Do Gas Prices Impact Home Prices?
April 29th, 2008 categories: Home Buying Advice, Home Selling Advice, Real Estate Market, Real Estate News
OK. The price of gas is soaring with no end in sight. It is impacting food prices, delivery prices, you name it. It seems to negatively touch every part of your life. But does it impact the sale of your house? In a word, yes.
Think about it. You have two houses similar in size, yard, schools, etc. The only difference is one of them is 15 miles from everything. The other is 1 mile. Which do you think will sell? At $1 or even $2 a gallon, maybe no big deal. But with gas in sight of $5 a gallon you better believe buyers will take it into account.
So, what do you do? If you are the house close to everything, rejoice and play up that aspect! If you are out in the wilderness, don’t necessarily despair. There are buyers who will WANT to be far from everything. Play up the privacy, solitude, close-to-nature aspects of your home. It may take longer to find that particular buyer, but they are out there.
Commute time has always been important to buyers. Now add the COST OF COMMUTE to the list!
