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Home buyers seeking out energy-efficient homes

On Behalf of | Apr 19, 2017 | Residential Real Estate

Home buyers in Delaware and around the country are becoming increasingly concerned about their carbon footprints and are seeking out houses that boast green technology or high levels of insulation according to an industry report. More than half of the real estate brokers polled by the National Association of Realtors in February said that home buyers had asked them questions about sustainability and energy efficiency, and 43 percent said that they included green data when listing their properties.

A report released by the National Association of Home Builders on March 13 suggests that developers are embracing sustainable practices and products and understand that a growing number of Americans want to see these values reflected in the homes they buy. Renewable energy solutions are particularly attractive to many buyers, and interest in this area has been further stimulated by the entrance of high-profile companies like Tesla.

New appraisal rules established by the Appraisal Institute and the Residential Energy Services Network could make it easier for home buyers interested in alternative sources of energy to qualify for mortgages. Solar panels and wind turbines can be expensive to erect, but the new rules introduce a rating system that allows these features to be taken into consideration when property values are determined for appraisal purposes.

Consumer trends often gather momentum rapidly, and supply chains are not always able to adapt and keep up with increasing demand. The residential real estate sector is prone to supply shortages because new developments can take years to complete, and buyers who hope to avoid long waits must generally be prepared to close deals quickly. Attorneys with experience in this area may understand the time pressures associated with a competitive market, and they could seek to keep transactions moving by acting expeditiously when financial or contractual issues arise.