Buying First or Selling First in Housing Markets
Abstract Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buy...
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| Veröffentlicht in: | Journal of the European Economic Association 2021-02, Vol.19 (1), p.38-81 |
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| container_title | Journal of the European Economic Association |
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| creator | Moen, Espen R Nenov, Plamen T Sniekers, Florian |
| description | Abstract
Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle. |
| doi_str_mv | 10.1093/jeea/jvz069 |
| format | Article |
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Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.</description><identifier>ISSN: 1542-4766</identifier><identifier>EISSN: 1542-4774</identifier><identifier>DOI: 10.1093/jeea/jvz069</identifier><language>eng</language><publisher>Oxford University Press</publisher><subject>1993-2008 ; Dänemark ; Immobilienpreis ; Informationskosten ; Kauf ; Kopenhagen ; Matching ; Schätzung ; Theorie ; Verkauf ; Volatilität ; Wohnungsmarkt ; Wohnungswechsel</subject><ispartof>Journal of the European Economic Association, 2021-02, Vol.19 (1), p.38-81</ispartof><rights>The Author(s) 2019. Published by Oxford University Press on behalf of European Economic Association. 2019</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c391t-5a29a103d53444f49e99e56b5a30e9f8402d9ee9894f2cc1009d23e5a94a76683</citedby><cites>FETCH-LOGICAL-c391t-5a29a103d53444f49e99e56b5a30e9f8402d9ee9894f2cc1009d23e5a94a76683</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,777,781,1579,27905,27906</link.rule.ids></links><search><creatorcontrib>Moen, Espen R</creatorcontrib><creatorcontrib>Nenov, Plamen T</creatorcontrib><creatorcontrib>Sniekers, Florian</creatorcontrib><title>Buying First or Selling First in Housing Markets</title><title>Journal of the European Economic Association</title><description>Abstract
Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.</description><subject>1993-2008</subject><subject>Dänemark</subject><subject>Immobilienpreis</subject><subject>Informationskosten</subject><subject>Kauf</subject><subject>Kopenhagen</subject><subject>Matching</subject><subject>Schätzung</subject><subject>Theorie</subject><subject>Verkauf</subject><subject>Volatilität</subject><subject>Wohnungsmarkt</subject><subject>Wohnungswechsel</subject><issn>1542-4766</issn><issn>1542-4774</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2021</creationdate><recordtype>article</recordtype><recordid>eNp9j0FLw0AQhRdRsFZP_oGcvEjs7O5skjlqsVaoeFDPYU0mkhiTspsI9dc3IWJvnubx-HjMJ8SlhBsJpBcVs11U3z8Q0ZGYSYMqxDjG478cRafizPsKQIGieCbgrt-VzUewKp3vgtYFL1zXh6JsgnXb-7F4su6TO38uTgpbe774vXPxtrp_Xa7DzfPD4_J2E2aaZBcaq8hK0LnRiFggMRGb6N1YDUxFgqByYqaEsFBZJgEoV5qNJbTDl4mei-tpN3Ot946LdOvKL-t2qYR0lE1H2XSSHehgojlrm9If2BjJSGWUHJCrCWn77b9bezR1Xt4</recordid><startdate>20210201</startdate><enddate>20210201</enddate><creator>Moen, Espen R</creator><creator>Nenov, Plamen T</creator><creator>Sniekers, Florian</creator><general>Oxford University Press</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope></search><sort><creationdate>20210201</creationdate><title>Buying First or Selling First in Housing Markets</title><author>Moen, Espen R ; Nenov, Plamen T ; Sniekers, Florian</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c391t-5a29a103d53444f49e99e56b5a30e9f8402d9ee9894f2cc1009d23e5a94a76683</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>1993-2008</topic><topic>Dänemark</topic><topic>Immobilienpreis</topic><topic>Informationskosten</topic><topic>Kauf</topic><topic>Kopenhagen</topic><topic>Matching</topic><topic>Schätzung</topic><topic>Theorie</topic><topic>Verkauf</topic><topic>Volatilität</topic><topic>Wohnungsmarkt</topic><topic>Wohnungswechsel</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Moen, Espen R</creatorcontrib><creatorcontrib>Nenov, Plamen T</creatorcontrib><creatorcontrib>Sniekers, Florian</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><jtitle>Journal of the European Economic Association</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Moen, Espen R</au><au>Nenov, Plamen T</au><au>Sniekers, Florian</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Buying First or Selling First in Housing Markets</atitle><jtitle>Journal of the European Economic Association</jtitle><date>2021-02-01</date><risdate>2021</risdate><volume>19</volume><issue>1</issue><spage>38</spage><epage>81</epage><pages>38-81</pages><issn>1542-4766</issn><eissn>1542-4774</eissn><abstract>Abstract
Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.</abstract><pub>Oxford University Press</pub><doi>10.1093/jeea/jvz069</doi><tpages>44</tpages><oa>free_for_read</oa></addata></record> |
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| ispartof | Journal of the European Economic Association, 2021-02, Vol.19 (1), p.38-81 |
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| source | Business Source Complete; Oxford University Press Journals All Titles (1996-Current) |
| subjects | 1993-2008 Dänemark Immobilienpreis Informationskosten Kauf Kopenhagen Matching Schätzung Theorie Verkauf Volatilität Wohnungsmarkt Wohnungswechsel |
| title | Buying First or Selling First in Housing Markets |
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