매도자 신용위험, 부채, 부동산자산이 아파트 매도호가에 미치는 영향

초록

This study empirically analyzes the effect of the seller’s credit, debt condition, and real estate asset on the asking price. The result of the empirical models reveals that the asking price is affected not only by the spatial, physical characteristics but also by the seller’s debt to income (DTI), delinquency experience within the next 6 months from price listing, and loan to value (LTV) at the month of listing. The results show that the asking price rises when the seller’s LTV rises, whereas it reduces when the seller’s DTI and delinquency experience rate goes up. For credit conditions’ coefficients of empirical models, the effect of DTI on asking price is greater than the effect of LTV. These results lead to the following statements. Asking price is determined not only by the spatial physical characteristics of the house for sale but also by the seller’s capital conditions while minimizing seller’s credit risk. In the settlement of seller’s asking price, credit risk minimization is more powerful than the capital constrain conditions. The min– max process explains why one house for sale has lower asking price than the other with the identical appraisal value. This paper claims that the housing market study, especially about housing trade market, should simultaneously consider the seller’s credit risk and capital constrains and the spatial physical condition of house.

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