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  • 1.
    Björklund, Kicki
    et al.
    John Mattson Fastighets AB, Lidingö, Sweden.
    Dadzie, John Alex
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Wilhelmsson, Mats
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Offer price, transaction price and time on the market 2006In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 24, no 4, p. 415-426Article in journal (Refereed)
    Abstract [en]

    Purpose - The purpose of this paper is to investigate whether or not the offer price affects the transaction price and the number of days the property is on the market. Specifically, is it possible for the broker to use the offer price as an instrument for obtaining a higher transaction price? Design/methodology/approach - To test the hypothesis the general hedonic model is used, where the deviation of the transaction price and expected price from the offer price is a function of time on the market. Findings - The results indicate that a high offer price is more likely to result in a high ratio of transaction price to expected price compared to a low offer price. Research limitations/implications - However, the overall conclusion is affected by the state of the market, that is, whether the market is static, rising or falling. Practical implications - The best selling strategy in a rising market seems to be set a high offer price compared to the expected sale price. Originality/value - The main contribution is that the paper not only analyzes the relationship between offer and transaction price, but also its relationship to expected price. It also tests for the existence of spatial autocorrelation, which is unique in this type of study.

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