How solar panels can affect a home sale

You see the solar energy sales reps going door-to-door on your street, and maybe your neighbor recently had solar panels installed on their roof. It sounds like a great deal (for your wallet and the environment), but how will it affect your ability to sell your home in the future?

According to the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy, a recent study found that home buyers have been willing to pay a premium of about $15,000 for a home with an average-sized solar array.

However, not all home buyers feel this way. Some people don’t like the look of the panels on their roof. Others may not be happy with the contract you signed with the solar company that installed your system.

We’ve seen this come up while house hunting with our buyer clients. Often, the sale of the home does not end the contract with the solar company. The buyer is either required to take up the already existing contract, or pay to have the panels removed. In those cases, the buyer might decide not to pursue purchasing your home.

If you decide going solar is worth it to you, just be sure to carefully read the sales contract so you know what to tell potential buyers if you ever decide to place your home on the market.

Haverhill home prices fell in April, but properties sold faster

HAVERHILL – Lyric Properties announced today that sales of single-family homes in Haverhill, Mass. increased during the month of April compared to the prior month, but prices were down.

“According to our review of data from MLS, 31 single-family properties were sold in Haverhill during the month of April, compared to 29 sales during March,” said Fred Van Magness, Broker at Lyric Properties. He said the data showed that during that same period, the average sales price of a single-family property decreased slightly, from $349,662 to $334,545, while homes were on the market for less time on average.

“Overall, the numbers show good news for both buyers and sellers,” said Meredith Landrum, a Salesperson affiliated with Lyric Properties and a resident of Haverhill. “People who were looking to buy a home during the month of April saw prices come down a little bit, making ownership slightly more affordable. But, competition in the market led to faster sales, which was good news for people looking to sell their home. It will be interesting to see how home sales perform as we edge closer to the height of the springtime real estate market.”

Lyric Properties is a real estate brokerage doing business in the Merrimack Valley. If you are interested in buying, selling, or renting property, please feel free to contact them for more information at (978) 494-4450.

All data provided by MLS-PIN for single-family property sales by all brokers during the stated period in the stated geographic area. Lyric Properties is not independently responsible for these sales or any data reported herein and makes no promise, warranty or representation as to the accuracy of the same. Prior sales are not necessarily reliable indicators of current or future market performance. Due diligence is always advised. Frederick Van Magness, Jr. dba Lyric Properties, MA Broker No. 149143, PO Box 533, North Reading, MA 01864. (978) 494-4450. All rights reserved. Equal Housing Opportunity.