Formal Energy Audit

It may be the best-kept secret in home real estate: For a couple of hundred dollars, a prospective buyer can add a formal energy audit to the standard inspection. That audit might save the buyer thousands of dollars in future operating costs by pinpointing features of the house that need correction to improve efficiency. It might also be a tip-off to a sobering reality: This house is an energy guzzler. And that might prompt the buyer to say: Either the asking price comes down, the seller fixes the problems or I walk. Though energy audits have been available for years — the best-known is called HERS (Home Energy Rating System) — virtually nobody in the real estate field promotes them to buyers. Of the 120,000 HERS audits completed last year in the country, according to experts, just 12,000 were done on existing houses, a trivial number in a market with 4.5 million resales. The rest were performed on newly built homes. Since energy costs rank high on the list of ongoing expenses for many homeowners, and since multiple studies have demonstrated that energy-efficiency renovations more than pay for themselves in utility-bill savings, why aren’t more audits performed? In an era of $4-a-gallon gas and autos that are promoted for their low fuel consumption, shouldn’t buyers know about the operating costs of the houses they are bidding on? Shouldn’t energy audit contingency clauses be as commonplace in purchase contracts as home inspection clauses? Realty agents who primarily list houses and represent sellers say buyers almost never ask for them. Leland DiMeco, owner and principal broker of Boston Green Realty, said that although not all clients opt for one, “I do bring it to the table” with everyone. “It just makes sense. Most buyers want to feel comfortable that they’ve done their due diligence and know what they’re getting.” Even sellers are warming to the idea.
Source: The Nations Housing, Ken Harney

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Real Estate news

Good news for consumers. Rates have not only hit record lows but also another government program has been put into effect in order to encourage refinancing. As of June 11, FHA has slashed the cost of refinancing for millions of eligible homeowners. This new program follows moves to lower the cost of refinancing for conforming conventional mortgages. Contact us to see if you are eligible for these great programs. There is no telling how long rates will hold at these record lows.
Forty-seven percent of Generation Yers say they plan to purchase a home within five years or less, according to a new study released by Western Union. That tops the general population, 29 percent of which say they plan to buy a home in the next five years or less. Ten percent of Generation Y members surveyed are even more eager to jump into the housing market, saying they plan to buy a home in the next 12 months, according to Western Union's Payment Money Mindset Index survey. But unlike other generations, Gen Y may have some debt to work through first. The surveyed showed that the generation has higher student-loan debt and more bills compared to any other age group. About one in four graduating students who have student loan debt say they will move home after graduation to curb costs. The survey also found that Gen Y tends to be bigger spenders when compared to other age groups. The survey found that they outspend other age groups in leisure activities, such as on hobbies, video games, electronics, sporting events, and recreation. Source: Western Union