English, Article edition: HOMEOWNERSHIP IN AN UNCERTAIN WORLD WITH SUBSTANTIAL TRANSACTION COSTS Margaret H. Smith; Gary Smith

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Physical Description
  • article
Language
  • English

Edition details

Title
  • HOMEOWNERSHIP IN AN UNCERTAIN WORLD WITH SUBSTANTIAL TRANSACTION COSTS
Author
  • Margaret H. Smith
  • Gary Smith
Physical Description
  • article
Notes
  • This paper presents a dynamic model of residential real estate tenure decisions that takes into account the substantial transaction costs and the uncertain time paths of rents and prices. By temporarily postponing decisions, buyers and sellers obtain additional information and may avoid transactions that are costly to reverse. One implication is that the combination of high transaction costs and substantial uncertainty can create a large wedge between a household's reservation prices for buying and selling a home, which can explain why households do not switch back and forth between owning and renting as home prices fluctuate. Copyright Blackwell Publishing, Inc. 2007
  • RePEc:bla:jregsc:v:47:y:2007:i:5:p:881-896
Language
  • English
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