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Efficiency in housing markets: Do home buyers know how to discount?

Rapport
Författare Erik Hjalmarsson
Randi Hjalmarsson
Förlagsort Göteborg
Publiceringsår 2006
Publicerad vid Institutionen för nationalekonomi med statistik
Språk en
Länkar hdl.handle.net/2077/2686
Ämnesord Housing markets; Market efficiency; Cooperative housing
Ämneskategorier Nationalekonomi

Sammanfattning

We test for efficiency in the market for Swedish co-ops by examining the negative relationship between the sales price and the present value of future rents. If the co-op housing market is efficient, the present value of co-op rental payments due to underlying debt obligations of the cooperative should be fully reflected in the sales price. However, we find that, on average, a one hundred kronor increase in the present value of future rents only leads to a 45 to 65 kronor reduction in the sales price; co-ops with higher rents are thus relatively overpriced compared to those with lower rents. Our analysis indicates that pricing tends to be more efficient in areas with higher educated and wealthier buyers. By relying on cross-sectional relationships in the data, our results are less sensitive to transaction costs and other frictions than time-series tests of housing market efficiency.

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