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| Time on the Market: The Impact of
Residential Brokerage Author: G. Donald Jud, Terry G. Seaks, and Daniel T. Winkler Start Page: 447 Abstract: This paper examines
the impact of brokers, brokerage firms and marketing strategy on time on the market (TOM)
in the residential housing market. Using a duration model methodology, the study finds
duration dependence to be positive, suggesting that the probability of sale increases with
TOM. Pricing-related marketing strategies are found to strongly influence TOM, but
individual agent and firm characteristics are not statistically significant. These results
are consistent with an efficient market within a multiple listing service?no group of
agents or firms appears to possess special advantages enabling them to sell homes more
quickly than their rivals. |
