Lower gas prices has shown to improve consumer confidence by leaving more money to spend. Potential buyers are willing to pay more for housing and commuting and real estate professionals are willing to spend more time behind the wheel to close the deal.
A recent study from Florida Atlantic University and Longwood University actually provide data to support this. The collaborative effort, which used data spanning over 10 years, found that for every $1 decrease in gas price, the average selling price of a house climbed by 2.4%, about $4000 more per sold property. Additionally, homes seem to sell more quickly, the average time to sell a home falls by 25 days and so chances of closing the sale increase by 20%.
All the more reason for a seller to act quickly to take advantage of today’s market!