Abstract
This study examines how price adjustments in a flat's marketing phase, along with various housing attributes, influence its time-on-market (TOM). A Cox survival model is used for the analysis of two separate periods, one of economic downturns (2003) and one of economic recovery (2004-2006), in Hong Kong. Factors such as price adjustments, sale price, numerous housing attributes, general property price trend, and changes in unemployment rate have significant impacts on TOM, with their respective impacts changing over time. Specifically, the effectiveness of raising list prices before transactions, in optimizing sellers' returns and TOM, depends on economic conditions as well as on the market expectations regarding future property prices. Directions on future studies are then discussed.
| Original language | English |
|---|---|
| Pages (from-to) | 56-70 |
| Number of pages | 15 |
| Journal | International Journal of Strategic Property Management |
| Volume | 16 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 6 Sept 2012 |
Keywords
- Economic conditions
- Hong Kong
- Residential properties
- Searching cost
- Time-on-market (TOM)
ASJC Scopus subject areas
- Strategy and Management
