房地产经纪人外文翻译

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1、 英 文 翻 译 题 目 Buying a House and Decision to Use a Real Estate Broker 决定通过房地产经纪人买房子 姓 名 班 级 学 号 指导教师 1 原文： Buying a House and the Decision to Use a Real Estate Broker Introduction What is it that residential real estate brokers do and why would a home buyer engage their services? As is often the case

2、, answering this question is not a simple task. Home buyers who acquire their house through a broker do not purchase just a house-they also obtain the services of the broker. In other words, these buyers are consuming a bundled good. One dimension of this good is lower search time, and thus lower se

3、arch costs, associated with buying through a broker. Recent research (Baryla and Zumpano, 1995) suggests that choosing a broker improves the marginal efficiency of search, making it more likely that a buyer will find a satisfactory match earlier in the search process. Buying through a broker also in

4、creases the supply of houses available to buyers, and provides buyers with information on the quality of different houses and the neighborhoods in which they are located. Brokers frequently help buyers identify sources of mortgage financing and property insurance, as well as assist buyers in recordi

5、ng the title. All of these services suggest that brokers provide value added to buyers (in addition to providing a service to sellers), something that these buyers would be willing to pay for. Thus this bundle of services and the house that is purchased would, intuitively, be priced higher than home

6、s purchased without the assistance of a broker. Several studies (Janssen and Jobson 1980； Jud and Frew, 1986) observe that buyers pay more for homes listed with brokers. It is not possible, however, to determine whether this applies to the entire residential housing market since research to this poi

7、nt has relied on local data. Higher prices indicate willingness by buyers to pay more for broker-listed houses than those sold directly by owners. Alternatively, competition from for-sale-by-owner properties may prevent sellers from passing on commission costs to buyers in the form of higher prices.

8、 Therefore, at issue is whether broker-assisted sales result in higher prices. If search duration is affected by broker assistance what about price? This study attempts to answer these questions by developing an empirically testable model of broker choice. In the process, this study should provide i

9、mportant insights into the efficiency of the residential housing market as well as the effectiveness of brokers as market intermediaries. Specifically, this study examines the effects of a real estate broker by hypothesizing a two-stage process. In the first step a buyer decides whether to engage th

10、e services of a broker to assist with the search. Empirically, this decision is modeled as a probity equation where the choice to use a broker is a function of such variables as the cause of the move (i.e. changes in the household, or 2 work-related moves), the income, age, experience, and market kn

11、owledge of the buyer, and other buyer characteristics. The second step is the purchase. Here selling prices are modeled as a function of house characteristics, buyer characteristics, and whether the sale was broker-assisted. This approach should provide information about the determinants of housing

12、prices. In particular， this model should allow us to determine whether the broker-assisted buyers and buyers for-sale-by-owner properties constitute segmented markets which would permit the maintenance of housing price differentials. This study uses cross-section data from a nationwide survey of rec

13、ent homebuyers and sellers conducted by the Research Division of the National Association of Realtors. This database includes both broker-assisted sales and sales by owners, allowing an assessment of the impact of the real estate broker on selling price, and by implication, the value of the marketin

14、g services which brokers provide to sellers. Our results indicate that indeed buyers who use brokers do pay more for their homes than those who do not buy through a broker. But our results also imply that it is not because these buyers have used a broker. Rather, this group of buyers would have paid

15、 a higher price regardless of the means by which the purchase was consummated. These buyers have higher incomes, are more likely to be from out of town, are more likely to have employer assistance in the purchase-all factors that lead them to pay more for a house, but also to make them more likely t

16、o use a broker in purchasing their home. When the decision to use a broker is accounted for, these buyers do not wind up paying more for their homes, and there is some evidence that they actually pay less than a comparable buyer who buys without an agents assistance. The layout of this study is as f

17、ollows. The relevant literature is reviewed in section 2.In section 3 the data, variable selection, and model are described. Section 4 presents the empirical results, and the last section contains the conclusions of the study. Literature review A broad range of research has focused on the determinan

18、ts of housing prices. These include traditional estimates of housing demand hedonic modeling of housing prices, the determinants of the tradeoff between price and time on the market, and models of the search process. Other literature has examined the role of real estate brokers and has focused on th

19、e impact of brokers on buyer search, or has examined the welfare and/or moral-hazard implications of broker intermediation. Few studies have tried to measure the direct effects of real estate brokers on the housing market, and fewer still on home selling prices. The work that has been produced to date has often generated conflicting results. In part, these disparate results may reflect data availability problems, as virtually all of these earlier studies have been based on local data, and samples tended to be small, making generalizations difficult.