Lower gas prices can accelerate the home-selling process, and make the deal more lucrative for the seller, according to a new study.
For every $1 drop in gas prices, the average time to sell a property falls by 25 days, and the average selling price rises by 2.4%, or about $4,000 per property.
The $1 drop in gas prices was also shown to increase a seller's chance of selling a property by about 20%.
The findings were reported by Florida Atlantic University and Longwood University, which conducted a study spanning 10 years in central Virginia. The study's conclusions come as gas prices have fallen in recent days.
"The general downward trend in gasoline prices is really working out well for sellers of property as we enter the heart of the selling season this summer," Bennie Waller, a Longwood finance professor, said in a news release.
