This study examines the influence of housing credit conditions on the time on market (TOM) for residential properties in Italy, using a unique dataset from the Bank of Italy survey on the Italian housing market. The analysis was carried out on a sample of roughly 1000 real estate agents over the period 2011–2015 using panel data techniques. The results support the view that an increase in housing market liquidity, measured by the loan-to-value ratio, reduces the average TOM of a property, thus improving the matching process between buyers and sellers. The results are found to be robust to specifications including the traditional determinants of TOM, used as controls (i.e., price revisions, potential buyers, mandates to sell, the role of brokers, and so on). The results also show that a higher price reduction, possibly associated with an initial mispricing by the seller when setting the initial listing price, seems to be associated with a higher TOM for residential properties.

中文翻译：

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出售房产的平均时间和信用状况：来自意大利房地产市场调查的证据

本研究使用意大利银行对意大利住房市场调查的独特数据集，研究了住房信贷条件对意大利住宅物业上市时间 (TOM) 的影响。该分析是在 2011-2015 年期间使用面板数据技术对大约 1000 名房地产经纪人的样本进​​行的。结果支持这样的观点，即以贷款与价值比率衡量的住房市场流动性的增加会降低房产的平均 TOM，从而改善买卖双方之间的匹配过程。发现结果对包括 TOM 的传统决定因素在内的规范具有稳健性，用作控制（即价格修正、潜在买家、销售授权、经纪人角色等）。结果还表明，降价幅度较大，