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Do Real Estate Brokers Add Value When Listing Services Are Unbundled?
Bernheim, B. Douglas - 2008
This paper measures the effects of real estate brokerage services provided to sellers, other than MLS listings, on the terms and timing of home sales. It is not obvious that sellers benefit from those services. On the one hand, brokers offer potentially useful knowledge and expertise. On the...
Persistent link: https://www.econbiz.de/10012464850
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Market Distortions when Agents are Better Informed : The Value of Information in Real Estate Transactions
Levitt, Steven D. - 2005
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real-estate agents, who know much more about the housing market than the typical homeowner, are one example. Because real estate agents receive only a small share of the incremental...
Persistent link: https://www.econbiz.de/10012467634
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Heterogeneous Real Estate Agents and the Housing Cycle
Gilbukh, Sophia; Goldsmith-Pinkham, Paul - National Bureau of Economic Research - 2023
The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...
Persistent link: https://www.econbiz.de/10014372440
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NAR Settlement, House Prices, and Consumer Welfare
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
Motivated by the recent National Association of Realtors (NAR) settlement, this note examines the effects of reduced real estate agent commissions on home prices, housing turnover, and consumer welfare. Using a calibrated dynamic structural search model of the housing market, we explore how...
Persistent link: https://www.econbiz.de/10015056181
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Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
Florida land boom of the mid-1920s, the U.S.' first housing boom in which buyers from around the nation participated …. Estimates suggest that an astounding 20 million lots were offered for sale in Florida at that time. Our detailed narrative and … all actors behaving with "bounded rationality." We find that most Florida banks that failed were associated with the …
Persistent link: https://www.econbiz.de/10014226111
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The Relative Performance of Real Estate Marketing Platforms : MLS versus FSBOMadison.com
Hendel, Igal - 2007
We compare outcomes obtained by sellers who listed their home on a newly developed For-Sale-By-Owner (FSBO) web site versus those who used an agent and the Multiple Listing Service (MLS). We do not find support for the hypothesis that listing on the MLS helps sellers obtain a significantly...
Persistent link: https://www.econbiz.de/10012465290
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Wage Flexibility and Employment Fluctuations : Evidence from the Housing Sector
Pischke, Jörn-Steffen - 2016
Many economists suspect that downward nominal wage rigidities in ongoing labor contracts are an important source of employment fluctuations over the business cycle but there is little direct empirical evidence on this conjecture. This paper compares three occupations in the housing sector with...
Persistent link: https://www.econbiz.de/10012456181
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The Spillover Effects of Top Income Inequality
Gottlieb, Joshua D.; Hémous, David; Hicks, Jeffrey; … - National Bureau of Economic Research - 2023
Top income inequality in the United States has increased considerably within occupations. This phenomenon has led to a search for a common explanation. We instead develop a theory where increases in income inequality originating within a few occupations can "spill over" through consumption into...
Persistent link: https://www.econbiz.de/10014322754
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Does Occupational Licensing Reduce Value Creation on Digital Platforms?
Blair, Peter Q.; Fisher, Mischa - National Bureau of Economic Research - 2022
We test whether occupational licensing undercuts a key goal of digital marketplaces-- to increase social surplus by increasing the effectiveness of customer search. Our setting is a large online marketplace in the $500B home services industry where a platform converts customer search into sales...
Persistent link: https://www.econbiz.de/10013362042
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Race and the Value of Owner-Occupied Housing, 1940-1990
Collins, William J. - 2000
The racial gap in the value of owner occupied housing has narrowed substantially since 1940, but this narrowing has not been even over time or across space. The 1970s stand out as an unusual decade in which the value gap did not narrow despite continued convergence in the observed...
Persistent link: https://www.econbiz.de/10012471001