Why it’s Fundamental to Disclose Your Home’s Energy Costs When Selling
It’s important to take advantage of anything that could help you sell your home faster, right?
Then you need to read this story in Crain’s Chicago Business. According to the story, when you include a home’s energy costs in its listing, you might shorten the number of days it stays on the market before selling.
And this especially pays off when you are trying to sell a condo in Chicago – as we have noticed over the years that The MG Group has included utility information in our listing sheets. We’ve done it since “day one” and our sellers have benefited greatly from it.
Crain’s cited a study by Chicago’s Elevate Energy in its story. Elevate looked at nearly 50,000 homes that were on the market in Chicago during the 18 months that came to an end on the last day of 2014. According to the numbers, sellers who were trying to move condominiums and townhouses sold their homes in about 25 fewer days when they disclosed their home’s energy costs in their listings.
Those owners who were selling single-family homes didn’t receive as much of a bump, but they still sold their homes an average of eight days faster when they disclosed energy costs.
Elevate Energy also found that single-family homes whose owners disclosed energy costs sold for an average of 97.2% of their listing price. That compares favorably with an average sales price of 95.9% of list price for those homes whose owners don’t release that data.
Why is this? Buyers like to know how much they’ll spend to maintain a home after they purchase it. It’s why buyers are so focused on property taxes: It’s an expense that they need to budget for.
And when a home actually comes with lower energy bills than expected? That’s a real benefit for buyers, and it’s one that homeowners should not be shy about sharing. Low energy costs might convince buyers to choose your home over a similar property in the same neighborhood.