High Gas Prices Are Driving the Desire for A Short Commute

High Gas PricesOn Wednesday, Coldwell Banker released the results of a survey conducted among real estate professionals. According to the survey, 75 percent reported that the recent gas hike has altered clients’ choice on where to live, and if gas prices continue to increase, 93 percent will chose to buy closer to work.

“The high cost of gasoline is not just emptying wallets; it is also impacting where consumers choose to buy a home.” – Coldwell Banker

The survey also showed that an increasing amount of buyers chose to have a home office, which was influenced by the high price at the pump. According to Coldwell Banker “there are more than 25,000 homes available on coldwellbanker.com that include ‘office’ as part of the listing description.”

Urban Living“The decision to buy a home has always been tailored around the personal, multi-faceted lifestyle needs of each buyer,” said Jim Gillespie, CEO of Coldwell Banker Real Estate.  “Today, rising fuel costs and a person’s decision to commute or perhaps work remotely are additional factors of the decision home buyers must consider.”

The survey also revealed there was a trend toward urban living. 56 percent of real estate professionals stated that home buyers are more interested in urban living than 5 years ago. The survey revealed that a move to the city is heavily motivated by the price of gas. Urban attraction was also heavily influenced by the ability to walk to a location, availability of public transportation, and being ‘closer’ to everything.

*This post is largely based on a Coldwell Banker New Release from David Siroty and Kathleen Reynolds. The study conducted by Coldwell Banker Real Estate survey 1,188 Coldwell Banker Professionals across the United States. The survey was fielded between April 28, 2011 and May 3, 2011. Click Here to read the full news release.