Just-below pricing in real estate: Impact by price segment and market conditions

IF 0.9 4区经济学 Q3 ECONOMICS

American Journal of Economics and Sociology Pub Date : 2023-04-05 DOI:10.1111/ajes.12510

Jason Beck, Lindsay Levine, Michael Toma

引用次数: 0

Abstract

Most prior studies of just-below pricing have primarily focused on low-stakes inconsequential consumer purchases, such as everyday household items. Using data from the Multiple Listing Service for the city of Savannah, Georgia, from 2006 through 2021, this study extends the more limited research on just-below pricing for more consequential purchases, specifically housing. Beyond an examination into the general effectiveness of just-below pricing in real estate, this study also explores the heterogeneous effects of its usage on sale price during different market conditions and in different market segments. The study shows that just-below pricing is common in the real estate market, and it does have an impact on final sale price, working most effectively within cold real estate markets. Furthermore, it is found that just-below pricing works best (though it is utilized least often) within low-end price segments, while just-below pricing can work against the seller in high-end home price segments (though it is used most often in these segments).

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略低于房地产价格：受价格细分和市场条件的影响

之前大多数关于低于合理价格的研究主要集中在低风险、不重要的消费者购买行为上，如日常家居用品。本研究利用佐治亚州萨凡纳市从 2006 年到 2021 年的多重挂牌服务数据，扩展了对更重要的购买行为（特别是住房）的低于限价的有限研究。本研究不仅探讨了低于限价定价在房地产中的一般有效性，还探讨了在不同市场条件下和不同细分市场中使用低于限价定价对销售价格的不同影响。研究表明，低于限价在房地产市场中很常见，而且对最终销售价格确实有影响，在寒冷的房地产市场中最为有效。此外，研究还发现，在低端房价细分市场中，恰好低于定价的效果最好（尽管使用频率最低），而在高端房价细分市场中，恰好低于定价可能对卖方不利（尽管在这些细分市场中使用频率最高）。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Journal of Economics and Sociology Multiple-

CiteScore

1.90

自引率

12.50%

发文量

期刊介绍： The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.