Gas prices impacting where home-buyers choose to live according to survey

What do gas prices have to do with real estate? Plenty, according to a new survey by Coldwell Banker among it’s network of real estate agents. According to the survey, 75 percent said that the recent spike in gas prices has influenced their clients’ decisions on where to live, and 93 percent said if gas prices continue to rise, more home buyers will choose to live somewhere that allows for a closer commute to their work.

Highlights of the survey results:

  • Out of those who said gas prices affect where consumers want to live, being closer to work was the leading consideration.
  • Drive time and racking up miles en-route to the office caused 89 percent to say buyers look for homes closer to work. Forty-five (45) percent are seeing buyers choose homes closer to shops and services as a result of increasing gas prices.*
  • More than three quarters of the real estate professionals surveyed (77 percent) said more buyers today are interested in having a home office compared to five years ago, and 68 percent of those respondents said that they believe the high cost of gas contributes to this new work from home trend.

A Renewed Interest in Urban Living

  • Fifty-six (56) percent of the real estate professionals surveyed said that they are seeing more home buyers interested in urban living compared to five years ago.
  • Of the subset that recognized this trend, 93 percent strongly agreed or agreed that one reason is an increased interest in shorter commutes.
  • Eighty-one (81) percent of these respondents also strongly agreed or agreed that the desire to reduce spending on gas is a factor.

Agents that say they have seen an increased interest from consumers in urban living say home buyers also give the following reasons for wanting the urban life-style:

  • Having everything at your fingertips (91 percent strongly agreed or agreed)
  • Being able to walk to places (76 percent strongly agreed or agreed)
  • Being near public transportation (52 percent strongly agreed or agreed)

So there you have it….Sell that gas guzzler, move to the city and get your metro pass.

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