This study examines buyer search duration using a national database consisting of transactions conducted with and without the assistance of real estate brokers. The results of this study indicate that information asymmetries are present in the residential real estate market. First-time buyers and out-of-town buyers search longer than more experienced and local, more knowledgeable homebuyers. On the other hand, buyers relocated by their employers spend less time looking for a home. More importantly, real estate brokers are able to reduce buyer search time for all classes of buyers, whether first-time, experienced, or an out-of-town buyer.
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Baryla et al. (1995) studied this question.
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