A Review of Literature Utilizing Simultaneous Modeling Techniques for Property Price and Time-On-Market

Abstract

The property price-marketing duration relationship is an important component of many real estate studies. However, contrary to theories, and widely-held notions of many researchers, the relationship is not as straightforward as generally assumed. In this paper, we summarize the literature and model price and marketing time to highlight the nature of the property price-marketing time tradeoff. As defined in this work, “simultaneous modeling” includes studies in which marketing time appears as a control in pricing models, as well as studies in which property price is used as a control in time-on-market models.