Transaction Information Cost In Secondary Housing Market

The real estate was once regarded as the pillar industry of, and led the national economy to achieve rapid sustained growth. Due to huge demand for China’s rigid housing, and national income imbalance problem is exacerbated. It results in lack of effective demand of the domestic real estate. With the continued rise in domestic prices, and protection of housing construction is difficult to implement in the near future. It requires that the secondary housing market to bear the burden of partially alleviate the housing problem. However, the incomplete information problem of second-hand housing market is more serious, leading to the higher transaction information cost in the second-hand housing transactions. It damages the income that trading parties should have, affect the efficiency of second-hand housing transaction.Therefore, the research on the transaction costs of domestic second-hand housing market is high theoretical and practical significance that. It’s not only helpful to analyze the information environment status of the second-hand housing market, but also the formation mechanism of the transaction information costs in second-hand housing market. This study is conducive to the Government for the establishment of second-hand housing market information system, and also provide a valid reference for the second-hand housing market participants. At first, this article is based on price theory to contrast the difference of the Second-hand housing transaction behavior in the different conditions, thus to analysis of the gap between actual transaction transaction price and ideal price. And it is in order to reveal the formation mechanism of the second-hand housing transaction costs. Subsequently, the definition of the actual meaning in second-hand housing transaction costs will be given. Secondly, by the second-hand housing bargaining model, comparative analysis of the game process and the comparative advantage between buyers and sellers in second-hand housing transactions, in order to tell the possible actual impact of the final income of the buyers and sellers. Finally, by the use of market data and the Hedonic model, it estimates the current situation of transaction information cost in the secondary housing market, to verify the theoretical analysis results.The theoretical studies have shown that incomplete information in the second-hand housing market results that buyers and sellers can not do the best price deals. So trading losses of the resulting transaction is defined as the cost of second-hand housing transaction information cost between buyers and sellers. Although, opposing to the buyer, the seller stay in the status of information superiority and grasp more housing attribute informations, but adverse selection of the buyer may be result that the seller can’t pay less than the buyer’s transaction information costs in the transaction. Paper empirical results show that in Beijing second-hand housing market, the transaction information cost of the seller is about21%of the transaction prices, and it is inversely proportional to housing transaction prices. The buyer transaction costs account for about13%of the actual transaction price, proportional to the housing transaction price. Combine the conclusions in the final, I have given countermeasures in the three levels of the personal property, the governance structure of industry and the institutional environment, to govern the information environment of the secondary housing market and the problem of transaction information cost in second-hand housing market.