房地产相关外文翻译通过房地产经纪人决定买房子Word文件下载.docx
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房地产相关外文翻译通过房地产经纪人决定买房子Word文件下载.docx
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本科毕业设计(论文)
外文翻译
原文:
BuyingaHouseandtheDecisiontoUseaRealEstateBroker
Introduction
Whatisitthatresidentialrealestatebrokersdoandwhywouldahomebuyerengagetheirservices?
Asisoftenthecase,answeringthisquestionisnotasimpletask.Homebuyerswhoacquiretheirhousethroughabrokerdonotpurchasejustahouse--theyalsoobtaintheservicesofthebroker.Inotherwords,thesebuyersareconsumingabundledgood.Onedimensionofthisgoodislowersearchtime,andthuslowersearchcosts,associatedwithbuyingthroughabroker.Recentresearch(BarylaandZumpano,1995)suggeststhatchoosingabrokerimprovesthemarginalefficiencyofsearch,makingitmorelikelythatabuyerwillfindasatisfactorymatchearlierinthesearchprocess.
Buyingthroughabrokeralsoincreasesthesupplyofhousesavailabletobuyers,andprovidesbuyerswithinformationonthequalityofdifferenthousesandtheneighborhoodsinwhichtheyarelocated.Brokersfrequentlyhelpbuyersidentifysourcesofmortgagefinancingandpropertyinsurance,aswellasassistbuyersinrecordingthetitle.
Alloftheseservicessuggestthatbrokersprovidevalueaddedtobuyers(inadditiontoprovidingaservicetosellers),somethingthatthesebuyerswouldbewillingtopayfor.Thus,thisbundleofservicesandthehousethatispurchasedwould,intuitively,bepricedhigherthanhomespurchasedwithouttheassistanceofabroker.Severalstudies(JanssenandJobson,1980;
JudandFrew,1986)observethatbuyerspaymoreforhomeslistedwithbrokers.Itisnotpossible,however,todeterminewhetherthisappliestotheentireresidentialhousingmarket,sinceresearchtothispointhasreliedonlocaldata.Higherpricesindicateawillingnessbybuyerstopaymoreforbroker-listedhousesthanthosesolddirectlybyowners.Alternatively,competitionfromfor-sale-by-ownerpropertiesmaypreventsellersfrompassingoncommissioncoststobuyersintheformofhigherprices.Therefore,atissueiswhetherbroker-assistedsalesresultinhigherprices.
Ifsearchdurationisaffectedbybrokerassistance,whataboutprice?
Thisstudyattemptstoanswerthesequestionsbydevelopinganempiricallytestablemodelofbrokerchoice.Intheprocess,thisstudyshouldprovideimportantinsightsintotheefficiencyoftheresidentialhousingmarketaswellastheeffectivenessofbrokersasmarketintermediaries.
Specifically,thisstudyexaminestheeffectsofarealestatebrokerbyhypothesizingatwo-stageprocess.Inthefirststep,abuyerdecideswhethertoengagetheservicesofabrokertoassistwiththesearch.Empirically,thisdecisionismodeledasaprobitequation,wherethechoicetouseabrokerisafunctionofsuchvariablesasthecauseofthemove(i.e.,changesinthehousehold,orwork-relatedmoves),theincome,age,experience,andmarketknowledgeofthebuyer,andotherbuyercharacteristics.
Thesecondstepisthepurchase.Heresellingpricesaremodeledasafunctionofhousecharacteristics,buyercharacteristics,andwhetherthesalewasbroker-assisted.Thisapproachshouldprovideinformationaboutthedeterminantsofhousingprices.Inparticular,thismodelshouldallowustodeterminewhetherthebroker-assistedbuyersandbuyersfor-sale-by-ownerpropertiesconstitutesegmentedmarketswhichwouldpermitthemaintenanceofhousingpricedifferentials.
Thisstudyusescross-sectiondatafromanationwidesurveyofrecenthomebuyersandsellersconductedbytheResearchDivisionoftheNationalAssociationofRealtors.Thisdatabaseincludesbothbroker-assistedsalesandsalesbyowners,allowinganassessmentoftheimpactoftherealestatebrokeronsellingprice,andbyimplication,thevalueofthemarketingserviceswhichbrokersprovidetosellers.
Ourresultsindicatethatindeedbuyerswhousebrokersdopaymorefortheirhomesthanthosewhodonotbuythroughabroker.Butourresultsalsoimplythatitisnotbecausethesebuyershaveusedabroker.Rather,thisgroupofbuyerswouldhavepaidahigherpriceregardlessofthemeansbywhichthepurchasewasconsummated.Thesebuyershavehigherincomes,aremorelikelytobefromoutoftown,aremorelikelytohaveemployerassistanceinthepurchase--allfactorsthatleadthemtopaymoreforahouse,butalsotomakethemmorelikelytouseabrokerinpurchasingtheirhome.Whenthedecisiontouseabrokerisaccountedfor,thesebuyersdonotwinduppayingmorefortheirhomes,andthereissomeevidencethattheyactuallypaylessthanacomparablebuyerwhobuyswithoutanagent'
sassistance.
Thelayoutofthisstudyisasfollows.Therelevantliteratureisreviewedinsection2.Insection3,thedata,variableselection,andmodelaredescribed.section4presentstheempiricalresults,andthelastsectioncontainstheconclusionsofthestudy.
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