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Piedmont Real Estate Blog

Bigger Houses Still the Rule

Aug. 27, 2012
Categorized in: Buyers

Marketplace's Planet Money has an interesting graph showing that houses being built now are still surprisingly large. 

While it's true that you've been seeing articles saying home sizes are shrinking. And, that's true compared to, say 10 years ago. But if you look back, even to the 90s we're still living in enormous homes. 

My hunch is that the size keeps shrinking.

What's your hunch?

Reason Number Five - Gas Prices

Feb. 24, 2011
Categorized in: Local Market Conditions

Yesterday we talked about four reasons home prices aren't likely to rise much any time soon. Today we'll talk about a fifth reason that has the potential for an even bigger impact.           

                                                                  

Gas prices shot up 20 cents yesterday in Warrenton. Sheetz Exxon was charging $3.09 yesterday morning but was showing $3.29 on the sign last night. That's quite a one day jump. And it almost inevitably means a slow down in home sales in our area.

Like it or not, home sales in our area are primarily driven by people commuting into DC or northern Virginia. That's an ugly commute on the best of days and I often talk to people trying to figure out if it makes any sense to spend 3-4 hours a day in their cars. If you add a large spike in gas prices it becomes a lot clearer to some people that this is not a good trade off.

A recent story on Marketplace on NPR talked about the premium you now get for owning a home near mass transit. Home prices for properties near mass transit actually didn't really appear to show much of a bubble and haven't tumbled. Home prices in far flung suburbs, on the other hand, got hit the hardest. You only have to look at Culpeper to see the truth of that.

I don't know if $3.29 is the number that starts to put the brakes on what's already a fairly slow market. I know that if it goes much higher heading into the busy spring season I'll be worried.

Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area. Julie is an Associate Broker at Frankly Real Estate Inc, 6304 Crossroads Circle, Ste 102, Falls Church, VA 22044

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