An eco-friendly home may not have been a big selling point for the buyers of yester-year. However, a report from the National Association of Realtors indicates that for the next generation of home buyers, an energy efficient home could be a major factor in decision making.
With today's largest demographic of homebuyers being people under age 50, tailoring the housing market toward younger families is a trend builders are not ignoring. Young buyers are more likely than older demographics to buy a home because of it's energy efficiency. Low utility bills and a small carbon footprint are among the latest selling points for new homes.
Additionally, an energy-efficient home can help property values. A certified "green" home can increase a home's worth by as much as 9 percent. Buyers look for cost-efficient appliances and HVAC units and waste conscience landscaping.
Those looking to buy a home will find conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.