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Princeton New Jersey Real Estate And Gas PricesWhat do high gas prices have to do with New Jersey real estate and The double whammy of raising gasoline prices and the declining real estate prices in the greater Princeton NJ, is a topic I hear about every day from my clients and consumers in general. My clients would strongly disagree with the sign on this picture. My guess, the only people saying “thank heaven” are the management and shareholders of the oil companies. My colleague Jim Duncan from Commonwealth of Virginia opined on the topic here . Lauren Baier Kim on the WSJ real estate blog asks a question “Higher Gas Prices, Shaggier Lawns?” suggesting that something has to give. If you live in Princeton and commute 50 miles each way to work $1 gas price increase could roughly mean $15-$20 increase in weekly, or $80 in monthly increase in commuting costs. For people with stable incomes this adjustment, although not pleasant and welcomed, could possibly be made in other areas of their budget. If gas prices continue to escalate further (as some are suggesting) to European levels of $8.00/gallon, it would translate to a possible $300+ monthly increase. This type of adjustment would be difficult to make for most people. For first time buyers coming into the real estate market the $80 increase in budget for gasoline could effect their ability to buy Princeton real estate and/or qualify for mortgage. We can change our consumer behaviour and buy smaller and more fuel efficient cars. I anticipate that these changes may not be enough to balance our budgets. The question for home buyers if and how they should change their real estate behaviour. One answer would be to paying particular attention to proximity to Public transportation, when buying New Jersey real estate anywhere across the state. This is important for several reasons. First, because you would be able to substitute driving for trains/bus transportation and possibly save on gasoline. Second, because New Jersey real estate located in close proximity to public transportation could hold it’s value more then areas which are not. There are some studies already suggesting that real estate along the New York – New Jersey commuting train line has maintained it’s value better then other areas. If there is any good news, it’s the fact that Princeton NJ, West Windsor and some other surrounding communities close to the train line are more likely to be beneficiaries of stronger buyer demand and more stable housing prices then other New Jersey towns. This will become increasingly important as people evaluate their choices for relocating to New Jersey, given the high gasoline and commuting costs. Princeton NJ real estate would continue to be an attractive choice for many buyers. Photo by ewen and donabel Related Articles: Princeton NJ Mercer County Real Estate Market Housing Report -First Quarter 2008 Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008 Princeton NJ real estate Mercer County – Buyer Information Princeton NJ real estate Mercer County -Seller Information Princeton Mercer County NJ Real Estate – Secrets to selling your house like an agent. Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now Princeton Mercer County NJ Real Estate – 5 Deadly Mistakes When Selling Your House Princeton Mercer County NJ Real Estate – Prices of Houses Sold in Princeton -January 2008 Please call 609-553-4175 for services in Princeton, Montgomery Township, West Windsor, Copyright No related posts. Related posts brought to you by Yet Another Related Posts Plugin.  Posted in Information For Buyers
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