The first thing to understand is that buyers buy on emotion, not logic. It’s essential to put your time and money into home improvements that will appeal to a home buyer’s emotions. Your home is going to sell based on how it looks and makes a buyer feel.
Replacing a furnace or central air appeals to a buyer’s logic, not their emotions. Have you ever seen anyone get really excited about a furnace? For married couples many times the wife has more influence on the home buying decision than the husband does, and I have yet to see a wife get really excited about a furnace or a central air unit.
So, do not replace your furnace or central air conditioner if they are working correctly, even if they are old and inefficient. The furnace and central air should be in proper working order because most offers to purchase real estate are subject to a whole house inspection. The furnace and central air will likely be inspected as part of this inspection.
If the buyer is concerned with the age or condition of the units, another option is to purchase a home warranty. This is something that can be purchased by the buyer or the seller. I typically would not recommend that a seller purchase a home warranty, unless a buyer asks for it. When a buyer writes an offer on a home, they can ask the seller to purchase a home warranty for them as part of the purchase agreement. Most sellers are willing to do this if the buyer writes a strong offer.
A home warranty is usually between $500 - $600 and covers the major mechanicals for twelve months.
If you as the seller have a maintenance agreement contract with a local heating and cooling company, and your furnace and air are older, I would recommend that you provide those records to the buyer to give them more peace of mind.
If you have any questions or would like to get your home sold, call us at (309) 693-1133.
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Whether you are looking to buy or sell a house in the Peoria, IL area, it’s important to know how the real estate market is trending. Below, we have created a page full of charts that compares real estate markets for many of the local areas and is broken down by high school district.
Peoria County real estate is on the list at #10 for the most affordable areas to buy a home. New research from ATTOM Data Solutions found that nearly 4 in 10 US counties studied require no more than 28 percent of a buyer’s annualized weekly wages to purchase a median-priced home. These 10 markets
House prices are up 5% to 6% locally in Central Illinois. Some areas are a little bit more, some areas are a little bit less. In a normal market, there are around 2,500 homes for sale. In a buyer’s market, that number is closer to 4,000 homes for sale. Right now, there’s approximately 1,000 homes for sale.