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dc.contributor.authorSelcuk, Cemilen_US
dc.date.accessioned2012-11-02T14:27:05Z-
dc.date.available2012-11-02T14:27:05Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/65741-
dc.description.abstractWe present a search-and-matching model of the housing market where potential buyers' willingness to pay is private information and sellers may become desperate as they are unable to sell. A unique steady state equilibrium exists where desperate sellers offer sizeable price cuts and sell faster. If the number of distressed sales rises then even relaxed sellers are forced to lower their prices. Buyers, on the other hand, become more selective and search longer for better deals. The model yields a theoretical density function of the time-to-sale, which is positively skewed and may be hump-shaped. These results are consistent with recent empirical findings.en_US
dc.language.isoengen_US
dc.publisherCardiff University, Cardiff Business School Cardiffen_US
dc.relation.ispartofseriesCardiff Economics Working Papers E2010/2en_US
dc.subject.jelD39en_US
dc.subject.jelD49en_US
dc.subject.jelD83en_US
dc.subject.ddc330en_US
dc.subject.keywordhousingen_US
dc.subject.keywordprivate informationen_US
dc.subject.keywordrandom searchen_US
dc.subject.keywordmotivated sellersen_US
dc.subject.stwImmobilienmarkten_US
dc.subject.stwNachfrageen_US
dc.subject.stwWillingness to payen_US
dc.subject.stwMatchingen_US
dc.subject.stwTheorieen_US
dc.titleMotivated sellers in the housing marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn622728172en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Cardiff Economics Working Papers, Cardiff Business School, Cardiff University

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