Prisskillnader på bostadsrättsmarknaden - Lockpris eller felvärdering?

Sammanfattning: On the Swedish real estate market, it is not uncommon for the transaction price to drastically exceed the list price. Consequently, a debate has emerged regarding what the drastic price difference is caused by. It is often discussed if the price difference is a result of underpricing by the realtor. The aim of this study is therefore to examine possible causes for the drastic price differences observed on the Swedish real estate market. More specifically, the study will examine whether the drastic difference in price is a result of an active choice by the realtor, or, if the drastic difference in price is a cause of mispricing. Furthermore, the study will examine the effect of underpricing on the transaction price, and whether the effect varies depending on population size or price growth. To examine if the drastic price differences are a cause of mispricing, regression analysis is used. If the drastic price differences are a cause of mispricing, the frequency at which the drastic price differences are observed should vary with changes in the market conditions. The population size and price growth are used to test the hypothesis, where population size is used as a proxy for heterogeneity. The market conditions are chosen because they could lead to a more difficult valuation process, which should result in mispricing to a greater extent. The effect underpricing has on the transaction price during different market conditions is examined by conducting a two-step process, used by Björklund et al. (2006). The two-step process revolves around creating a variable that describes the degree of underpricing in relation to the market value. The variable is then used to study the effect underpricing has on the transaction price. The twostep process is repeated for a selection of municipalities that vastly differ in population size and price growth to compare the results and identify possible differences in the effect which underpricing has on the transaction price. The study shows that the frequency of which drastic price differences are observed do not vary as population size varies. However, the study does find a positive relationship between price growth and the frequency at which the drastic price differences occur. The study also finds support that the drastic price differences are caused by mispricing. Moreover, the study shows that underpricing in relation to market value does not yield a higher transaction price, which were also the results of previous studies. Furthermore, the study finds that the effect of underpricing does not vary with population size and price growth.