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SERGEY FEDNOV…, Real Estate Pro in Beverly Hills, CA

How does the Gas Price affects Real Estate Market?

Asked by SERGEY FEDNOV *** 424-777-9377, Beverly Hills, CA Wed Apr 11, 2012

Any thoughts on this subject?

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Answers

7
Inna Ivchenko’s answer
I really have not noticed any difference....Have you?

I think, we are so used to driving here in LA, can not change that......but I'm thinking of buying a smaller car, it might be even electrical:)
2 votes Thank Flag Link Wed Apr 11, 2012
BEST ANSWER
Most common question from prospects are you driving us ?
0 votes Thank Flag Link Wed Apr 11, 2012
People want to cut commute times and equate that expense to the cost of owning something closer to work.
0 votes Thank Flag Link Tue Apr 17, 2012
Many thoughts mostly its pulling down america. I remember when I got my drivers license gas was about a quarter. Pretty hard to swallow at current numbers.
0 votes Thank Flag Link Fri Apr 13, 2012
I would think it could drive down prices in the far flug suburban areas. It could also depress rents in those far out areas. On the flip side it could increase prices in urban areas close to jobs and also drive up rents in those areas.
0 votes Thank Flag Link Wed Apr 11, 2012
Fuel is a component of the cost of construction or capital improvements, so the cost of purchasing, repairing or improving a home goes up or down with gas prices. Fuel is also required to operate garbage trucks and build and maintain utilities, so these costs also fluctuate directly with gas prices.
As previously mentioned, commute costs also fluctuate with gas prices, so when prices go down consumers are less sensitive to the costs of longer commutes and become more sensitive to long commutes when gas prices increase.
In short, gas prices effect everything.
0 votes Thank Flag Link Wed Apr 11, 2012
In our area (Kansas City) we are a sprawling land mass of almost 800 square miles. The bedroom communities which lay 20-30 miles outside the city limits have seen huge decreases in traffic and sales while the suburbs just north of the city has seen price appreciation and increased traffic. We are back to the basics location, location, and location.
0 votes Thank Flag Link Wed Apr 11, 2012
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