Kauppakorkeakoulu | Rahoituksen laitos | Rahoitus | 2013
Tutkielman numero: 14473
Analysis of expected sale time and behavior on the Finnish housing market
|Otsikko:||Analysis of expected sale time and behavior on the Finnish housing market|
|Vuosi:||2013 Kieli: eng|
|Asiasanat:||rahoitus; financing; asunnot; apartments; kiinteistöt; real estates; markkinat; markets; myynti; sales; aika; time|
» hse_ethesis_14473.pdf koko: 2 MB (1500075)
|Avainsanat:||housing market; time-on-market; submarkets; market characteristics; behavior|
PURPOSE OF THE STUDY
The purpose of this thesis is to determine how expected sale time of housing in Finland is formed and which factors have an effect on it. I use marketing time of dwellings as a proxy of expected sale time. This is a descriptive study in nature, because no earlier papers with Finnish data exist to compare the results with. The analysis covers housing features as well as its location. In addition, I study macro-economy and date of market entry related variables' effects on expected sale time. For most individuals, housing transactions are largest investment decisions of their lives and I aim to explain the high variation in the sale times within the Finnish housing market and in comparison with other asset classes.
I study my research questions mainly based on housing advertisements from January 2004 to July 2012. The advertisement data was collected from three sources: Etuovi, Oikotie and Kiinteistömaailma. In addition, I collected real transaction data from asuntojen.hintatiedot.fi and various background data from Statistics Finland.
The results show that nearly all available housing and listing date related features have a statistically significant relationship with expected sale time. I also find that submarkets within certain cities do not vary much from the city consensus and more variation is present at times with poor state of economy. Results suggest that a seller with no rush to sell should wait for the optimal listing time to ensure her dwelling to raise interest in the market. I find that buyers' search criteria selection has a clear link to expected sale time as well. With a careful selection of listing price the seller may lower her dwelling's expected sale time.
Verkkojulkaisut ovat tekijänoikeuden alaista aineistoa. Teokset ovat vapaasti luettavissa ja tulostettavissa henkilökohtaista käyttöä varten. Aineiston käyttö kaupallisiin tarkoituksiin on kielletty.