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Are Gas Prices Affecting the Way People Purchase Properties?

By
Commercial Real Estate Agent

Are gas prices making a difference in the way people are purchasing properties? People are starting to move closer to their work in the city to minimize the high cost of gasoline. Ridership on the Washington DC Metro has steadily increased over the last few weeks. Gas prices have increased over a $1.00 per gallon in the last year causing more people to move into the urban areas. People moved out of the cities in the past for lesser expensive homes. Will this turn around bring more life into the cities?

 

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Comments(8)

Bill C. Merrell
Merrell Institute ~ Appraisal Education Network - Bohemia, NY
Ph.D. - Merrell Institue

I agree.

Bill

Jun 20, 2008 03:48 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Bill: Thanks for your comment and for stopping by.

Jun 20, 2008 03:50 AM
Stephen D White, E-Pro, ABR Cape Cod Real Estate
SDW Realty of Cape Cod - Falmouth, MA

Michael funny you blog about this. Im in the process of selling a house that is centrally located to off Cape highways for my buyer to get back home and our route 28 that goes everywhere up and down the Cape. Now that you blog about this, it seems that the use of gas may be becoming more of a major concern for buyers in where they want to buy.

Jun 20, 2008 01:05 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Stephen: In my area there are many people who work at the Pentagon or in DC. We're about 30 miles from DC and more people live another 30 or so miles South because of homes. I feel bad for those who commute 60 miles one way every day. At $4.00 per gallon it really adds up. We do have commuter bus and train service into DC and I heard ridership is increasing every day. Thanks for your comment.

Jun 21, 2008 12:34 AM
Lexi Flournoy
Real Property Options - Los Angeles, CA

Stop buying exxon/mobil for 1 year! gas prices will drop! google this topic! JOIN THE FIGHT.

Jun 23, 2008 08:59 AM
Gary Miljour
American Financial Network, Inc. NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC

Michael- I know a couple of people who were thinking of getting off the fence and making the jump to buy a home and now with the gas prices higher is has put them back on the fence. 

The problem in our market right now is we have 2 many fence sitters from the media twist.  Our job is explain the true facts and move some of them off the fence.

Great Little Post

Jun 28, 2008 02:11 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Gary: I know what you mean educating them is the key. Thanks for stopping by and I appreciate your comments.

Jun 28, 2008 02:37 AM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Interesting enough that I am in negotiations on a property that is extremely close to the buyer's employment and babysitter.  Yes, homeowners are looking at the location first before making that leap. 

Jul 13, 2008 02:58 AM