Buying a Home? Think Gas Prices and Be Close to Transportation and Job Centers
From my inbox the John Burns Real Estate Consulting Local Building Market Intelligence(TM) Report. John Burns Consulting reports monthly on housing starts and new construction. The following is from their latest report.
Gas Prices Shift Demand Back to the Urban Core
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We believe that there is going to be a tremendous shift back to urban areas, led by those who bought homes in the outlying areas who lose their home to foreclosure. They will choose to rent near work to save money.
The high price of gas is playing a very important part in home buyer decisions. The phrase “drive until you qualify” has less meaning these days as each mile becomes more expensive. Our clients’ favorite question has shifted from “What markets will recover first?” to “What submarkets will recover first?” Our advice: put your money near the job centers.
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