first catalogs the most frequently used terms by real estate agents in MLS descriptions. Using hedonic modeling, we estimate the effect of this qualitative information on transaction price and days on the market. Finally, we extend earlier empirical work by utilizing our larger MLS data set to forecast the probability that a house will sell after it is listed. This last contribution further sheds light on the role of qualitative information to infer property condition or circumstances that surround the sale of the property.

scholarly journals Le marché immobilier : quelques perspectives à long terme pour la région de Trois-Rivières

2009 ◽  
Vol 59 (1) ◽  
pp. 153-163
Author(s):  
L. M. Farrell
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Consumer Price Index ◽  
Listing Service ◽  
Real Estate Markets ◽  
Long Run ◽  
Time Period ◽  
Short Period ◽  
The Impact ◽  
Transaction Price

Abstract The results of any analysis of local real estate markets must be qualified interms of the long run equilibrium conditions assumed in the study. Such propertycharacteristics as: non homogeneity, durability, length of response lag time, etc.,are frequently suggested as major factors which contribute to the inefficiency ofreal estate markets. Periods of prolonged exogeneous inflationary expectations,which may be indicated by changes in the Consumer Price Index (CPI), addfurther complexity to the analysis of real estate markets. This paper presents a brief discussion of the factors which influence thesupply and demand for Real Estate. Special reference is made to the City ofTrois-Rivières, Québec, which is analysed over the ten year period 1971 to 1981. In this market the impact of changes in income on long run demand would appearto be negative. The effect of demographic factors, particularly population in the25 to 34 year age group, is not clear. There is some indication of a shift in supplyacross submarkets over the 1976-1979 time period. Price changes, measured in current dollars using the Multiple Listing Service(MLS) average transaction price, increased approximately 200 per cent over arelatively short period in the early 1970s. Most of this appreciation appears tohave been lost over the longer time period of the study. Average MLS transaction price, adjusted for inflation, fluctuated between$12,000 and $28,000 over the same period. After appropriate qualification of the results, in terms of the data and themethodology used to analyse the data, it would appear that housing prices in theaggregated Trois-Rivières market have not increased appreciably in current orconstant dollars over the period 1971-1981 although this may not have been thecase in particular submarkets.

scholarly journals INCREASING EFFICIENCY OF MULTIPLE LISTING SERVICE SYSTEMS APPLYING WEB‐BASED DECISION SUPPORT SYSTEM FOR REAL ESTATE

2005 ◽  
Vol 11 (2) ◽  
pp. 91-97 ◽  
Author(s):  
Artūras Kaklauskas ◽  
Mindaugas Gikys
Keyword(s):  
Decision Support ◽  
Real Estate ◽  
Decision Support System ◽  
Support System ◽  
Multiple Criteria ◽  
Service Systems ◽  
The Internet ◽  
Listing Service ◽  
Web Based ◽  
Multiple Listing Service

One of the major problems in Multiple Listing Service Systems is to find what you want. Number of real estate alternatives on the Internet is thousands. How can customers find the rational alternative on the Internet? Once real estate is found, the customer usually wants to compare alternatives. There are five types of aids to comparison shopping: search on hypertext files by agents, search alternatives on databases, alternative search and tabular comparison, comparison of alternative products and services from multiple malls, search and multiple criteria decision‐making. Therefore, the efficiency of Multiple Listing Service Systems may be increased by applying multiple criteria decision support systems developed by authors. The authors have developed Web‐based Decision Support System for Real Estate (DSS‐RE). Proposed DSS‐RE can create value in next important ways: help customers assess their needs, identify suitable real estate to fulfil needs, compare and evaluate real estate, help customers evaluate the usefulness of the real estate in the after‐purchase evaluation stage, etc.

scholarly journals THE ROLE OF INITIAL VALUES IN CONDITIONAL SUM-OF-SQUARES ESTIMATION OF NONSTATIONARY FRACTIONAL TIME SERIES MODELS

2015 ◽  
Vol 32 (5) ◽  
pp. 1095-1139 ◽  
Author(s):  
Søren Johansen ◽  
Morten Ørregaard Nielsen
Keyword(s):  
Time Series ◽  
Voting Behavior ◽  
Empirical Work ◽  
Sum Of Squares ◽  
Second Order ◽  
Data Set ◽  
Initial Values ◽  
Image Position ◽  
Conditional Maximum

In this paper, we analyze the influence of observed and unobserved initial values on the bias of the conditional maximum likelihood or conditional sum-of-squares (CSS, or least squares) estimator of the fractional parameter,d, in a nonstationary fractional time series model. The CSS estimator is popular in empirical work due, at least in part, to its simplicity and its feasibility, even in very complicated nonstationary models.We consider a process,Xt, for which data exist from some point in time, which we call –N0+ 1, but we only start observing it at a later time,t= 1. The parameter (d,μ,σ2) is estimated by CSS based on the model${\rm{\Delta }}_0^d \left( {X_t - \mu } \right) = \varepsilon _t ,t = N + 1, \ldots ,N + T$, conditional onX1,...,XN. We derive an expression for the second-order bias of$\hat d$as a function of the initial values,Xt,t= –N0+ 1,...,N, and we investigate the effect on the bias of setting aside the firstNobservations as initial values. We compare$\hat d$with an estimator,$\hat d_c $, derived similarly but by choosingμ=C. We find, both theoretically and using a data set on voting behavior, that in many cases, the estimation of the parameterμpicks up the effect of the initial values even for the choiceN= 0.IfN0= 0, we show that the second-order bias can be completely eliminated by a simple bias correction. If, on the other hand,N0> 0, it can only be partly eliminated because the second-order bias term due to the initial values can only be diminished by increasingN.

scholarly journals The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com

2009 ◽  
Vol 99 (5) ◽  
pp. 1878-1898 ◽  
Author(s):  
Igal Hendel ◽  
Aviv Nevo ◽  
François Ortalo-Magné
Keyword(s):  
Real Estate ◽  
Direct Evidence ◽  
Network Size ◽  
Relative Performance ◽  
Listing Service ◽  
Platform Competition ◽  
Real Estate Marketing ◽  
Multiple Listing Service ◽  
Two Sided Markets

We compare house sales on a For-Sale-By-Owner (FSBO) platform to Multiple Listing Service (MLS) sales and find that FSBO precommission prices are no lower, but that FSBO is less effective in terms of time to sell and probability of a sale. We do not find direct evidence of the importance of network size as a reason for the lower effectiveness of FSBO. We do find evidence of endogenous platform differentiation: patient sellers use FSBO while patient buyers transact more often on the MLS (where they avoid patient sellers). We discuss the implications for platform competition, two-sided markets, and welfare. (JEL L85, M31, R31)

Brokering Sales

Race Brokers ◽  
2021 ◽  
pp. 62-90
Author(s):  
Elizabeth Korver-Glenn
Keyword(s):  
Real Estate ◽  
Listing Service ◽  
Market Area ◽  
Real Estate Brokerage ◽  
Legal Sanctions ◽  
Multiple Listing Service ◽  
Spatial Hierarchy

This chapter examines how real estate brokerage routines pressured agents to use the racist market rubric in their work and how brokerages’ silence about unofficial yet potentially discriminatory routines served as a form of approval for agents adopting these routines. When agents interpreted established brokerage routines through the racist market rubric, they cultivated relationships with White individuals and excluded Asian, Black, and Latinx individuals. At times, brokerage routines—such as the automated use of the local real estate board’s market area map—required agents to advertise homes according to a racial–spatial hierarchy. In addition, brokerages remained silent when White agents pursued alternate routines outside the bounds of brokerage organizations, such as when they took on pocket listings—that is, homes not advertised on the Multiple Listing Service. Given the racial patterns of real estate networking in Houston, White home buyers had disproportionate access to pocket listings, yet White agents faced no verbal, professional, or legal sanctions for adopting this behavior.

Non-mortgage loans in the Chinese residential real estate market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kerry Liu
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Cointegration Analysis ◽  
Residential Real Estate ◽  
Mortgage Loans ◽  
Data Set ◽  
Monthly Data ◽  
Content Type ◽  
Real Estate Prices

Purpose From January 2021, the potential flow of Chinese household non-mortgage loans, including business loans and short-term consumption loans to the residential real estate market, has attracted the attention of the regulatory authorities. This study aims to examine the effects of household non-mortgage loans on the Chinese residential real estate market. Design/methodology/approach Based on a monthly data set between July 2011 and December 2019, this study adopts a cointegration analysis. Findings This study finds that household non-mortgage loans do play a significant role in driving residential real estate prices in China. Originality/value While many studies have examined the Chinese real estate market and its linkage with the financial system and the economy, this study is the first of its kind in the academic literature that exclusively focusses on the role of non-mortgage loans in real estate prices, and makes an original contribution.

Residential Property Values Improved by Landscaping with Trees

1985 ◽  
Vol 9 (3) ◽  
pp. 162-166 ◽  
Author(s):  
L. M. Anderson ◽  
H. K. Cordell
Keyword(s):  
Real Estate ◽  
Property Tax ◽  
Property Values ◽  
Residential Property ◽  
Listing Service ◽  
Property Value ◽  
Single Family ◽  
Sales Price ◽  
Multiple Listing Service ◽  
The City

Abstract A 3 to 5% increase in the sales prices of-single-family houses in Athens, Georgia, was associated with the presence of trees in their landscaping, according to data from real estate records on over 800 house sales from 1978 to 1980. The average house sold for about $47,000 and had five front-yard trees visible in its Multiple Listing Service photographs. An average sales price increase of $1,700 to $2,100 was associated with the presence of these trees. This increase in property value represents an income of over $200,000 a year to the city in property tax revenues.

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