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International Real Estate Principles, The simultaneous relationship between residential property pricing and property marketing - Book Report/Review Example

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Course: Date Due: Relationship between real estate pricing and TOM Introduction There exist some controversies between the relationship between pricing of residential property and the price at the marketing time. This paper intends to investigate the relationship that exists between the time of property selling and the transaction price of residential property with Rutherford, Anglin, Springer (2003) etc…
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International Real Estate Principles, The simultaneous relationship between residential property pricing and property marketing
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Download file to see previous pages However, quite a big number of the empirical estimations in such field are not really simultaneously estimated through use of 2SLS. Instead, majority of these metrics’ estimates in this field of study more precisely estimate marketing time and price by relying on the presence of each other. There are two basic arguments put forward as to why it is not necessary to investigate the relationship between marketing time pricing and the transaction time price in property intended for production of income production. The first argument claims that there is no sense for recognizing a tradeoff between price if commercial property and their time of marketing since benefits accrue to the property owner during the period of marketing unlike the residential property. Second argument claims that, due to scarcity of transactional data on property for generating income, marketing times as well as other required variables, it is impossible to carry out such an analysis. However, this paper will conduct an investigation into this area based on what authors of the related discipline have said. Discussion Some literature review on this discipline tried to look into the relationship that exists between discount rates of property and prices of property by application of canonical regression. In the study, discount rate of property and the time to sell property was modeled as functions of age, size, down payment, location, and quality and sale transaction time. Interestingly, the research showed a positive and substantial relationship between selling time and discount rates. This suggested that property duration and property price are possibly related putting into consideration the inverse relationship that existed between cap artes and price. However, this study was not easy to conduct due to scarcity of data. Other researchers like Martin (2003) also noted the challenge with data collection and the problem of settling for property rents instead of prices. These ones established that there was no relationship between marketing price and rents of property. Researchers like Brown addressed the problem of data inadequacy by majoring on the length of time taken by a market to adjust for differences of information between valuations of open market and market transactions. This noted that the market state determined the time to rent. Following the recent availability of data for property pricing though disdaining duration of property, various works have recently started to look into the various factors that determine prices of residential property. These include the work of Lambson, Slade (2004), McQueen, Thomas (2005), Guntermann and Johnson. All these studies among many others established that, out of state purchasers end up paying more for land values issue, multi-family properties, industrial and commercial properties vary in the response of pricing to contamination, with some sort of effect referred to as “vintage” existing in pricing for hotels, railway stations for commuters also contribute to pricing of properties that are some distance near, and agents of real estate often do not effect multi-family per-unit consideration. The application of time of marketing in hedonic approximations and price of property in ...Download file to see next pages Read More
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