Getting the Word Out About Going Green

The buzz over energy efficient features has been growing over the last few years, yet it's hard to find solid information about how these features are valued by potential buyers, lenders, and appraisers. There's also been a lack of reliable information for real estate professionals to explain to clients the true financial benefits of purchasing a home with green features.

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The Department of Energy wants to change that. Yesterday they announced they're partnering with the NAR and other organizations to spread the word about residential energy efficiency, so it can be better valued in real estate markets.

"We want to move in, move out, in a few years, to really accelerate this market," Maria Vargas, the director of the Better Buildings Challenge program at the Department of Energy told the Washington Post. "So we are better enabling homeowners, and the whole transaction process around selling a home, to include energy efficiency information."

A recent study by NAR revealed that energy efficient features are only growing in popularity with buyers, but many people in the industry are frustrated by the lack of information about the value of these upgrades in the residential market and there's currently no standard valuation of energy efficient features for appraisers. Giving accurate information to the residential real estate industry and and potential homebuyers will make sure that everyone is on the same page about how energy efficient features impact the value of a home.

Former NAR President Steve Brown, a?REALTOR? in the Dayton, Ohio explains why knowledge about energy efficient features will be beneficial for homebuyers. "[It will] make the property more appealing, more marketable to a future buyer, and secondly, make the property a little bit more valuable than other homes that don't have these energy efficiencies that are in place."

Some metro areas are already assessing green homes and adding the information to their MLS. This new initiative from the Department of Energy hopes to coordinate these local efforts on a more universal scale.

Source: "How to get the real estate market to properly value green homes," The Washington Post (May 28, 2015) and "Better Buildings Expanding to Help Increase Efficiency in Homes," The U.S. Department of Energy (May 28, 2015)

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