According to a Coldwell Banker survey, more homebuyers than ever are hoping to avoid road rage – and, more importantly, pain at the pump – by buying houses that are close to where they work or investing in a property with enough room for a home office to eliminate the commute all together[1]. Not only are gas prices, which recently hit $4.00 or more a gallon across the country, a huge concern for people buying homes, but they are also making current homeowners look twice at their current living situation. 93 percent of the people surveyed said that they would choose to live somewhere that allows for a closer commute to work if gas prices continue to rise, while 75 percent of real estate professionals reported that the recent spike in gas prices is already influencing where people choose to live.
Furthermore, it’s not all about proximity. There are a number of other factors involved in choosing a home that gas prices influence. For example, service stations in wealthier areas may charge more for gas because the cost of real estate is greater there, according to Troy Green, a spokesman for the AAA motor club[2]. Perhaps as a result, there has also been an increased interest in urban living, with more than half (56%) of real estate professionals noting that more buyers are interested in urban living thanks to a desire for shorter commutes and other options for transport, including walking and public transportation.
Are gas prices influencing where you have recently bought property or where you are investing?
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[1] http://www.marketwire.com/press-release/coldwell-banker-real-estate-survey-finds-spike-gas-prices-is-impacting-where-home-buyers-1515949.htm
[2] http://www.abc15.com/dpp/traffic/traffic_alerts/gas-prices%3A-what-to-expect-this-summer