法拍屋市場已成為台灣重要的購屋管道之一，然而房地產為異質商品，其價格受到品質差異的影響很大。其中法拍屋底價的訂定方式和一般房屋不同：拍賣底價由公定房屋估價人員根據區域資料使用特徵價格理論方法先訂出初估價格，再與債權人、債務人三方協商討論而訂定。故本論文加入「定價偏誤」因子，以特徵價格模型探究民國八十九年至九十一年間影響台北縣市法拍屋拍定價格的各項因素及影響程度，並得出如下之結論: 1.影響台北縣市法拍屋拍定價格的顯著因子及影響幅度為:定價折價程度(影響幅度0.9798%)、總建物面積(影響幅度0.4709%)、土地持分價格(影響幅度0.4838%)、拍次(隱含價格-17.0308萬元)、競標人數(隱含價格7.611萬元)、房屋現況(非空屋)(隱含價格-18.950萬元)、房屋現況(出租)(隱含價格40.501萬元)、車位(隱含價格80.772萬元)、點交(隱含價格8.8073萬元)、建材(隱含價格69.748萬元)、建物型態(一樓) (隱含價格648.856萬元)、建物型態(大樓) (隱含價格674.94萬元)、建物型態(公寓) (隱含價格464.385萬元)、建物型態(透天) (隱含價格516.971萬元)、房價指數(隱含價格-8.888萬元)、區位變數(台北市) (隱含價格80.429萬元)。 2.分別比較台北縣市法拍屋資料，可以發現持分土地價格(+)、競標人數(+)、車位有無(+)、是否點交(+)對台北市法拍屋拍定價格影響較大;而總建物面積(+)、拍次(-)、建材(+)、建物型態、房價指數(-)對台北縣拍交價格影響則較大。 / Real estate properties are real assets that can produce goods and service in the economy. Among them, the foreclosure market has become an imperative means to acquiring a house. The auction market in Taiwan is composed of non-performing assets. They’ll have a discount up to 20% in every action. Is this a really good target to invest? In fact, houses are heterogeneity assets; they can only be estimated correctly by controlling of variables such as location variables and the physical condition of the property. Moreover, the listing price of foreclosure is quite different from that of an ordinary house. It is first calculated by appraisers, and the final listing price is obtained by the negotiation of the court, creditor and debtor. Thus, there could be mispricing of list price, and this mispricing is expected to have an impact on the selling price. This study applies Hedonic model and uses data from year 2000 to 2002 of Taipei City and Taipei County to examine the effect of these physical and foreclosure elements on the selling price of foreclosure and thus reach the following conclusions: 1.All the foreclosure and physical condition variables are remarkable in our sample, as well as the location variable. They are degree of underpricing, total building area, holding land price, the bid times, numbers of bidders, current status of this building, parking space, situation of handing over item by item, building material, object type, housing price index and location. 2.It shows that holding land price(+),numbers of bidders(+),parking space(+),situation of handing over item by item(+) have greater influence on the foreclosure selling price in Taipei city while total area(+),number of auctions(-), material used(+),object type, and housing price index(-) weight more on the selling price in Taipei county.

Earlier studies examining house pricing have mainly focused on the secondary market and have often overlooked the primary market and newly produced housing units. This paper studies the pricing strategies in the primary housing market, as that segment differs from the secondary market. By using data from one newly produced housing project, we are able to exclude a number of project-specific factors, as they are nearly identical for all observations. This allows us to focus on factors that are directly observable and require very little assessment or evaluation in our estimations of list prices, selling prices and selling times. The empirical results exhibit a close relationship between list- and selling prices, but a few factors differ significantly between the two. Such differences could indicate a misinterpretation of the market by the seller. The time-on-market model shows that a number of factors affect selling times as well. The results indicate a relationship between "mispriced" factors and their impact on the selling times, where "over-priced" factors seem to prolong the time-on-market and "under-priced" factors seem to shorten the time-on-market. By dividing the units into different price ranges, it becomes clear that high-priced housing is more difficult to price and take longer to sell. This relationship is strengthened by a degree-of-overpricing variable, which exhibits a positive sign in the time-on-market model. The effect is the strongest in low-priced units and not significant for higher-priced units. Other factors that affect pricing strategies require a broader discussion. Analogies from similar consumer good markets indicate that pricing strategies are dependent on the types of customers in the target groups as well as the stage in the project life-cycle.

Sammanfattning Titel: Billigt eller dyrt, udda eller jämt? - Hur prisprecisionseffekten påverkar Willingness to pay Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi. Författare: Lovisa Axenfalk Pettersson och Wilhelm Ericsson. Handledare: Jonas Kågström. Datum: 2018 - Maj. Syfte: Syftet är att undersöka hur prisprecisionseffekten i samband med Willingness to pay påverkar bostadstransaktioner. Metod: Kvantitativ metod, enkäter med experimentella inslag. Resultat och slutsats: Denna studies resultat visar att när det kommer till priser på bostäder, är det inte enbart priset som påverkar köpet och WTP. Gällande det marknadsförda pris som lockar flest spekulanter, bör det antingen vara avrundat pris eller just below pris. Det mest ärliga marknadsmässiga priset är avrundat pris. Ett precist pris är det utgångspris, som anses vara satt av en seriös fastighetsmäklare och visar att fastighetsmäklaren är kunnig och sätter ett seriöst pris utifrån vad bostaden faktiskt är värd. Gällande vad som leder till det högsta slutpriset, kan det vara avrundat pris, precist pris samt just below pris. Varför resultatet av slutpriset skiljer sig åt är beroende på situationen på marknaden och tillgänglig information för köparen. Examensarbetets bidrag: Denna studie har bidragit med att skapa en ökad förståelse till personer som är delaktiga i en köpprocess utifrån prisprecisionseffektens prissättningar. Vidare är bidraget att människor påverkas av tillgänglig information, vilket påverkar köparens WTP och vad köpare anser om olika priser. Med kunskap från denna studie kan köpare av bostäder få en bättre förståelse för hur det marknadsförda utgångspriset kan påverka köparens WTP av bostaden de är intresserad av att köpa och den bostadens slutpris. Förslag till fortsatt forskning: Studien fastställer att det finns flera möjligheter till fortsatt forskning. Det skulle kunna vara att studera prisprecisionseffekten i en verklig miljö. Att studera hur ankareffekten och prisprecisionseffekten påverkar varandra. Väva in andra prispåverkande faktorer än bara själva priset. Samt att vända perspektiv och utgå från säljaren istället. Nyckelord: Prisprecisionseffekten, WTP - Willingness to pay, avrundat pris, precist pris, just below pris, utgångspris och bostadstransaktioner. / Abstract Title: Cheap or expensive, odd or even? - How the price precision effect, affects willingness to pay Level: Final assignment for Bachelor Degree in Business Administration. Author: Lovisa Axenfalk Pettersson and Wilhelm Ericsson. Supervisor: Jonas Kågström. Date: 2018 - May. Aim: The aim is to further investigate how the price precision effect associated with willingness to pay affects sales of real estate transactions. Method: Quantitative method through a survey with experimental elements. Result and conclusion: The results in the study indicates, regarding prices on the housing market, that it is not only the price that affects pursues and WTP. Regarding the marketed list price, which attracts the most potential buyers, they should either be a rounded or just below price. The most honest market price is a rounded price. A list price set at a precise price, is considered to be listed from a serious real estate broker. It also indicates that the real estate broker is knowledgeable and puts a serious price based on what the residence is actually worth. To get the highest selling price, it can be all of the price precision effect prices, rounded price, precise price or just below price. Why the result of the highest selling price differ, is depending on the situation on the market and available information for the buyer. Contribution of the thesis: The contribution for this study has been to create an increased understanding about the price precision effect and its prices for the persons involved in a buying process. Furthermore, the contribution is that people are influenced by available information, affecting the buyer's WTP and what buyers consider about different prices. With knowledge from this study, buyers can gain a better understanding of how the marketed list price may affect the buyer's WTP for the real estate they are interested in buying and its final selling price. Suggestion for future research: To summarize the possibilities for future research this paper suggests; to analyze the price precision effect from the sellers point of view. To analyze the price precision effect in a real setting instead, where actual transactions are being made. To further investigate the ratio between the anchoring effect with the price precision effect, and how they affect each other. The final suggestions for future research is to involve other aspects into the price precision effect, despite only the price, because it is not only the price that affects the house buying market. Keywords: Price precision effect, WTP - willingness to pay, rounded price, precise price, just below price, list price and real estate transaction.