Article:

The Effects of Demand Specification and Search Patience on the Buyer Search Process in China's Resale Housing Market: An Experimental Study

Author: Yang Zhang, Hong Zhang, Michael J. Seiler

Start Page: 275
End Page: 299
Volume: 17
Issue Number: 3
Year: 2014
Publication: International Real Estate Review

Abstract:

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 search patience of a buyer is higher, the earnings of the buyer are greater, matching degree is higher, search duration is longer, number of broker recommendations is greater, and attribute competition is fiercer.

Keywords

Demand Specification; Search Patience; Experimental Methods; Resale Housing Market

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