All-cash homebuyers account for one-third of U.S. home purchases between 1980 and 2017. We use multiple data sets and research designs to robustly estimate that mortgaged buyers pay an 11% premium over all-cash buyers to compensate home sellers for mortgage transaction frictions. A dynamic, representative-seller model implies only a 3% premium, which would suggest an 8% puzzle. Accounting for heterogeneity in selling conditions explains half of this difference, but a puzzle holds in conditions with high transaction risk. An experimental survey of U.S. homeowners replicates these patterns and suggests that belief distortions can explain the puzzle in these high-risk states.

中文翻译：

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抵押贷款现金溢价之谜


1980 年至 2017 年间，全现金购房者占美国购房的三分之一。我们使用多个数据集和研究设计来稳健估计，抵押贷款买家比全现金买家支付 11% 的溢价，以补偿房屋卖家的抵押贷款交易摩擦。动态的代表性卖家模型仅意味着 3% 的溢价，这意味着 8% 的谜题。考虑到销售条件的异质性可以解释一半的差异，但在高交易风险的条件下仍然存在谜团。对美国房主的一项实验调查复制了这些模式，并表明信念扭曲可以解释这些高风险州的难题。