In some housing markets, a seller may hire a broker to multiple list or exclusively list a property for sale or may bypass the brokerage industry and list the property privately as a "sale by owner." This article introduces a new model that illustrates the factors which will impact on the...

We explore the causes and extent of appraisal smoothing, defined as a temporal lag bias in appraisals, by analyzing how appraisers use the transaction price data available to them. We test the empirical validity of the partial adjustment model that underlies the traditional "unsmoothing" of...

Recent years have seen the emergence of substantial scholarly research devoted to cross-national comparisons of real estate markets and financial institutions. In part, these analyses evaluate real estate market efficiency and the distributional outcomes associated with diverse institutions and...

We examine commercial land markets in Krakow, Poland over a 10-year period of transition from socialist management to a market economy. We explore the spatial and temporal evolution of land prices over this period. In particular, we are interested in identifying trends toward or away from...

Housing units are heterogeneous goods. Rates of change in housing prices are typically modelled as if they arise from factors unrelated to the housing unit itself. For example, housing price increases in the latter part of the 1970s and early 1980s are argued to have arisen primarily from...

Ground leased property trades at a discount relative to the fee interest. We explore contractual alternatives that would be Pareto preferred by owners of the leased fee estate and the leasehold interest. The sharing of the value of the residual claim between the owner of the leased fee and the...

If house buyers are segmented by income, one might expect to observe buyers in such markets valuing the benefits of expected capital gain differently. Presumably, individuals experiencing higher marginal tax rates should be inclined to pay relatively more for anticipated capital gain since the...

This paper examines two alternative approaches to valuing the impact of creative financing on housing prices. The cash equivalence adjustment which is the generally accepted approach is compared to an approach known as the financed fee valuation adjustment which is argued to be theoretically...