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As gas prices soar, what happens to 495 home prices?
Gas prices are spiking again. And higher costs at the pump already have potential home buyers rethinking long commutes, a new survey finds.
Three quarters of Coldwell Banker agents surveyed said gas prices are already having an impact on buyers' decisions.
It doesn't take a lot of imagination to figure out what this might do to sales and prices out on 495 and beyond, already struggling by comparison with towns closer to Boston within the 128 beltway.
Among the highlights:
- Nearly half - 45 percent - report that buyers are looking for homes closer to shops and homes as a result of rising gas prices.
- Of agents surveyed, 77 reported a marked increase in interest in home offices over five years ago. Of the agents who reported rising interest in home offices, 63 percent attributed this trend to higher pump costs.
- The agents also reported a big increase in interest among buyers in urban living, with 56 percent of those surveyed citing this trend. Again, most attributed this to a desire among buyers to cut commuting times.
The author is solely responsible for the content.
About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate
and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
