High Gas prices are triggering changes in buyer behavior. Is this change also leading to changes in what appeals to home buyers in Metro Detroit?

19 May

High Gas prices are triggering changes in buyer behavior. Will this change also lead to changes in what appeals to home buyers in Metro Detroit? According to a recent survey by Coldwell Banker, the spike in gas prices is driving more buyers to seek out locations that offer a shorter commute to work and to the places they frequent the most.

The gas prices appear to be playing a factor in the renewed interest in urban living. More than fifty percent of the real estate professionals surveyed are seeing a noticeable increase in buyers that are targeting homes in urban areas, as compared to five years ago. The main reason for the growing trend in urban-area migration was cited for the shorter commute times, short walking distances to more places, and the close proximity to public transportation.

The trend in urban-migration is anticipated to grow along with the growing gas prices. Michigan real estate investors may benefit by becoming more in tune with housing properties in down town regions as valid options for home buyers who may have previously only opted for conventional family style homes in suburban settings.

Source: “Coldwell Banker Real Estate Survey Finds Spike in Gas Prices Is Impacting Where Home Buyers Choose to Live,” MarketWire (May 18, 2011)

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