Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach

Stephanie A Snyder; Michael A. Kilgore; Rachel Hudson; Jacob Donnay

doi:10.1016/j.jfe.2007.04.002

Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach

Stephanie A Snyder, Michael A. Kilgore, Rachel Hudson, Jacob Donnay

Forest Resources

Research output: Contribution to journal › Article › peer-review

24 Scopus citations

Abstract

A hedonic model was developed to analyze the market for undeveloped forest land in Minnesota. Variables describing in situ conditions, locational characteristics, buyer perceptions and intentions, and transactional terms were tested for their influence on sale price. The independent variables explained 67% of the per hectare sale price variation. Water frontage, road access and density, absentee ownership, future intentions, and financing arrangements had large, positive influences on price. Lack of a real-estate agent and agricultural land in the vicinity of the parcel had negative influences. A parcel's merchantable timber volume was not a significant predictor of price.

Original language	English (US)
Pages (from-to)	47-72
Number of pages	26
Journal	Journal of Forest Economics
Volume	14
Issue number	1
DOIs	https://doi.org/10.1016/j.jfe.2007.04.002
State	Published - Jan 14 2008

Bibliographical note

Funding Information:
This research was supported by the USDA Forest Service, Northern Research Station. We are grateful to Donald Dennis and Lawrence Teeter for providing helpful comments on an earlier version of this manuscript, and to John Stanovick for providing statistical guidance.

Keywords

Forest finance
Forest land prices
Forest markets
Hedonic analysis
Price function

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.jfe.2007.04.002

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title = "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach",

abstract = "A hedonic model was developed to analyze the market for undeveloped forest land in Minnesota. Variables describing in situ conditions, locational characteristics, buyer perceptions and intentions, and transactional terms were tested for their influence on sale price. The independent variables explained 67% of the per hectare sale price variation. Water frontage, road access and density, absentee ownership, future intentions, and financing arrangements had large, positive influences on price. Lack of a real-estate agent and agricultural land in the vicinity of the parcel had negative influences. A parcel's merchantable timber volume was not a significant predictor of price.",

keywords = "Forest finance, Forest land prices, Forest markets, Hedonic analysis, Price function",

author = "Snyder, {Stephanie A} and Kilgore, {Michael A.} and Rachel Hudson and Jacob Donnay",

note = "Funding Information: This research was supported by the USDA Forest Service, Northern Research Station. We are grateful to Donald Dennis and Lawrence Teeter for providing helpful comments on an earlier version of this manuscript, and to John Stanovick for providing statistical guidance.",

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doi = "10.1016/j.jfe.2007.04.002",

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AU - Snyder, Stephanie A

AU - Kilgore, Michael A.

AU - Hudson, Rachel

AU - Donnay, Jacob

N1 - Funding Information: This research was supported by the USDA Forest Service, Northern Research Station. We are grateful to Donald Dennis and Lawrence Teeter for providing helpful comments on an earlier version of this manuscript, and to John Stanovick for providing statistical guidance.

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N2 - A hedonic model was developed to analyze the market for undeveloped forest land in Minnesota. Variables describing in situ conditions, locational characteristics, buyer perceptions and intentions, and transactional terms were tested for their influence on sale price. The independent variables explained 67% of the per hectare sale price variation. Water frontage, road access and density, absentee ownership, future intentions, and financing arrangements had large, positive influences on price. Lack of a real-estate agent and agricultural land in the vicinity of the parcel had negative influences. A parcel's merchantable timber volume was not a significant predictor of price.

AB - A hedonic model was developed to analyze the market for undeveloped forest land in Minnesota. Variables describing in situ conditions, locational characteristics, buyer perceptions and intentions, and transactional terms were tested for their influence on sale price. The independent variables explained 67% of the per hectare sale price variation. Water frontage, road access and density, absentee ownership, future intentions, and financing arrangements had large, positive influences on price. Lack of a real-estate agent and agricultural land in the vicinity of the parcel had negative influences. A parcel's merchantable timber volume was not a significant predictor of price.

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KW - Forest land prices

KW - Forest markets

KW - Hedonic analysis

KW - Price function

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Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach

Abstract

Bibliographical note

Keywords

UN SDGs

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