The Housing Market is Ready for Green Homes. Are You?
The Housing market is finally bouncing back. Pent-up demand, competitive mortgage rates, affordable pricing and a growing economy should keep housing on an upward trajectory long into 2015, at least.
Homebuilders are optimistic too. The gauge that measures single-family sales expectations for the next six months has accelerated from 61 to 52, prospective buyer traffic has risen from 40 to 33, and single-family home sales have climbed from 56 to 48. And “Green” living has been increasingly popular with the average homebuying family.
The housing market is doing better than it has in a long time. But how are modern green homes performing?
Is the Market Ready for Green Homes?
According to new research, US homebuyers are willing to spend 11-25% more for green built homes. Of the homeowners that purchased eco friendly custom homes built to the National Green Building Standard in the past three years, 92% said they would purchase another, and 55% knew their homes cost more to build than standard custom luxury homes but believed the benefits outweighed the cost.
About 40% of US home remodeling projects are already carried out using eco friendly materials, and demand for new green homes is expected to rise 900% over the course of the next five years. But why are people so enamored with green custom luxury homes?
Friendly to the Earth and Your Wallet
Though green custom homes are a big investment, it’s not all bad news for your wallet. Even standard custom luxury homes have been shown to be 17% more energy efficient because of recent building codes, and green buildings usually cost 30% less in utility expenses. You may also be able to get tax breaks and rebates for using green building and energy for your new home.
Right now, buildings consume 40% of all the energy used in the United States, and 72% of electricity generated. They also account for 38% of all CO2 emissions in the US. Homebuilding is a massive source of waste in landfills, and non-green building materials can release harsh chemicals into the environment.
As it turns out, the market is ripe for the expansion of green home building. Contact a green home builder if you’re ready to minimize your carbon footprint and your monthly utility bill.