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The "SAVE" act is going to change the value of homes

By
Services for Real Estate Pros with The Gaines Group, PLC Architecture and Design

"The SAVE Act" is legislation introduced by U.S. Senators Michael Bennet (D-Colorado) and Johnny Isakson (R-Georgia). This bipartisan legislation is intended to improve the accuracy of mortgage underwriting used by Federal mortgage agencies by ensuring that energy costs are included in the underwriting process. The bill, S. 1737 (112th Congress), was introduced on October 19th, 2011. It was referred to the Committee on Banking, Housing, and Urban affairs. The proposal is supported by a diverse coalition of organizations, including the U.S. Chamber of Commerce, the Appraisal Institute, The U.S. Green Building Council, and the Natural Resources Defense Council. 

This legislation would provide lower mortgage rates for efficient homes, allowing home owners and builders to recover their investments. This act would also provide an accurate picture of repayment risk and the expected cost of home ownership. It would also increase demand for energy efficient design and construction for new homes. Also important is that it would put people back to work doing energy efficient upgrades. It is estimated that the SAVE Act would create 83,000 jobs and $1.1 billion in annual energy bills savings.

energy star homes

JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Great bog and great job. Thanks for the info. Good luck this year. 

Nov 25, 2011 12:19 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal RealtorĀ®

I am much opposed to too much government meddling. Do we really want to add more costs to home sellers when the government turns around and says 'before you can close you need to have an energy audit then perform the necessary repairs we require'? Interesting post and thank you for sharing it

Nov 25, 2011 12:22 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

So far anything they have 'tried' to help the consumers has driven up costs. Always unintended consequences when Uncle Sam gets involved. 

Nov 25, 2011 12:29 AM
Charles Hendricks
The Gaines Group, PLC Architecture and Design - Harrisonburg, VA

This is not added burdens to homeowners, this is a benefit to those that have done energy efficiency measures so that they get a true value of their home. Not sure how that is meddling, it is actually leveling the playing field. 

Nov 25, 2011 12:35 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Because 71% of our expendable energy is used for transportation and only about 5% for residences it appears to me that much effort was wasted by these two representatives in the guise of helping the consumer.  They're most likely brilliant individuals, however not suited to solve our more pressing issues Charles.  Their time could've been better spent.  My concern is why wasn't it!       

Nov 25, 2011 01:33 AM
Charles Hendricks
The Gaines Group, PLC Architecture and Design - Harrisonburg, VA

Kevin, Not sure where you get your facts. 28% of our countries energy is transportation, Buildings use 42%, and industry uses the 30%. Cars are such a small part of the problem I am blown away that you even mention this. My concern is that your facts are so far wrong and that you believe them. With this kind of misconception in this country is there any chance at all that we will ever fix the problems? We need to address energy use on all levels to fix our energy problem. With you sitting on the sideline saying why bother, there is no way that we will win this battle. 

Nov 25, 2011 03:32 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I should have clarified Charles.  This is for the petroleum products only and all transportation, including airlines, trucking, automobiles whether commercial or private.  The statistics come from the U.S. Department of Energy.  Thanks for correcting me I almost actually believed them.  Note that I said "residences" previously isn't that what this legislation is for?

Nov 27, 2011 12:55 AM
Charles Hendricks
The Gaines Group, PLC Architecture and Design - Harrisonburg, VA

Yes, our energy imports are a major problem and largely transportation related! Sorry I jumped on your facts without asking more questions. I think we need to address the energy problem on both fronts. If you look at the energy demand increase that is expected over the coming years, it is scary!

Nov 27, 2011 11:38 AM
Edward D. Nikles
Ed Nikles Custom Builder , Inc. / Nikles Realty , Inc. - Milford, PA

Charles , I think it will be a great benefit for energy efficient homes & remodels . It will serve as a MPG rating for homes so Buyers can make informed decisions . The more efficient the home is the lower the utility costs , the higher the value . Income properties have their utility costs figured as part of their valuation . Why not the same for residential ? The HERS blower door testing is just one step further than the typical home inspection . Why wouldn't a buyer's agent recommend it for their clients ? I would hate to be the seller or buyer of an older , energy inefficient home with the price of utilities . Ed

Dec 17, 2011 07:21 AM