The Price Effects of Cash versus Mortgage Transactions
研究发现全现金购房比抵押贷款购房价格低约13%，符合买卖双方行为理论，对购房者和房地产研究者有参考价值。
This paper investigates the price effects of cash versus mortgage transactions. Our hypothesis that home sales involving all‐cash transactions will sell at discount is borne out by the results of this study. Analyzing a sample of comparable row home dwelling units, we find that all‐cash transactions are associated with roughly a 13% price discount relative to transactions involving financing terms that are typical of the market. Cash is King. The findings are consistent with theories regarding buyer—seller behavior.