Add Utility Costs to MLS
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Add voluntary disclosure of electric and gas costs for ARMLS listings. Home buyers/renters want to be informed of the estimated costs to operate the property before choosing to buy or rent the property. Reward efficient sellers, builders, and landlords. Allow appraisals to reflect value for savings. Begin to collect data about market trends by starting to track home efficiency in residential real estate sales. (If you are an ARMLS subscriber please list your agent id in the comments section of petition.)
Homes being sold through Arizona Regional MLS currently have no fields related to operational costs to maintain the property. By implementing auto-population of utility costs directly from the utility companies to the MLS, buyers will be able to clearly evaluate and compare homes based on cost of electric and gas. The proposed disclosure of utility costs in MLS is optional and homeowners who wish to opt out of utility data being reported can do so.
Chicago's MLS in partnership with MRED, Elevate Energy, and Realtor.com started publishing electric and gas costs in 2013. In a study released in 2016, MRED reports homes that voluntarily disclosed energy costs sold for more money analysis shows that homes that disclosed energy costs sold at a higher percentage of the asking price than those that did not disclose energy costs at the time of listing. Full report here: http://www.elevateenergy.org/wp/wp-content/uploads/Moving-the-Market_-Energy-Cost-Disclosure-in-Residential-Real-Estate-Listings.pdf
In 2015, Remodeling Magazine released the Cost vs, Value report and insulation was added for the first time ever to the list of improvements and with highest return on investment of all improvements. In 2017, upgraded insulation not only topped the list of highest ROI nationally at 107% cost recouped, but specifically in Phoenix received over 170% cost recouped in Phoenix. Energy efficiency is the way our industry is moving and our subscribers and clients need these fields and partnerships in place to improve transparency, appraisals, data integrity, and market research. Read full report here: http://www.remodeling.hw.net/cost-vs-value/2017/mountain/phoenix-az/
Please sign our petition to move the Phoenix housing market forward and give Buyers and renters energy costs when shopping for their next home.
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