| The purpose of this paper is to determine relationships between selling price, time on the market and price concessions. Endogeneity and simultaneity between the variables are recognized, and thus empirically analyzed using three-stage least squares method. Results find a positive relationship between selling price and time on the market, as well as price concessions and time on the market. Selling price is found to be affected by a set of structural and locational housing attributes, a seasonal variable, buyer's characteristics and marketing time. Time on the market is determined by price concessions, as well as structural and locational attributes, a seasonal variable and list price. Price concessions are determined by marketing time, list price and structural and locational variables. Some of the more significant results show that houses marketed during the winter sell for less and spend longer time on the market. |
