Drive 'til you qualify

Hi Richard,

Here in Rockville Maryland and surrounding Montgomery County we have noticed a trend of properties closer to Metro stations are selling faster than others.  And there does appear to be a trend of those folks who bought in outlying areas trying to move back closer in.   It will be interesting to see if gas prices continue to fall if this trend continues.

Lynda K. Bloom, Weichert, Realtors  Selling Rockville Maryland Real Estate and surrounding communities!

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I thought your post was good and wanted to get you a little more exposure. 

 These high gas prices are really adding a big new factor into to the buying equation.  It used to be just a commute time consideration.  Now it's coming down to some serious dollars. 

I need to dig out a calculator I had stumbled upon that actually used commuting costs in comparison calculations.

When the market was good and builders were offering all kinds of incentives for people to move out ---- way out ---- of the city, many people moved out to Antioch, Pittsburg, etc. away from San Francisco/Oakland metropolitan areas.

Some of my clients realized quickly that the commute wasn't worth the value of having everything brand new when they're hardly ever there to enjoy it. One couple even rented an apartment in Oakland, and only spent weekends at their house. They eventually ended up buying a house closer to where they work, and rented out their place. But now, even their renters realize the hassle of the commute and left. So now, they have no option but to walk away from that house since they can't rent it, and it's less than half of what they paid for it.

Now that the gas prices have risen dramatically, it further illustrates the pragmatism of living closer to where you work, or at least near good public transportation systems.

Richard this is a great post and a very timely one. I love the headline, because it is so true. People in Austin are moving back into town. The only homes I am selling in the burbs are to people that home office or telecommute. Thanks!!

Betina

We have had a gas crisis in Aiken since Ike and thought 4.38 a gallon was bad, but 6 bucks, I am going to stop complaining, nice post.

Richard,

I'm in a community in the mountains, Woodland Park, about 20 miles from Colorado Springs, Co. Our prices have always been higher here than in the Springs, and still are. Folks want to live here because of the small town feel, not to mention the beauty, but most folks do commute to the Springs for work. It will be interesting to see how things progress...we're paying 3.29 right now, the highest was 3.99. Never quite budged over the 4.00 mark. But who knows? It may be that our market is in for a big change.....(That is, aside from those everyone everywhere is already experiencing!)

Debi

Hi Richard, we are noticing an increase in buyers moving closer to the city to shorten their commutes. They are factoring the cost of the commute and the time saved.