PARSIPPANY, NJ--(Marketwire - 05/18/11) - The high cost of gasoline is not just emptying wallets; it is also impacting where consumers choose to buy a home. According to a new Coldwell Banker survey among its network of real estate professionals, 75 percent said that the recent spike in gas prices has influenced their clients' decisions on where to live, and 93 percent said if gas prices continue to rise, more home buyers will choose to live somewhere that allows for a closer commute to their work.The Desire to Be Close to Work, or Work from Home
Out of those who said gas prices affect where consumers want to live, being closer to work was the leading consideration.
- Drive time and racking up miles en-route to the office caused 89 percent to say buyers look for homes closer to work. Forty-five (45) percent are seeing buyers choose homes closer to shops and services as a result of increasing gas prices.*
- More than three quarters of the real estate professionals surveyed (77 percent) said more buyers today are interested in having a home office compared to five years ago, and 68 percent of those respondents said that they believe the high cost of gas contributes to this new work from home trend.
- Currently, there are more than 25,000 homes available on coldwellbanker.com that include "office" as part of the listing description.
One trend continuing to rise in popularity, partly because of the gas price phenomenon, is the interest in urban living.
- Fifty-six (56) percent of the real estate professionals surveyed said that they are seeing more home buyers interested in urban living compared to five years ago.
- Of the subset that recognized this trend, 93 percent strongly agreed or agreed that one reason is an increased interest in shorter commutes.
- Eighty-one (81) percent of these respondents also strongly agreed or agreed that the desire to reduce spending on gas is a factor.
- Having everything at your fingertips (91 percent strongly agreed or agreed)
- Being able to walk to places (76 percent strongly agreed or agreed)
- Being near public transportation (52 percent strongly agreed or agreed)
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of more than 87,000 sales agents working in approximately 3,200 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location(SM) YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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