Sellers' Heterogeneity in Housing Market: Difference in Pricing Strategies

Evgeniy, M Ozhegov; Alexandra, Sidorovikh

doi:10.2139/ssrn.2700721

Cited by 2 publications

(2 citation statements)

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“…We keep the data on initial listing price only. The sellers’ characteristics could affect the process of price revision as shown in Hendel et al (2009), Ozhegov and Sidorovykh (2017). Listing prices could be the cause of the variance in transaction prices and time on the market (Knight, 2002; Wickramaarachchi et al , 2020) while less often the reverse.…”

Section: Datamentioning

confidence: 99%

Distance in geographic and characteristics space for real estate pricing

Ozhegov

Ozhegova

2021

IJHMA

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PurposeA common approach to predicting the price of residential properties uses the hedonic price model and its spatial extensions. Within the hedonic approach, real estate prices are decomposed into internal characteristics of an apartment, apartment characteristics and external characteristics. To account for the unobserved quality of the surrounding environment, price models include spatial price correlation factors, where the distance is usually measured as the distance in geographic space. In determining the price, a seller focuses not only on the observed and unobserved factors of the apartment and its environment but also on the prices of similar marketed objects that can be selected both by geographic proximity and by characteristics similarity. The purpose of this study is to show the latter point empirically. Design/methodology/approachThis study uses an ensemble clustering approach to measure objects' proximity and test whether the proximity of objects in the property characteristics space along with spatial correlation explain the significant variation in prices. FindingsIn this paper, the pricing behaviour of sellers in a reselling market in Perm, Russia is studied. This study shows that the price transmission mechanism includes both geographic and characteristics spaces. Practical implicationsAfter testing on market data, the proposed framework for the distance construct could be used to obtain higher predictive power for price predictive models and construction of automated valuation services. Originality/valueThis study tests the higher explanatory power of the model that includes both the distance measured in geographic and property characteristics spaces.

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Section: Datamentioning

confidence: 99%

Distance in geographic and characteristics space for real estate pricing

Ozhegov

Ozhegova

2021

IJHMA

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“… 17. Ozhegov, E M and A S Sidorovykh (2017), “Heterogeneity of sellers in housing market: difference in pricing strategies”, Journal of Housing Economics Vol 37, pages 42–51, available at https://doi.org/10.1016/j.jhe.2017.03.002. …”

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How different actors shape the real estate market for informal settlements in Lagos

Opoko¹,

Oluwatayo²,

Amole³

et al. 2020

Environment and Urbanization

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The literature indicates that most housing in the urban areas of many countries in the global South is in informal settlements, provided through informal mechanisms that are often not well understood. This paper contributes to understanding the forces influencing real estate markets in informal settlements, drawing on a case study of the under-researched Ayobo community in Lagos, Nigeria. The paper examines the roles played by government agencies and other market actors, including buyers, sellers, informants, financiers and witnesses, in relation to the operation and regulation of informal land markets. The analysis of the data, drawn from a survey and interviews, reveals a thriving property market, which is socially if not formally regulated. The paper concludes that this flourishing informal market needs strengthening to effectively meet the housing needs of urban residents.

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Sellers' Heterogeneity in Housing Market: Difference in Pricing Strategies

Cited by 2 publications

References 3 publications

Distance in geographic and characteristics space for real estate pricing

Distance in geographic and characteristics space for real estate pricing

How different actors shape the real estate market for informal settlements in Lagos

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