RISMEDIA, May 23, 2007-Real estate professionals are seeing an increase in home buyer awareness of environmental contamination and find more home buyers searching for critical environmental information before a purchase, according to a survey released today by Environmental Data Resources, Inc.(EDR), a provider of environmental risk information.
A survey of 150 real estate professionals who attended the National Association of Realtors 2007 Midyear Legislative Meetings & Trade Expo from May 15 through May 19, 2007, in Washington D.C., identified that potential home buyers are increasingly concerned about environmental hazards and more Realtors® are ready to provide an in-depth investigation of the historical environmental information from a neighborhood.
Home buyers have become more aware of the potential pitfalls of purchasing without knowing the full environmental history of properties and neighborhoods, such as the presence of leaking fuel storage tanks, proximity to hazardous waste sites or even contamination by a long forgotten dry cleaner or gas station.
“The findings of this survey indicate that real estate professionals, and the majority of home buyers they work with, are increasingly aware and concerned with the environmental health of properties, and real estate agents want to confer with trained experts to identify all information available,” said Ben Cesare, managing director, Residential Real Estate Services for EDR.
“Purchasing a home and choosing a neighborhood can be some of the most important decisions we make, and home buyers are now more aware of their right to access records of known potential environmental contamination and Realtors have recently begun to appreciate the value of providing this tremendously important information as part of the decision process,” Cesare said.
Findings from the survey include:
More than 70% of the surveyed Realtors said they are willing to help their clients practice environmental “due diligence” before a purchase.
A resounding 94% of survey participants said potential environmental contamination has become an influencing factor in purchasing decisions.
More than 67% of respondents said home buyers have only recently become interested and aware of their ability to learn the environmental history of properties.
A full 84% of the surveyed Realtors said home buyers are taking advantage of the extra time afforded in the recent real estate market slowdown to look deeper into property histories.
For more information, visit www.edrnet.com.
