MLS green listings will only become a smooth part of the sales process if initial documentation for the project is available.
“When the market share of certified green homes exceeds 50% on a consistent basis, appraisers will be required to discount any home that is not certified green.”
It can be viewed as an enhanced MLS listing designed to differentiate the property in the marketplace. Within the “Green” searchable fields, it has a place in which it can be indicated that it has been provided as a part of the property listing.
The other searchable “Green” fields include the HERS (Home Energy Rating System) Index score, third-party verified certifications (if applicable), and other specific green features (see sidebar for list). Remember, this example is the development of a specific Green MLS for Chicago. The Green MLS toolkit only assists in designing the tool and it is up to each individual MLS organization to decide how it will be implemented.
What’s a “Normal” Home?
So far, well over 100 MLS organizations, mainly in metropolitan areas, have adopted a Green MLS. A partial list of the adopting metro areas includes Atlanta, Austin, Chicago, Houston, Phoenix, Portland, Seattle, and the Metropolitan Regional Information Systems (MRIS). The MRIS covers the Mid-Atlantic region, including Maryland, Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia.
One of the active participants in the development of the Green MLS toolkit, Al Medina, the director of NAR’s Green Designation, provides additional statistics on Green MLS adoption:
“A Green REsource Council and NeighborWorks® America survey of MLS operators conducted in late 2010 indicates that 13% of respondents have some level of searchable green fields in the MLS system. Eleven percent of the remaining respondents are at some point of implementation, and an additional 13% have it on their agenda for discussion (73% of all MLS organizations participated in the survey).
As more and more MLS organizations adopt a Green MLS, there is a potential affect on the “norm” for real estate appraisals.
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