The housing market is thin. Buyers search and bargain in local housing markets, often paying different prices for nearly identical houses. Housing search literature has documented the role of local information, search cost, and the anchoring effect in determining housing transaction prices....

The paper integrates the theories of market micro structure, contagion and market illiquidity to discover the behavioural and market outcomes in responding to the Seller's Stamp Duty (SSD) implemented by the government of Singapore to curb the exuberating behaviour in the housing markets. Using...