Thoughts on the NAR 2023 Sustainability Report

 Did you see that the 2023 National Association of Realtors Residential Sustainability Report was out? 

One item highlighted in that report was that nearly 50% of realtors had been involved in a property with green features. That is why we are excited to share we have an opportunity to go before a forms committee this June to improve the local green seller’s disclosure. Does your community have a green seller’s disclosure? What does it say? What should it say?

Some other interesting parts of the survey indicate 18% of realtors are concerned about misrepresenting green in listings, and 28% are concerned about lack of information being provided and so to help with this and help your clients determine the seller’s disclosure form as well as a list on the green MLS you may wish to consider taking our GreenHome Associate realtor training here. 

But we know more and more people wish to understand these issues in the homes they buy or communicate the benefits of the homes they sell because “63% responded and said energy efficiency promotion in listings was very or somewhat valuable.”  So part of obtaining the information you need to understand a home’s green and energy savings benefits and then communicate them to buyers and sellers is what we refer to as an updated home inspection or GreenHome Inspection. The cost of these may come back to your clients from the Inflation Reduction Act up to 30% of the cost or $150.00. Learn more here https://greenhomeinstitute.org/greenhomeinspection/

Further looking at the NAR Report, it determined that at least

” Eleven percent of respondents said that a high-performance home had an increase of one to five percent of the dollar value offered compared to other similar homes.”  

But how do we define high performance? That is through 3rd party verification, which can be obtained from the GreenHome Inspection like the GreenStar Homes Certification program, (https://greenhomeinstitute.org/greenstar/) which may align with the Green Appraisal Addendum (https://www.appraisalinstitute.org/assets/1/7/ResidentialGreenandEnergyEfficientAddendum.pdf) to increase value and the MLS. A recent article and training highlight how we need your help to make this happen. “Listing agents are the linchpin to ensuring sellers derive value from the energy-efficient and green features in their home, said Sandra Adomatis, 2023 president-elect of the Appraisal Institute….That’s because appraisers rely on the information agents input into the MLS. Too often, Adomatis said, appraisers don’t have a clear picture of any energy or green features in listings because the data is hidden in or excluded from the MLS. ” Read more at https://www.nar.realtor/magazine/real-estate-news/sales-marketing/green-appraisals-dependent-on-agents

Ultimately, it is important to start somewhere and identify yourself as the go-to resource for your new and existing clients, who will hopefully be your clients again someday. Let them know about this new website here from the DOE https://www.energy.gov/save that may help them improve their homes with additional incentives up to $14,000 and be ready for increased value when they go to sell. 

We are excited to continue the West MI Green Home Realtor Task Force to keep solving these issues. Do you have one in your region? We are hosting more west MI workshops so please contact us.