Bargaining Over Residential Real Estate: Evidence from England, Third Version

Abstract

This paper presents a new data set of individual residential property transactions in England. The main novelty of the data is the record of all listing price changes and all offers made between initial listing and sale agreement. We establish a number of stylized facts pertaining to the sequence of events that occur within individual property transaction histories. We assess the limitations of existing theories in explaining the data and discuss alternative theoretical frameworks for the study of the strategic interactions between buyers and sellers.

Note: Please note that this paper is the updated version of PIER 02-023.

JEL Classification: D4, R0, L0