房地产相关外文翻译通过房地产经纪人决定买房子.docx

房地产相关外文翻译通过房地产经纪人决定买房子.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

中文3000字

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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