Housing Markets with Construction, Screening, and Focused Search
نویسنده
چکیده
Existing homes are sold at lower average prices than comparable new homes. Buyers search less intensively among existing homes than new housing projects, but buy more frequently after initial inspections. These and other properties of housing search are predicted in this paper by a model with the following properties. Buyers screen listings on electronic sites and search only among acceptable matches, controlling both the focus and intensity of their searches. Sellers of existing homes negotiate with buyers, whereas builders of new housing do not. Only new homes can be customized for buyers. Partial equilibria are calculated explicitly. Steady state is characterized for a housing market with entry by builders in some submarkets.
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