Equity and Time to Sale in the Real Estate Market
Evidence from the Boston condominium market of the early 1990's reveals that an owner's equity position determines his experience as a seller. An owner of a property with a high loan-to-value ratio sets a higher asking price, has a higher expected time on the market and, if he sells, recei...
Gespeichert in:
| Veröffentlicht in: | The American economic review 1997-06, Vol.87 (3), p.255-269 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 269 |
|---|---|
| container_issue | 3 |
| container_start_page | 255 |
| container_title | The American economic review |
| container_volume | 87 |
| creator | Genesove, David Mayer, Christopher J. |
| description | Evidence from the Boston condominium market of the early 1990's reveals that an owner's equity position determines his experience as a seller. An owner of a property with a high loan-to-value ratio sets a higher asking price, has a higher expected time on the market and, if he sells, receives a higher price than an owner with proportionately less debt. The down payment requirement for purchasers, but not incumbent owners, provides a simple explanation for this phenomenon among owner-occupants. The results provide supporting evidence for equity-based aggregate theories of price-volume movements in the housing market. |
| format | Article |
| fullrecord | <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_38580070</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>2951345</jstor_id><sourcerecordid>2951345</sourcerecordid><originalsourceid>FETCH-LOGICAL-g322t-89d3e4da0b8510b4c5ebea376634d3c516a138263743516fda535e5b7b455b8d3</originalsourceid><addsrcrecordid>eNp1zs1KxDAUBeAgCtbRN3ARFNwVktykSZcyVEcYEXRcl6S9o639mUnSxby9lXEluDoc-DicE5LwXMpU54afkoQxJlIjjDgnFyG07KdznRBe7KcmHqgdarppeqRxpG-2Q9oMNH4ifUXb0SJEG5E-W_-F8ZKcbW0X8Oo3F-T9odgsV-n65fFpeb9OP0CImJq8BpS1Zc4ozpysFDq0oLMMZA2V4pnlYEQGWsJctrVVoFA57aRSztSwIHfH3Z0f9xOGWPZNqLDr7IDjFEowyjCm2Qxv_sB2nPwwfysFABMsAzOj2_8Ql1oKkXMuZ3V9VG2Ioy93vumtP5QiVxykgm95DmDg</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>233020638</pqid></control><display><type>article</type><title>Equity and Time to Sale in the Real Estate Market</title><source>Jstor Complete Legacy</source><source>Business Source Complete</source><source>Periodicals Index Online</source><creator>Genesove, David ; Mayer, Christopher J.</creator><creatorcontrib>Genesove, David ; Mayer, Christopher J.</creatorcontrib><description>Evidence from the Boston condominium market of the early 1990's reveals that an owner's equity position determines his experience as a seller. An owner of a property with a high loan-to-value ratio sets a higher asking price, has a higher expected time on the market and, if he sells, receives a higher price than an owner with proportionately less debt. The down payment requirement for purchasers, but not incumbent owners, provides a simple explanation for this phenomenon among owner-occupants. The results provide supporting evidence for equity-based aggregate theories of price-volume movements in the housing market.</description><identifier>ISSN: 0002-8282</identifier><identifier>EISSN: 1944-7981</identifier><identifier>CODEN: AENRAA</identifier><language>eng</language><publisher>Menasha, Wis: American Economic Association</publisher><subject>Asking prices ; Assessed values ; Coefficients ; Condominiums ; Domestic markets ; Down payments ; Economics ; Equity ; Housing ; Housing market ; Housing prices ; Hypotheses ; Investors ; Labor theories of value ; Market prices ; Mortgage loans ; Property listings ; Property ownership ; Real estate market ; Real estate sales ; Reservation prices ; Sales ; Studies</subject><ispartof>The American economic review, 1997-06, Vol.87 (3), p.255-269</ispartof><rights>Copyright 1997 American Economic Association</rights><rights>Copyright American Economic Association Jun 1997</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2951345$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/2951345$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,776,780,799,27846,57992,58225</link.rule.ids></links><search><creatorcontrib>Genesove, David</creatorcontrib><creatorcontrib>Mayer, Christopher J.</creatorcontrib><title>Equity and Time to Sale in the Real Estate Market</title><title>The American economic review</title><description>Evidence from the Boston condominium market of the early 1990's reveals that an owner's equity position determines his experience as a seller. An owner of a property with a high loan-to-value ratio sets a higher asking price, has a higher expected time on the market and, if he sells, receives a higher price than an owner with proportionately less debt. The down payment requirement for purchasers, but not incumbent owners, provides a simple explanation for this phenomenon among owner-occupants. The results provide supporting evidence for equity-based aggregate theories of price-volume movements in the housing market.</description><subject>Asking prices</subject><subject>Assessed values</subject><subject>Coefficients</subject><subject>Condominiums</subject><subject>Domestic markets</subject><subject>Down payments</subject><subject>Economics</subject><subject>Equity</subject><subject>Housing</subject><subject>Housing market</subject><subject>Housing prices</subject><subject>Hypotheses</subject><subject>Investors</subject><subject>Labor theories of value</subject><subject>Market prices</subject><subject>Mortgage loans</subject><subject>Property listings</subject><subject>Property ownership</subject><subject>Real estate market</subject><subject>Real estate sales</subject><subject>Reservation prices</subject><subject>Sales</subject><subject>Studies</subject><issn>0002-8282</issn><issn>1944-7981</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1997</creationdate><recordtype>article</recordtype><sourceid>K30</sourceid><sourceid>8G5</sourceid><sourceid>BENPR</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNp1zs1KxDAUBeAgCtbRN3ARFNwVktykSZcyVEcYEXRcl6S9o639mUnSxby9lXEluDoc-DicE5LwXMpU54afkoQxJlIjjDgnFyG07KdznRBe7KcmHqgdarppeqRxpG-2Q9oMNH4ifUXb0SJEG5E-W_-F8ZKcbW0X8Oo3F-T9odgsV-n65fFpeb9OP0CImJq8BpS1Zc4ozpysFDq0oLMMZA2V4pnlYEQGWsJctrVVoFA57aRSztSwIHfH3Z0f9xOGWPZNqLDr7IDjFEowyjCm2Qxv_sB2nPwwfysFABMsAzOj2_8Ql1oKkXMuZ3V9VG2Ioy93vumtP5QiVxykgm95DmDg</recordid><startdate>19970601</startdate><enddate>19970601</enddate><creator>Genesove, David</creator><creator>Mayer, Christopher J.</creator><general>American Economic Association</general><scope>EOLOZ</scope><scope>FKUCP</scope><scope>HZAIM</scope><scope>K30</scope><scope>PAAUG</scope><scope>PAWHS</scope><scope>PAWZZ</scope><scope>PAXOH</scope><scope>PBHAV</scope><scope>PBQSW</scope><scope>PBYQZ</scope><scope>PCIWU</scope><scope>PCMID</scope><scope>PCZJX</scope><scope>PDGRG</scope><scope>PDWWI</scope><scope>PETMR</scope><scope>PFVGT</scope><scope>PGXDX</scope><scope>PIHIL</scope><scope>PISVA</scope><scope>PJCTQ</scope><scope>PJTMS</scope><scope>PLCHJ</scope><scope>PMHAD</scope><scope>PNQDJ</scope><scope>POUND</scope><scope>PPLAD</scope><scope>PQAPC</scope><scope>PQCAN</scope><scope>PQCMW</scope><scope>PQEME</scope><scope>PQHKH</scope><scope>PQMID</scope><scope>PQNCT</scope><scope>PQNET</scope><scope>PQSCT</scope><scope>PQSET</scope><scope>PSVJG</scope><scope>PVMQY</scope><scope>PZGFC</scope><scope>0-V</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X7</scope><scope>7XB</scope><scope>87Z</scope><scope>88C</scope><scope>88E</scope><scope>88J</scope><scope>8BJ</scope><scope>8FI</scope><scope>8FJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ALSLI</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRNLG</scope><scope>FYUFA</scope><scope>F~G</scope><scope>GHDGH</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>K9.</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0S</scope><scope>M0T</scope><scope>M1P</scope><scope>M2O</scope><scope>M2R</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>19970601</creationdate><title>Equity and Time to Sale in the Real Estate Market</title><author>Genesove, David ; Mayer, Christopher J.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-g322t-89d3e4da0b8510b4c5ebea376634d3c516a138263743516fda535e5b7b455b8d3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1997</creationdate><topic>Asking prices</topic><topic>Assessed values</topic><topic>Coefficients</topic><topic>Condominiums</topic><topic>Domestic markets</topic><topic>Down payments</topic><topic>Economics</topic><topic>Equity</topic><topic>Housing</topic><topic>Housing market</topic><topic>Housing prices</topic><topic>Hypotheses</topic><topic>Investors</topic><topic>Labor theories of value</topic><topic>Market prices</topic><topic>Mortgage loans</topic><topic>Property listings</topic><topic>Property ownership</topic><topic>Real estate market</topic><topic>Real estate sales</topic><topic>Reservation prices</topic><topic>Sales</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Genesove, David</creatorcontrib><creatorcontrib>Mayer, Christopher J.</creatorcontrib><collection>Periodicals Index Online Segment 01</collection><collection>Periodicals Index Online Segment 04</collection><collection>Periodicals Index Online Segment 26</collection><collection>Periodicals Index Online</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - West</collection><collection>Primary Sources Access (Plan D) - International</collection><collection>Primary Sources Access & Build (Plan A) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Midwest</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Northeast</collection><collection>Primary Sources Access (Plan D) - Southeast</collection><collection>Primary Sources Access (Plan D) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Southeast</collection><collection>Primary Sources Access (Plan D) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - UK / I</collection><collection>Primary Sources Access (Plan D) - Canada</collection><collection>Primary Sources Access (Plan D) - EMEALA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - International</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - International</collection><collection>Primary Sources Access (Plan D) - West</collection><collection>Periodicals Index Online Segments 1-50</collection><collection>Primary Sources Access (Plan D) - APAC</collection><collection>Primary Sources Access (Plan D) - Midwest</collection><collection>Primary Sources Access (Plan D) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Canada</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - EMEALA</collection><collection>Primary Sources Access & Build (Plan A) - APAC</collection><collection>Primary Sources Access & Build (Plan A) - Canada</collection><collection>Primary Sources Access & Build (Plan A) - West</collection><collection>Primary Sources Access & Build (Plan A) - EMEALA</collection><collection>Primary Sources Access (Plan D) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - Midwest</collection><collection>Primary Sources Access & Build (Plan A) - North Central</collection><collection>Primary Sources Access & Build (Plan A) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - Southeast</collection><collection>Primary Sources Access (Plan D) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - APAC</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - MEA</collection><collection>ProQuest Social Sciences Premium Collection</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Health & Medical Collection</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Healthcare Administration Database (Alumni)</collection><collection>Medical Database (Alumni Edition)</collection><collection>Social Science Database (Alumni Edition)</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Hospital Premium Collection</collection><collection>Hospital Premium Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Social Science Premium Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Business Premium Collection (Alumni)</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>Health Research Premium Collection (Alumni)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ProQuest Health & Medical Complete (Alumni)</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Health & Medical Collection (Alumni Edition)</collection><collection>Healthcare Administration Database</collection><collection>Medical Database</collection><collection>Research Library</collection><collection>Social Science Database</collection><collection>Research Library (Corporate)</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>The American economic review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Genesove, David</au><au>Mayer, Christopher J.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Equity and Time to Sale in the Real Estate Market</atitle><jtitle>The American economic review</jtitle><date>1997-06-01</date><risdate>1997</risdate><volume>87</volume><issue>3</issue><spage>255</spage><epage>269</epage><pages>255-269</pages><issn>0002-8282</issn><eissn>1944-7981</eissn><coden>AENRAA</coden><abstract>Evidence from the Boston condominium market of the early 1990's reveals that an owner's equity position determines his experience as a seller. An owner of a property with a high loan-to-value ratio sets a higher asking price, has a higher expected time on the market and, if he sells, receives a higher price than an owner with proportionately less debt. The down payment requirement for purchasers, but not incumbent owners, provides a simple explanation for this phenomenon among owner-occupants. The results provide supporting evidence for equity-based aggregate theories of price-volume movements in the housing market.</abstract><cop>Menasha, Wis</cop><pub>American Economic Association</pub><tpages>15</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 1997-06, Vol.87 (3), p.255-269 |
| issn | 0002-8282 1944-7981 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38580070 |
| source | Jstor Complete Legacy; Business Source Complete; Periodicals Index Online |
| subjects | Asking prices Assessed values Coefficients Condominiums Domestic markets Down payments Economics Equity Housing Housing market Housing prices Hypotheses Investors Labor theories of value Market prices Mortgage loans Property listings Property ownership Real estate market Real estate sales Reservation prices Sales Studies |
| title | Equity and Time to Sale in the Real Estate Market |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-03T19%3A48%3A56IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Equity%20and%20Time%20to%20Sale%20in%20the%20Real%20Estate%20Market&rft.jtitle=The%20American%20economic%20review&rft.au=Genesove,%20David&rft.date=1997-06-01&rft.volume=87&rft.issue=3&rft.spage=255&rft.epage=269&rft.pages=255-269&rft.issn=0002-8282&rft.eissn=1944-7981&rft.coden=AENRAA&rft_id=info:doi/&rft_dat=%3Cjstor_proqu%3E2951345%3C/jstor_proqu%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=233020638&rft_id=info:pmid/&rft_jstor_id=2951345&rfr_iscdi=true |