The Probability of Sale for Residential Real Estate

Authors:
Ken H. Johnson, Justin D. Benefield, and Jonathan A. Wiley

Start Page: 131
End Page: 142
Volume: 16
Issue Number: 2
Year: 2007
Publication: Journal of Housing Research

Abstract:
This work investigates the determinants of the probability of sale during a given marketing span for residential properties. The inconsistent empirical relationship between property price and property selling time in numerous prior studies suggests an investigation into the determinants of a successful marketing effort is warranted. Results indicate that marketing time, seller motivation, certain property attributes, and location significantly affect the probability of successfully selling a property. These findings have implications for future works investigating, or relying on, the success or failure of residential property marketing efforts. Additionally, this work provides practical guidance to brokers and sellers of residential property.