Gas Prices Impact Real Estate Choices

Of 1,188 real estate agents surveyed by Coldwell Banker, 75 percent say buyers take rising gas prices into account when choosing where to purchase a home. According to the poll, 89 percent say buyers are seeking homes nearer to their jobs; 93 percent say they factor in commute time when considering locations; and 45 percent say they want homes in close proximity to shops and services. Additionally, 77 percent of the agents say they have seen an increase in buyers wanting home offices — a trend that 68 percent attribute to climbing gas prices. The higher cost of gas and the preference for shorter commutes have contributed to a jump in the number of buyers interested in city living, although proximity to public transportation and other amenities and walkability also play a role. | Read More