Green Homes Fetch Higher Prices
Buyers pay more for green design
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| A D.C.-based study affirms the value of green design. |
As environmental awareness grows and concerns about climate change are increasingly common, consumer are becoming more and more interested in their lifestyles’ global effects. This interest is manifesting in the growth of the green design industry, which allows consumers to ensure that their homes and workplaces use resources efficiently and avoid destruction of the natural world whenever possible. A recent study by the United States Green Building Council found that green construction is now a multi-billion dollar industry, sustaining thousands of families in the United States alone. This week, a new report by the Institute for Market Transformation (IMT) confirmed this growth when it revealed that customers are willing to pay more for homes that are environmentally friendly.
The study analyzed real estate in Washington, D.C. and found that on average, homes marketed with environmentally friendly features sell for 3.46% more than homes that lack green features. Customers looking for smart energy use or sustainable materials value them so much that they’re willing to pay more, making the industry not only useful but valuable as well. The executive director of the IMT, Cliff Majersik, pointed out that this study confirms the profitability of green design. In a press release Majersik said that, ““Home sellers, realtors, and appraisers who are not factoring in energy efficiency when selling a home are leaving money on the table,” and would do well to emphasize green design in their work.
A commodity that’s already proven popular among students, green buildings - especially those that are LEED certified - benefit everyone involved in the housing market. Realtors find them easier to market, and buyers appreciate a home that is environmentally friendly. Energy-efficient features also save buyers money, meaning they’re willing to spend more to install them; contractors and construction workers who are certified to design and install these features then benefit from a widespread demand for their services.
As it highlights the popularity of environmentally friendly homes, the report also calls for action to keep improving the industry and ensure that its potential is realized. The report’s authors point out that “to achieve more accurate HPH transactions, the market needs real estate professionals with knowledge of green building principles and practices. Otherwise, homeowners may miss out on significant value green features can add to their transactions.” Like realtors, contractors who ignore the benefits of green construction are missing out on a thriving market.
As green building drives the economy, demand for sustainable design and construction experts continues to grow. Get LEED accredited now or browse training courses on GreenEDU.com to build your skills!
