This afternoon and tomorrow I will be sitting open houses. One of the topics that comes us as the buyer walks through the house is the area in which the house is located. I am not talking about coffee houses being near by, a desirable area, no I am talking about how close the property is to where they work. They no longer are talking about bus transportation but peddling on their bikes. Perhaps they are going to get a moped and be very Italian.
Though in recent days we have seen the price per gallon of gas drop about a dime, say $3.59, it is still costly to drive our vehicles. Many of us have trucks, SUV's and not the gas efficient small vehicles. The economy is pushing many of us to move towards where we work. Forget about living on the outskirts of town so you can get to your cabin faster on a Friday night, forget about the acre for your dog to run, and forget about getting far from the maddening crowd. The pull of the city is real as fuel goes up in price.
The small problem is that the person who lives further out needs to sell his piece of real estate to buy in the city. Not that many buyers want to buy out there for the same reason he wants to move into town. This is forcing down the price of his property as more listings appear further out. The city seller is saying will some body please buy my house. Do you sense a log jam taking place? I do. The market will open up when these parties can get together. It is one of the issues out there like many other issues. Unfortunately, I do not have the answer people want to hear. The answer is for prices to come down at both ends, and they will meet.
Comments