Chicago single-family real estate listings that disclose energy costs have a higher close rate and spend less time on the market, a new analysis found.
The new study by Elevate Energy found homes that disclosed energy costs at the time of listing sold at a higher percentage of the asking price. On average, an attached home that was listed for $352,000 would have sold for $4,576 more and spent about 25 fewer days on the market if the listing disclosed energy costs. Detached homes that disclosed energy costs spent eight fewer days on the market.
“Energy costs are such a significant issue to home buyers it is a no-brainer for MRED to assist its real estate professionals in providing the most accurate and timely information,” MRED President/Chief Executive Officer Rebecca Jensen said in a news release.
In 2013, the City of Chicago became the first municipality in the country to allow direct disclosure of residential energy costs (gas and electric) via a multiple listing service (MLS) when a single-family or two- to four-unit home was listed for sale.
This was a unique partnership between Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), the mayor’s office and Elevate Energy.
For more information, see the news release.