Eco-friendly features help homes sell up to 10 days faster

Rhea-AI Summary

According to a Zillow analysis, homes with eco-friendly features sell faster and for more money. Properties with electric vehicle chargers and drought-resistant landscaping sell over nine days quicker. Features like hurricane shutters can increase the sale price by 2.4%. Energy-efficient upgrades, such as double-pane windows and solar panels, also contribute positively, with homes selling for 1% and 1.4% more than expected, respectively. The trend reflects the growing demand for sustainable homes as buyers prioritize ecological considerations.

Positive

• Homes with eco-friendly features can sell for 2.4% more than expected.
• Properties with electric vehicle chargers sell over nine days faster.
• Homes equipped with hurricane shutters can receive a price premium of 1.4%.
• Energy-efficient features increase home sale prices by 1-1.4%.

Negative

• None.

Home with features that protect against climate-related disasters can sell for up to 2.4% more

• Electric vehicle chargers and drought-resistant landscaping can help a home sell more than nine days faster than similar homes.
• Homes equipped with features that protect against a climate-related disaster, such as hurricane shutters or stilts, can sell for as much as 2.4% more than expected. 
• Energy-efficient features, such as double-pane windows and solar panels, contribute to homes selling for more and, sometimes, faster.

SEATTLE, April 18, 2022 /PRNewswire/ -- Homes with eco-friendly features can sell faster than expected, indicating that today's buyers are seeking out and competing for more-sustainable homes. A Zillow® analysis finds homes with electric vehicle charging stations and drought-resistant landscaping can sell more than nine days faster than similar homes. Features that offer some protection from climate disasters and other natural hazards, such as hurricane shutters or stilts, can help a home sell for more money.

"Climate change is impacting what buyers are looking for in a home and how they want to live," said Amanda Pendleton, Zillow's home trends expert. "A previous Zillow survey found nearly two-thirds of young adults believe climate change will impact their homes or communities in their lifetime. Those generations are now aging into their prime home-buying years, conscious of their ecological footprint and making purchase decisions based on their beliefs, values and principles."

Zillow research finds that large shares of buyers seriously consider flooding (55%), tornadoes (41%), hurricanes (35%), and earthquakes (29%) when choosing a home. The frequency of these severe weather events and other natural hazards is putting a price premium on homes that have features designed to protect against such disasters.

Listings that mention hurricane or storm shutters can sell for 1.4% more than similar homes. Homes on stilts or piers, built to defend against flooding, can sell for 1.1% more. Homes that have undergone seismic retrofitting to make them more resistant to earthquakes can sell 19 days faster than similar homes, the largest days-on-market boost of all the features studied. Storm or tornado shelters contribute to a home selling about a day faster than expected.

Features that reduce monthly energy bills can help a home sell faster and, sometimes, for more money. Homes with listing descriptions that mention double-pane windows can sell a week faster than similar homes and for 1% more than expected. Homes with solar panels can sell for 1.4% more. Listings that tout programmable thermostats, smart sprinkler systems and smart lights can sell up to six days faster than expected.

Energy-saving features are increasingly desirable in a high-inflation world where many other expenses are rapidly rising. Zillow's 2021 Consumer Housing Trends Report found that recent buyers are more likely to say an energy-efficient home is very or extremely important (67%), compared to 2019, when 56% of buyers felt that way. And in a recent survey, a panel of housing experts predicted energy prices would increase this year more than home prices, rents, food costs, wages and stock prices.

Zillow looked at environment-related features mentioned in listing descriptions for 3.1 million home sales in 2020 and 2021. Sellers whose homes have these upgrades would be wise to highlight them in their listing description if they're looking to sell for top dollar. Buyers, meanwhile, can make faster, smarter decisions by using a new tool that helps identify these green features. Zillow's Homes to Compare tool gives shoppers a comprehensive chart that compares up to five homes side by side on more than 70 key listing details, including eco-friendly home features. 

Environmental features that can sell homes faster or for more than expected 

Feature	Price Premium	Number of Days Faster (negative = days slower)
Seismic/seismic retrofit	2.4%	19.0
Solar panels	1.4%	-2.6
Hurricane shutters	1.4%	-4.2
Tankless (water heater)	1.2%	2.0
Stilts/piers	1.1%	-7.1
Double-pane windows	1.0%	6.9
Flood barrier/passive barrier	0.2%	-3.6
Storm shelter/tornado shelter	-0.6%	1.3
EV charging station	N/A	9.5
Drought-resistant landscaping	N/A	9.2
Programmable thermostat	N/A	6.0
Smart sprinkler system	N/A	4.9
Smart lights	N/A	3.6

 

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. 

As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions. 

Zillow Group's brands, affiliates and subsidiaries include Zillow®; Zillow Offers®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Zillow Homes, Inc.; Trulia®; Out East®; StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

 

View original content:https://www.prnewswire.com/news-releases/eco-friendly-features-help-homes-sell-up-to-10-days-faster-301526706.html

SOURCE Zillow Group, Inc.

FAQ

How much more can eco-friendly homes sell for according to Zillow?

Eco-friendly homes can sell for up to 2.4% more than expected.

How much faster do homes with electric vehicle chargers sell?

Homes with electric vehicle chargers sell over nine days faster than similar homes.

What features contribute to higher home sale prices?

Features like hurricane shutters, solar panels, and energy-efficient windows can contribute to higher sale prices.

What is the significance of the Zillow analysis released on April 18, 2022?

The analysis highlights the growing demand for sustainable homes and the price premiums associated with eco-friendly features.