BrokerageIndustry News

Study to gauge impact of ‘green’ features on home values

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Citing a need for data that could help appraisers value homes with green and energy-efficient features, an appraisal trade group is teaming up with the state of Colorado to assess the impact of energy efficiency and other "green" features on the value of existing homes.The Appraisal Institute says a memorandum of understanding to work with the Colorado Energy Office to collect information and identify trends will also help consumers decide which improvements to pursue as they seek to maximize the value of their homes. "Although energy improvements can have a significant impact on the total cost of owning real estate, a lack of recognition of potential value can prevent buyers and sellers from making cost-effective upgrades," the MOU said.Colorado Gov. John Hickenlooper and Appraisal Institute CEO Frederick H. Grubbe signed the document. Based in Chicago, the Appraisal Institute is a nonprofit association with nearly 23,000 members in nearly 60 countries.The ...