Home buyers have long considered a property’s location, layout, and curb appeal. And now many are also considering climate change.
“Environmental awareness and climate change is impacting what buyers are looking for in a home and how they want to live. That’s clear in this research,” says Amanda Pendleton, a home trends expert at Zillow, a real estate marketplace.
In a recent analysis, Zillow economists found that homes with energy-saving or eco-friendly features often sell faster or for more money.
“So homes with listing descriptions that mention double-pane windows can sell a week faster than similar homes, and for 1% more than expected,” Pendleton says.
Homes with drought-resistant landscaping or electric vehicle chargers can sell more than nine days faster than similar homes.
The data also shows that features like hurricane shutters and stilts can add value to a home.
“We found that features that offer a degree of protection against climate disasters and other natural hazards were associated with a price premium,” Pendleton says.
She says she expects these trends to continue.
“As we experience more climate events and extreme weather, we do expect that we’re going to increasingly see impacts on home-buying decisions and preferences.”
Reporting credit: ChavoBart Digital Media