Buyers Interested in Sustainable Spaces
In a March 2024 survey by the Nation Association of Realtors (NAR), a significant percent of the agent respondents (see below) said their clients were “at least somewhat interested in sustainability.”
But still, a large percentage of respondents said their clients place green spaces as less important (but not unimportant) than location, size, type of construction, safety, and other factors.
If, however, the sellers can prove major financial savings in terms of lower utility bills, prospective buyers’ interests in sustainable spaces rockets.
Leadership in Energy and Environmental Design (LEED) is the world’s most widely used green building rating system. “LEED certification provides a framework for healthy, highly efficient, and cost-saving green buildings, which offer environmental, social and governance benefits,” according to the U.S Green Building Council.
Growing interest in green buildings is evident on websites like the Green Building Registry, where prospective home buyers and renters can see which energy-efficient features a property has before committing to live there. Tax incentives in the Inflation Reduction Act are also driving interest.
But what does the NAR study specifically say (remember, this is a survey of agents):
- 13% of respondents said that a high-performance home (“defined as a systematic building science approach to home improvements that can increase indoor comfort, health, operational efficiency, and durability”) had an increase of 1% to 5% of the dollar value offered compared to other similar homes.
- 9% of brokerage firms had experience working with residential building repurposing.
- 62% of respondents said that in the past 12 months, they had been directly involved with a property with green features, either on the buyer or seller side.
- 80% of respondents said properties with solar panels were available in their market. Thirty-one percent said properties with solar panels increased the perceived property value.
- 57% said energy efficiency promotion in listings was very or somewhat valuable.
- 24% of respondents have had extensive or moderate educational and professional training experience with homes featuring sustainability elements, such as energy- efficient appliances, renewable energy systems, or eco-friendly building materials.
- 39% percent of respondents reported that their Multiple Listing Service (MLS) had green data fields, compared to nine percent that did not have green data fields.
- 45% of respondents found clients were at least somewhat interested in sustainability.
- 31% said properties with solar panels increased the perceived property value.