We focus on the housing market and examine why nonlocal home buyers (NLBs) pay 15 percent more for houses than local home buyers (LBs). We estimate a housing demand model that returns heterogeneous willingness to pay parameters for housing attributes. Our results show that NLBs are willing to...

Real estate contracts often contain a wide variety of contingency clauses. These third-party approvals are often outside the seller's control and can lengthen the-time-on-the-market (TOM) and reduce the surety of close. To compensate for these undesirable attributes, buyers typically offer...

In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...

This paper examines the eye movements of potential homebuyers searching for houses on the Internet. Total dwell time (looking at the photo), fixation duration (time spent at each focal point), and saccade amplitude (average distance between focal points) significantly explain someone's opinion...

This study empirically exams the combination of regret aversion and false reference points in a residential real estate context. Survey respondents were put in a hypothetical situation, where they had purchased an investment property several years ago. Hindsight knowledge about a foregone all...

This study examines the changing diversity of home buyers and the steps brokerage firms are taking to adapt to these changes. The results reveal that larger firms are experiencing a greater increase in customer diversity. This can be partly explained by their efforts to target diverse groups...

We focus on the housing market and examine why nonlocal home buyers (NLBs) pay 15 percent more for houses than local home buyers (LBs). We estimate a housing demand model that returns heterogeneous willingness to pay parameters for housing attributes. Our results show that NLBs are willing to...

We focus on the housing market and examine why nonlocal home buyers (NLBs) pay 15 percent more for houses than local home buyers (LBs). We estimate a housing demand model that returns heterogeneous willingness to pay parameters for housing attributes. Our results show that NLBs are willing to...

The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this study, we present an alternative theory, which does not require an asymmetric value function, to observe the same "loss aversion" behavior....

A serious and imminent threat to a recovery of the global recession comes in the form of a burgeoning financial contagion known as strategic mortgage default. We theorize that the advocacy of strategic default can be likened to a disease, and as such, we employ a methodology from the field of...