High Gas Prices Get More Buyers Moving In
A survey of 900 Coldwell Banker associates reports that 96 percent think rising gas prices concern their clients and 78 percent say higher fuel costs are increasing buyers’ appetite for city living.
Homes in cities and neighborhoods that require long commutes and don’t provide enough public transportation alternatives are falling in value more quickly than those in more central locations, according to a May study by CEOs for Cities, a network of U.S. urban leaders.
In Atlanta, Mike Wright, an associate with Prudential Georgia Realty, says that real estate within the city perimeter has been selling better than properties outside the city, reflecting a trend of people moving “closer-in.”
In Florida, real estate professor Bill Weaver sees this as possibly the beginning of a shift to a more European approach to finding homes.
“Transportation costs in Europe have been so high for so long that they already take transportation into account when they buy a home,” Weaver says. “We’ve just been behind on that. In that regard, you might look at high gas prices as sort of a silver lining.”
Source: The Associated Press, Adrian Sainz