The housing market in Arizona has been growing quickly and substantially when compared to the rest of the nation. In fact, the Federal Housing Finance Agency (FHFA) recently reported that home prices last year in Arizona had increased by 20% in the third quarter. To put that into perspective, the rest of the nation’s home prices in the third quarter only increased by an average of 4.04%. The FHFA also reported that the housing market in Arizona has been outpacing the housing market in the rest of the country by a large margin over the past couple of years.
If you are trying to sell your home in Arizona, then the above data fares well for you. However, because the housing market is so strong and competitive in Arizona, you may have a hard time selling your home quickly unless you make improvements to it and give it an advantage over competing homes for sale.
While there are many different upgrades and improvements that you can make to your home, you will likely get the most bang for your buck if you choose to make energy improvements. This is because energy costs have been rapidly rising over the years and have made life uncomfortable for many Arizona homeowners. As a result, more homeowners are interested in purchasing homes that are energy-efficient and can save them money in the long run.
Energy Consumption Data For Arizona Homes
According to a Residential Energy Consumption Survey that interviewed Arizona homeowners and was published in 2009, many Arizona homeowners are taking steps to make their homes more energy-efficient. However, there is still a lot of improvement that can be made in this area. Here is some of the data about Arizona households from that survey:
- 9% reported having poor insulation
- 13% reported a drafty home during the winter
- 48% reported having only single pane windows
- 65% reported having energy-efficient light bulbs
- 35% reported having an Energy Star refrigerator
- 30% reported having an Energy Star dishwasher
- 39% reported having an Energy Star washing machine
- 39% reported having at least 3 television sets
- 17% reported that most or all of their appliance and tool chargers were plugged in at all times
- 48% reported that they turned their computers off when they were not using them
- 26% reported that they always keep electronic chargers plugged in
- 9% reported having an insulation blanket installed on their water heater
If you compare your home to the average energy consumption data listed above, how does your home measure up? Are you doing all that you can to conserve energy in your home and thereby save a significant amount of money over time or is your home currently less efficient than you would like it to be? If you make energy efficiency improvements to your home then you will save money as a result and the resale value of your home will increase.
How Energy Efficiency Can Affect Your Home’s Resale Value
As energy costs continue to rise, there is a growing trend for home buyers to look for energy-efficient homes, especially in hot states such as Arizona where air-conditioning usage is high. Hot water bills, air conditioning, and heating can easily add up to over 70% of the annual operating costs for an Arizona home. However, that percentage can drop significantly if you choose to make strategic energy upgrades. As a result of these energy upgrades, your home’s resale value will be higher.
In addition to having a higher resale value, if you make your home as energy-efficient and “green” as possible, you will also be able to take advantage of the following benefits:
- Your home will seem more modern and cutting-edge, even if it is old.
- You will show buyers that you care about your home and take good care of it.
- You will attract buyers who are interested in saving on energy costs and caring for the environment.
- Your home will be more attractive to potential buyers than less-efficient homes for sale nearby.
- Your energy-efficient home listing will be interesting and will help you to sell your home more quickly.
Although some home owners are worried about the cost of making their homes more energy-efficient, most are pleased to find out that the increased resale value of their homes is more than enough to compensate for the initial investment in energy upgrades.
How You Can Make Your Home More Energy-Efficient
Although there are many things that you can do to decrease your energy usage (including turning off lights when not in use, unplugging dormant electronics and chargers and being more conservative with your energy use in general), it is important to note that these lifestyle changes won’t necessarily increase your home’s resale value. In order to increase your home’s resale value you will need to make actual energy upgrades that will amplify your home’s energy-efficiency regardless of its occupants, such as the following:
- Increasing attic ventilation and insulation
- Sealing air duct leaks
- Sealing off any air leaks into your home and increasing insulation wherever needed
- Adding window sun screens to your home
- Upgrading your appliances to more energy-efficient models
- Following through with any other energy upgrades that are suggested during a home energy audit
If you make some or all of the above energy upgrades then you should make sure that you advertise these upgrades in your home listing. If potential buyers can easily see that your home is more efficient than other homes nearby, then it will be a powerful incentive for them to purchase from you.
If you want to increase your home’s energy-efficiency but you don’t know where to start, simply take the following steps:
- Schedule a home energy audit.
- Find out your home’s energy weaknesses.
- Figure out how much you can afford to spend on energy upgrades.
- Start with the areas of your home that are least efficient and upgrade them first.
- Have your home inspected again (it is a good idea to get a Home Energy Rating System (HERS) inspection done because you will be given HERS rating that will show your home’s overall energy efficiency.
- Include your impressive HERS rating in your home listing to attract buyers.
If you want to sell your home quickly and for a great price, then a great way to increase your success is by making your home as energy-efficient as possible.