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A Comparison of the Appraisal Process for Auction and Private Treaty Residential Sales
GURDGIEV, CONSTANTIN
This paper examines residential sale mechanisms from an appraisal perspective and empirically tests for differences in the valuation process for auctioned and private treaty sales. We test the hypothesis that agents use different criteria in preparing the guide prices for auctioned housing, with an element of under pricing in order to aid in the marketing of the property. The empirical tests are undertaken on a sample of auctioned and private treaty sales in Dublin, Ireland for the period of 1997-2004. We find that the evidence is consistent with the hypothesis that agents do adjust valuations for auctions to attract additional potential bidders.
Keyword(s): Real Estate Auctions; Auction Price Premium; Economics
Publication Date:
2010
Type: Journal article
Peer-Reviewed: Yes
Language(s): English
Institution: Trinity College Dublin
Citation(s): Simon Stevenson and Constantin Gurdgiev, A Comparison of the Appraisal Process for Auction and Private Treaty Residential Sales, Journal of Housing Economics, 19, 2, 2010, 145-154
Publisher(s): Elsevier
First Indexed: 2014-05-13 05:15:51 Last Updated: 2015-04-10 05:32:47