Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes
研究了房屋上市期间挂牌价变动的原因及其对售价和销售时间的影响，发现初始定价过高和空置房屋更易调价，而调价幅度大的房屋销售更慢、售价更低。
Information about price changes during a home’s marketing period is typically missing from data used to investigate the listing price, selling price, and selling time relationship. This paper incorporates price revision information into the study of this relationship. Using a maximum‐likelihood probit model, we examine the determinants of list price changes and find evidence consistent with the theory of pricing behavior under demand uncertainty. Homes most likely to undergo list price changes are those with high initial markups and vacant homes, while homes with unusual features are the least likely to experience a price revision. We also explore the impact of missing price change information on estimating a representative model of house price and market time. Our results suggest that mispricing the home in the initial listing is costly to the seller in both time and money. Homes with large percentage changes in list price take longer to sell and ultimately sell at lower prices.