Builders Focused on more Green Inventory by 2018
Experts are predicting and surge of "green home" and "eco friendly" housing to continue to rise sharply between now and 2018.
An upswing in green building is expected over the next four years as more widespread adoption takes hold, according to survey respondents in McGraw Hill's latest SmartMarket Report.
More than one-third of single-family builders, or 34 percent, report that more than 60 percent of their projects are "green." What's more, 62 percent of builders say they expect that more than 60 percent of their single-family homes will be green by 2018.
Going Green - Gaining Popularity
The multifamily market is also going green. The number of multifamily builders who say that 90 percent of their current projects are green is expected to triple by 2018, rising from 6 percent to 18 percent, according to the report. Forty-two percent of builders say that more than 60 percent of their projects will be green by 2018. (Currently, 23 percent are operating at that level.)
Builders say that buyers are showing more willingness to pay for green features. In 2013, 73 percent of single-family builders and 79 percent of single-family remodelers said that buyers were willing to pay a 3 percent to 5 percent premium for green homes. For multifamily homes, 68 percent of builders said that buyers were willing to pay more.
Eco-Friendly is a Win Win
In the survey, builders identified the following main drivers to building more green homes: energy cost increases; code, ordinance, and regulation changes; and green-product availability and affordability. I'm glad about the affordability part, and happy to see more and more environmentally friendly homes being constructed to fill a growing demand to fit a population that is gaining increasing awareness and appreciation for both the need and benefits of going eco-friendly with housing.
It really is a win-win when buyers and homeowners "go green".Buyers and homeowners benefit by not only saving on rising utility costs, but too, the significantly less environmental impact from this type of home construction collectively can make a huge difference in global warming and the amount of pollution and waste that is created to produce energy. Personally, I'm hoping that state and federal laws will begin to show more favor to this type of construction, but also be conducive to affordability for penny-conscious families everywhere. Nothing like helping out mother earth and helping your own bank account at the same time.
This also bodes well for home owners considering selling down the road as well. Upgrading to high energy efficiency appliances (look into Energy Star Ratings) and featured like higher end windows, etc. not only add value, but also increase the appeal and perceived value of a house. Install or upgrade early enough to save and recoup towards the investment though.
If you''re considering a home purchase in Southern Ohio any where in the greater Cincinnati area including West Chester, Mason, Monroe, Fairfield etc. I'd be more than happy to assist you. I love showing homes and you'll find I'm very responsive to inquires and questions.
Meg Munafo 513 484 9021 For all your SW Ohio Real Estate Needs.