How will gas prices affect home buying?

As gas prices continue to increase, I’ve been wondering whether or not we might see home buyers moving closer to work and away from the suburbs.  Apparently I’m not the only one curious about this phenomenon.  The AP yesterday had an article which said that we are seeing a

fundamental shift in the way more Americans are approaching home buying in this era of ballooning gas prices…. home buyers are placing more importance on cutting their gas bills and commute times than they have since the oil shocks of the 1970s. And there are some early indications that homes near urban centers, and subway, train and bus stops are often selling faster and at better prices than those in the distant suburbs.”

Very interesting!  So far I haven’t seen a whole lot of changes in the priorities of purchasers, but most of my buying and selling takes place within the 275 loop.  I wonder how Mason, West Chester, Walton and Independence, will fair as gas prices continue to rise.  Already the Metro has seen increased ridership– up 7% this April from last April in NKY and commuters on the express buses from suburbs in Cincy to downtown saw an 11.6% increase in passengers on their buses in May. And that’s before gas hit $4.00/gallon!

I recently sold a home in Newport and part of my marketing strategy was to highlight the proximity to Downtown, the Reds, and so many other thing to walk to.  I found this great website- walkscore.com, where you can enter in your address and find out how walkable your neighborhood is- very fun- though it doesn’t take into account mass transportation. 

What are your thoughts?  Have you modified your travel?  Let me know! 

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