Have You Gazed Into a Crystal Ball Lately?
Bob Boog
Some folks ask me where I think the real estate market is headed, and lately my answer has changed. At least slightly. I used to just answer: "My crystal ball is in the shop," but now I think I'll say, "The market is definitely looking greener."
The market is looking greener? What the heck does that mean?
Just that several home-shoppers have surprised me by asking questions regarding Eco-Friendly homes and "Green" features. Most of the questions revolve around some simple energy saving devices but when I stop to think about it, a few years ago, these very questions would never have been asked. Here are some examples:
How can we tell if these windows are dual-paned windows?
Does this home feature an energy-efficient air-conditioner?
How can we tell the energy efficiency of this water heater?
Are there any homes in this neighborhood with raised vegetable gardens?
Raised vegetable gardens?! Sorry, that was me!
So what does this mean for the future of real estate?
Besides giving realtors even more details to micro-manage, Green features may also offer a new marketing opportunity. Most house-hunters do know the three cardinal rules to follow when buying a home, Rule #1: location, Rule#2: location, Rule#3: location" but another important axiom to follow in real estate comes from the political arena where voters are often encouraged to "Follow the money" of political candidates and their donors.
Similarly, when buyers, sellers and builders realize that homes with eco-friendly features might help to sell homes faster and possibly for more money, then even more home-shoppers may start making their purchasing decisions based on homes boasting "Green" features. Here are some examples of what I mean by following the money.
I recently showed a client a home that offers solar electricity. This feature decreases the monthly electric bills by over 50%! Would this kind of savings be of interest to you? (YES.)
I recently received a bag of home-grown tomatoes. They were delicious. Is gardening something you might like to do? (YES)This home offers a brand-new energy efficient air conditioner that saves hundreds of dollars each and every year. Wouldn't this be a nice thing to have? (YES)
Who knows, it might take awhile, but with more and more house-hunters shopping for their own "little slice of heaven" this green thing could catch on!
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