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Paper eres2013_132:
The Effect of Short-Run Market Expectations on House Prices: A Spatiotemporal Modelling Approach

id eres2013_132
authors Dubé, Jean; Diègo Legros, Sotirios Thanos
year 2013
title The Effect of Short-Run Market Expectations on House Prices: A Spatiotemporal Modelling Approach
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary Spatial econometrics has been widely applied to Hedonic Pricing models in the literature to determine spatial spillover effects between house prices in close proximity. An approach is developed here to test for a short-run market expectations effect: the degree to which the expectations of sellers and market intermediaries (e.g. agents, lawyers, and surveyors) affect the final house price. This is the information effect on potential house buyers from asking price setting in the market. We employ a typical dataset composed from sales observations each at a specific location and distinct moment in time. An emerging body of literature demonstrates that the temporal dimension of such data, when ignored, has serious implications for spatial autocorrelation models. By following this approach, we can further utilise the spatiotemporal patterns in such data to successfully decompose the market expectation effects from the typical spatiotemporal spillovers.
keywords Spatial econometric, Hedonic pricing, Spatiotemporal modelling, Short-run market expectations, Spillover effects
series ERES:conference
type paper session
email jean_dube@uqar.qc.ca
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2013&type=session&theme=L&slot=5704
discussion No discussions. Post discussion ...
ratings
session L-5: Real Estate & Urban Economics
last changed 2014/10/21 21:51
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