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July 9, 2015

An Iran deal would help drivers – and homesellers

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// ]]>An Iran deal would help drivers – and homesellers | HamptonRoads.com | PilotOnline.com //

Whatever happens in Iran and Greece, gas prices almost surely will fall during the remainder of the year, analysts say.

That will benefit not just drivers, but also homeowners looking to move, according to a Virginia researcher.

A drop in gas prices pumps up the average sales price of a house while slicing the time it takes to sell it, said Bennie Waller, a professor of finance and real estate at Longwood University. The key factor, Waller said, is the agent, not the buyer or seller.

“We found that as gas prices decreased, broker effort went up,” he said Wednesday. “The property was being shown more often.” When fuel prices spike, “less-experienced brokers don’t have the financial wherewithal to go out and show anything and everything.”

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