Leave Vacant or Rent: The Optimal Decision for Absentee Home Sellers
Home-sellers may not occupy their property when listed for sale. While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while listed f...
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| Veröffentlicht in: | The Journal of real estate research 2006-01, Vol.28 (1), p.25-38 |
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| container_title | The Journal of real estate research |
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| creator | Clauretie, Terrence M. Wolverton, Marvin L. |
| description | Home-sellers may not occupy their property when listed for sale. While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while listed for sale. Renting a property will produce revenue but perhaps at the cost of a lower sale price and/or longer time on the market. This paper employs data on 55,202 homes sold in the Las Vegas, Nevada area to determine if renting a property increases or decreases the wealth position of home sellers. The results of an empirical test of the model are used to quantify the wealth effect. The findings indicate that renting the property produces a significant reduction in the home seller's wealth position. |
| doi_str_mv | 10.1080/10835547.2006.12091172 |
| format | Article |
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While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while listed for sale. Renting a property will produce revenue but perhaps at the cost of a lower sale price and/or longer time on the market. This paper employs data on 55,202 homes sold in the Las Vegas, Nevada area to determine if renting a property increases or decreases the wealth position of home sellers. The results of an empirical test of the model are used to quantify the wealth effect. 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While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while listed for sale. Renting a property will produce revenue but perhaps at the cost of a lower sale price and/or longer time on the market. This paper employs data on 55,202 homes sold in the Las Vegas, Nevada area to determine if renting a property increases or decreases the wealth position of home sellers. The results of an empirical test of the model are used to quantify the wealth effect. 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While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-à-vis leaving a property vacant while listed for sale. Renting a property will produce revenue but perhaps at the cost of a lower sale price and/or longer time on the market. This paper employs data on 55,202 homes sold in the Las Vegas, Nevada area to determine if renting a property increases or decreases the wealth position of home sellers. The results of an empirical test of the model are used to quantify the wealth effect. The findings indicate that renting the property produces a significant reduction in the home seller's wealth position.</abstract><cop>Clemson</cop><pub>The American Real Estate Society</pub><doi>10.1080/10835547.2006.12091172</doi><tpages>14</tpages></addata></record> |
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| subjects | Bedrooms Coefficients Cost-benefit analysis Decision making Empirical tests For sale by owner Home ownership Homeowners Houses Housing market Las Vegas Leases Market prices Nevada Property listings Property ownership Real estate market Rent Rentals Sale or exchange of residence Sales Sales management Selling price Studies Tenants U.S.A Vacancies Variable coefficients Variables |
| title | Leave Vacant or Rent: The Optimal Decision for Absentee Home Sellers |
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