Real estate contracts often contain a wide variety of contingency clauses. These third-party approvals are often outside the seller's control and can lengthen the-time-on-the-market (TOM) and reduce the surety of close. To compensate for these undesirable attributes, buyers typically offer...

In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...

We focus on the housing market and examine why nonlocal home buyers (NLBs) pay 15 percent more for houses than local home buyers (LBs). We estimate a housing demand model that returns heterogeneous willingness to pay parameters for housing attributes. Our results show that NLBs are willing to...

We track and record five measures of eye movements of current homebuyers who are in the process of searching for homes on the Internet. Total dwell time (how long a person looks at the photo), fixation duration (how long a person spends at each focal point), and saccade amplitude (the average...

This article chronicles the past, present, and future of the American Real Estate Society (ARES). The primary mission of ARES is to be the leading real estate research and education organization globally that influences real estate thought leadership and decision making. To accomplish this...

This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination,...

This study examines the risk, return, and diversification impacts of U.S. based multinational companies' real assets. The results of this study show that U.S. based multinational companies do have lower betas. However, U.S. based multinational companies' cross border real asset holdings do not...

The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this study, we present an alternative theory, which does not require an asymmetric value function, to observe the same "loss aversion" behavior....

A serious and imminent threat to a recovery of the global recession comes in the form of a burgeoning financial contagion known as strategic mortgage default. We theorize that the advocacy of strategic default can be likened to a disease, and as such, we employ a methodology from the field of...

Through the implementation of an experimental design, this study examines the effect of buyer demand specification and search patience on the home buying process. We find that there are no significant effects of demand specification on the behavior of brokers and the search results. When the...