Climate Change Impacts

Zillow said homes with eco-friendly features can sell faster than expected, indicating that today’s buyers are seeking out and competing for more-sustainable homes. The Zillow analysis found 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 home trends analyst. “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 found 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. 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.

Source: Zillow