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30 Comments on Are High Gas Prices Affecting Real Estate Sales?
Jim,
It makes me less inclined to drive people around before I am sure they are qualified. I don't think it has impacted my market that much yet, though.
Rita I have buyer agents I refer business out to in a nearby county! They are qualifying everyone before tehy even get in the car because he averages 230 miles a day.
Paula Gas, wear and tear on a vehicle, tolls, tire alignment, oli changes all wear you down.
Gary I fully agree!
Hi Jim,
What I have noticed in our area is that REALTORS are not previewing as much to conserve gas!
Tina Same here! I have an SUV, each time I fill it...it is over $60!
Jim,
Great post! I see the gas prices affecting the way I do business now - I am not so willing to run out and show property to potential clients these days-I try a three step process: pre - approval, pre - meeting in office before any showing, with a buyers agreement signed, and pre - pay, a $20 dollar gas donation!
But really, I am trying to weed out only the serious buyer, and not be running all over town on our hot wheels track called I-285.
The gas donation might just be a good idea...what do you think?!
I believe gas prices have impacted the market in lower Northern Virginia. I'm finding more and more people who moved out into the "country" trying to sell and move closer in to DC. The homes that are affordable are at least an hour and a half from DC - Warren County (Front Royal), Caroline County (south of Fredericksburg), Shenandoah County (west of Front Royal) -- the closer you get to DC, the higher the price! It's a no win situation - particularly for 1st time buyers.
Gas prices are killing me - I bought my mid-sized SUV at the end of 03 - and it costs me about $60 to $65 each time I fill it! I'm spending about $300 a month in gasoline - OUCH.
I remember the last gas crisis - every other day gas purchases and the gas lines - I had just gotten my driver's license.
It's too bad we waited until we're in a crisis with our gas problems to finally start looking at alternative fuels and higher gas mileage vehicles.
RitaI am familiar with your area, and know the downsides of the higher gas prices in the ex-burbs of DC! It is hard to know if the same scenarios will play themselves out again with higher gas prices. The so called experts say no! I believe this is total spin! Petroleum if the prices stay high will permeate the entire economy from the increased transportation costs, printing, industrial production, food costs, autos, tires, pesticides, fertilizers, plastics all rely on petroleum, and will eventually pass those increased costs onto the consumer. That will cause inflation and increased costs of living...at that point the FED will try to control those costs by raising interest rates. In the late 1970's Interest rates in 1979 were 9.75% in August by June 1980 they were 12.5%, by 1981 they were at 16% in the early 1970's before this all started they were at a reasonable 7.31%. 30-Year Conventional Mortgage Rate
If we isolate the price of a gallon of gas alone it is not so high, but homes are 10 X what they were proportionally during the last gas crisis. The cost of a car in the 1970's was about $4500, a home was 40K, a regular postage stamp in 1975 was 10 cents. Monthly utilities were regulated back then so we did not have $150 phone bills, $450 electric bills, a cable bill for high speed Internet of $150 did not exists, and lest not forget the disposable income we had in the pre-cell phone days.
Honestly it also hurts business because I make as few as trips as possible. I don't preview like I should, and do more business on the phone or internet than in person, and I don't make that connection as fast. Let's just hope it goes down!
Lexa Montierth
Rick gas prices do bite into the bottom line of our business.
Lexa I believe the higher gas prices make us all a little more aprehensive of the dollars we spend.
George thank you for your insights. As in any market wheel on where our business comes from sign calls, past clients, direct mailings, Internet, referrals....I also believe there is a reverse wheel that drives consumers away. Higher prices, higher interest rates, longer commutes, condition, pricing etc...
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