It’s bad enough that the mortgage crisis continues to linger, causing a negative impact on real estate market conditions. But now more than ever, the rising cost of oil is also contributing it’s share of the damage too.

Everyone knows that gas comes from refined oil, so the rising cost of oil causes rising gas prices as well. So what kind of impact is this making on real estate these days? Let’s take a look:

For Home Buyers:

• Finding a home is a little more expensive when you have to spend a good chunk of money on gas just to look at potential homes. Talk with your real estate agent about specific details regarding your next home. Your agent can preview properties for you ahead of time, and even drive you to see them in their own car. Remember that they are able to include gas and mileage as part of their business expenses.
• If the search for an affordable home takes you several miles away from your employment, that’s a big, additional expense you have to include in your budget. Look for homes closer to your job or ones that may be close to public transportation. It will save you gas, plus it’s good for the environment.

For Home Sellers:

• Making improvements for a quick sale is a great idea, but do your homework and search for best prices. You might find that materials or overall cost is slightly higher from vendors passing on the gas expense to the consumer.
• If your home is a few miles away from major cities where most people work, chances are, it takes some time and quite a bit of gas to commute. Highlighting any public transportation areas near your home is a good marketing idea. Ask your real estate agent to include a map to nearby public transportation spots in your sales brochure.

For Real Estate Investors:

• Apart from the other buying and selling issues mentioned above, doing your due diligence on your next investment property is more important than ever before, especially if that investment property is located far away from you. Ask an agent to check the comps, every month if needed, so that you’ll get a good idea of how the market is going in particular neighborhoods.
• Spend your money wisely when it comes to fixer-uppers. Everyone is paying the price at the pump, and construction companies may also have to pay extra for materials due to manufacturers adding a gas surcharge to the bottom line.

Take your time and make smart decisions. The high price of oil doesn’t have to have such a big impact on your home transaction, if you play your cards right. And remember to use your real estate agent’s knowledge and experience as much as possible. They’ll be able to help you make choices that benefit you.