I’ve been immersed in the energy efficient movement for Charlottesville-area housing since 2007. This is the first year that I remember some of the area’s larger homebuilders starting to embrace these new methods and concepts. In Charlottesville, we are lucky to have multiple builders who build extremely efficient homes. The top 4 builders in our area all certify their work with a HERS Rating. (https://www.resnet.us/hers-index)
We are also fortunate to have local organizations like LEAP (The Local Energy Alliance Program) that help homeowners improve the efficiency of their existing homes. In short, we are creating several hundred new homes per year in our housing stock that are much more efficient than the average home.
The key to this conversation is connecting the dots between homes with these types of improvements and the real value that can be assigned to them by an appraiser. While many people appreciate lower utility bills and the intrinsic value added by a more comfortable home, we need to help appraisers and lenders assign the value we all know is there. Currently at CAAR, we are in the midst of working through the conversion to a new MLS this fall and hope to put our MLS at the forefront of this conversation.
The Appraisal Institute is leading the way, and LEAP’s press release from today shows how they are working to be a part of the solution as well.