heat wave Open houses are seeing fewer people in some areas this summer, according to a recent report. Summer home sellers may need to get creative to beat the heat.
Pending home sales fell 5.6% from the same period last year, the largest drop in eight months according to Redfin is a real estate brokerage. Although potential buyers may Waiting for the Fed to cut interest rates In terms of buying a house, as head of economic research Chen Li pointed out in the report, another reason for weak demand is the extreme high temperatures in some parts of the country.
“When we have a heat wave with humidity, people tend to stay indoors with air conditioning,” said Kristin Sanchez, a Redfin Premier real estate agent in Nashville, Tennessee.
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Open house in the morning, virtual viewing
Experts say selling a home during the scorching summer heat requires sellers to be more flexible.
“I had great luck doing an open house in the morning before the heat of the day hit,” Sanchez said.
Sometimes window air conditioners or ceiling fans are removed for design purposes or to make a space look more inviting, says Terry Mainord, owner and founder of Terry Mainord Design, a staging company in Brooklyn, New York.
If this is the case, Menold explains, sellers can provide handheld fans or refreshments to help potential buyers stay calm.
Since the pandemic, virtual showings and walkthroughs have also become a common resource for real estate agents, especially if the buyer is coming from another city or state, Maynold said.
Using these tools can also help buyers get a better understanding of a property, even if they’re not willing to trek a long way in hot weather.
“Virtual showings have become a tool in an agent’s sales toolbox,” Maynold said.
Ensure HVAC systems are maintained
If you’re hoping to sell your home during the summer, make sure the heating, ventilation, and air conditioning systems in your home are functioning properly. Buyers touring your home on a hot day may notice the effects of poor home functionality, such as weak airflow, moisture, leaks, or uncool air.
“We want to make sure the HVAC system or unit is repaired, properly maintained and working properly,” Sanchez said.
While the status of the system may come up during a home inspection, “it’s best to walk up to it and make sure the house feels comfortable and that buyers can see everything is working properly when they walk through the house,” she says.
The cost of repairing or replacing a home HVAC system can be high and vary widely; bills can range from as low as $100 to as high as $3,000, depending on factors such as the cost of certain parts, according to Angi, a home repair and contractor marketplace.
“HVAC systems can be very expensive,” says Ashton Lawrence, director and senior wealth advisor at Mariner Wealth Advisors in Greenville, South Carolina.
Homeowners looking to replace their HVAC systems need to do their due diligence, “put pen to paper and crunch the numbers” to see which one will provide the greatest benefit, whether it’s “direct tax impact and tax savings” or “To increase taxes”.
You may be eligible for Energy Efficient Home Improvement Credit For example, even if you plan to sell your home at some point, says Tommy Lucas, a certified financial planner at Moisand Fitzgerald Tamayo, LLC in Orlando, Florida. Tax credits apply to certain heating, cooling and hot water Equipment type. Be sure to understand what state or local incentives you may qualify for.
Make sure to keep it Showcase all home improvements, installation, cost and date. These can help you increase the “basis” in your home when calculating your profit on the sale and any capital gains taxes incurred.
