Rising gas prices have spurred homebuyers to look for homes that offer shorter commute times to work, according to a survey of Coldwell Banker Real Estate professionals.
The company conducted the survey online between April 28 and May 3, 2011, and garnered responses from 1,188 Coldwell Banker real estate professionals.
Three-quarters of respondents said the recent jump in gas prices had influenced where their clients chose to live. The main client concern was commute time to work: 89 percent of respondents said buyers look for homes closer to work and 93 percent said a continued rise in gas prices would prompt more homebuyers to choose to live where commute times are shorter.
Almost half (45 percent) of respondents said buyers are choosing homes closer to shops and services as a result of higher gas prices.