The survey revealed that consumers are now basing their relocation plans around areas with the lowest gas prices. Of those responding to the survey, 75 percent say the gas increase has affected their moving decision, while 93 percent responded that if gas continues to get more expensive, potential homebuyers will seek areas closer to work in order to cut down their commutes.
"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."
Drive time and mile accumulation were chief concerns among 89 percent of the survey's respondents, who relayed they are looking for properties closer to their office. In fact, 68 percent stated they now work from home with gas prices being so expensive.
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