Daily Market Update: Younger buyers demand more energy efficient homes

Younger buyers demand more energy efficient homes… Which cities should you avoid for an easier drive to work?... Warnings over South Florida housing market…

Younger buyers demand more energy efficient homes
Homes are becoming greener and more energy efficient according to research by the National Association of Home Builders (NAHB). As the association prepares to begin New Homes Month throughout April, NAHB reported that greener homes are increasingly being demanded by buyers.

“Our builder members are telling us that more and more buyers are looking at new homes for their efficiency in design and functionality,” said NAHB chairman Tom Woods, a home builder from Blue Springs, Missouri. “Whether it’s improved insulation or sustainable building materials, today’s new homes can reach higher energy performance and greater durability than was possible even 20 years ago.”

Younger buyers are coming to the market with environmental awareness high on their agendas and a NAHB survey reveals that 84 per cent of millennials will pay 2-3% more for a home if its efficiency will deliver savings on energy bills.
Which cities should you avoid for an easier drive to work?
A league table of the worst cities in the US for commuting in 2014 has been published and Los Angeles tops the list. Overall congestion across the top 10 most-congested U.S. cities is 30%; LA is at 39%, up from 36 per cent in 2013. Others in the top five are; San Francisco (34%); Honolulu (32%); New York (31%); and Seattle (31%). For the evening rush hour there are some differences, although LA still leads the pack with an 80 per cent congestion level followed by; San Jose (75%); Seattle (74%); Honolulu (68%); and Houston (68%).

The figures showed that Americans spend 46% more time in our cars during a working week rush hour and that Thursday is the most congested evening rush, except in New York and Honolulu when Friday is the busiest. Read the full story.
Warnings over South Florida housing market
Miami’s strong housing market won’t stay that way for ever. That was the warning from industry leaders at a Greater Miami Chamber of Commerce event last Friday. Commercial broker Jack Lowell put on a top hat and rose-tinted glasses to illustrate the point that the industry needs to prepare for leaner times.

Others referred to the rising cost of construction and the weakness of foreign currencies against the greenback as risks ahead for the market. The inventory for condos is high in the region and is already showing some signs of cooling.

The Miami Herald reported that the city’s mayor Manny Diaz warned that housing affordability needed to be addressed and called on the industry to help.

“This is a long-term investment,” Diaz said. “The financial success of you and your children is directly linked to the future competitiveness of our city. Invest your time today and enjoy the fruits of your efforts tomorrow.” Read the full story.