Real-estate Agent Price Difference When Selling Own House

From StatWiki

When selling their own house, real-estate agents leave their home on the market for an average ten days longer and sell their own house for an average of 3% more than when selling the house of a client. (This is seen as evidence of real-estate agents holding out for a better price for their own homes.)

(According to data from the sales of nearly 100,000 houses in suburban Chicago.)

[edit] Source

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, 2005, by Steven D. Levitt and Stephen J. Dubner, p9, which refers to a paper by Steven D. Levitt and Chad Syverson, "Market Distortions When Agents Are Better Informed: A Theoretical and Empirical Exploration of the Value of Information in Real Estate Transactions," National Bureau of Economic Research working paper, 2005.