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- W3119211035 abstract "We document that mortgaged homebuyers pay an 11% premium relative to all-cash buyers in residential real estate transactions. This premium far exceeds the 3% premium implied by a realistically calibrated model of rational home sellers with transaction frictions. We obtain similar results from various estimators (e.g., repeat-sales, instrumental-variable, matching, semi-structural), novel data on non-accepted offers, and an experimental survey of U.S. homeowners. Experimental evidence suggests that the combination of non-standard preferences and standard beliefs best explains the 8% puzzle (11% minus 3%). Our findings matter economically, as all-cash purchases account for one-third of all U.S. home purchases over 1980-2017." @default.
- W3119211035 created "2021-01-18" @default.
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- W3119211035 date "2020-01-01" @default.
- W3119211035 modified "2023-09-26" @default.
- W3119211035 title "The Mortgage-Cash Premium Puzzle" @default.
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- W3119211035 doi "https://doi.org/10.2139/ssrn.3751917" @default.
- W3119211035 hasPublicationYear "2020" @default.
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