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Making the Invisible Visible:Making the Invisible Visible:Valuing Energy Efficiency Improvements in a
Real Estate Transaction
October, 2013
CNT Energy is a Think-and-Do TankCNT Energy is a Think-and-Do Tank
CNT Energy is dedicated to helping communities and consumers save energy and money
•Dynamic pricing and smart grid– Ameren Power Smart Pricing– ComEd Residential Real-Time Pricing
•Energy efficient buildings– Residential – Commercial and municipal buildings
•Regional Energy Planning
Laura Reedy StukelLaura Reedy Stukel
• Realtor, LW Reedy Real Estate
• NAR Roles– GreenMLS Toolkit Team– Green Resource Advisory Council– Real Property Valuation Committee – Consumer Communications Committee
• BPI Role– Co-Chair, Real Estate Certificate
Standard Working Group
Market FocusMarket Focus
DemandDemand
Policy Incentives Market
GreenGreen
MLSMLS
Defined System for Market ValueDefined System for Market Value
Graphic courtesy of NAR www.greenthemls.org
Why Now? Why Now? Efficiency Demand is StrongEfficiency Demand is Strong
Source: NAR Home Buyer/Seller Profile
Why Now? Why Now? Transactions GrowingTransactions Growing
Source: National Association of REALTORS®
7-Step Blueprint7-Step Blueprint
1. Document Improvements
2. Data for Appraisals
3. Data for MLS
4. Training Opportunities
5. Report Inventories
6. Standardized IT Solutions
7. Work with Financial Institutions
1. Document Improvements1. Document Improvements
Document energy efficiency features and improvements using consistent, standardized methods.
2. Data for Appraisals2. Data for Appraisals
http://www.AppraisaInstitute.org/education/green/
Ensure that the data about home energy efficiency improvements is incorporated into the appraisal process.
3. Data for MLS3. Data for MLS
IHP Silver Certificate
RETS Green MLS Fields: VerificationsGreen Verification Sponsor
Green Verification Program
Green Verification Rating
Green Verification Version
Work with the MLS community to ensure that data about home energy efficiency improvements are incorporated into for-sale listings.
Step 4. Training OpportunitiesStep 4. Training Opportunities
Capitalize on existing high-quality continuing education and designation training.
APPRAISAL INSTITUTE CE 575001563 CASE STUDIES IN APPRAISING GREEN RESIDENTIAL BUILDINGS APPRAISAL INSTITUTE CE 575001564 INTRODUCTION TO GREEN BUILDINGS APPRAISAL INSTITUTE CE 575001741 CASE STUDIES IN APPRAISING GREEN COMMERCIAL BUILDINGSAPPRAISAL INSTITUTE CE 575001788 CASE STUDIES IN APPRAISING GREEN RESIDENTIAL BUILDINGSAPPRAISAL INSTITUTE CE 575001789 INTRODUCTION TO GREEN BUILDINGS: PRINCIPLES & CONCEPTSCHICAGO CHAPTER OF THE APPRAISAL INST. CE 575001767 INTRODUCTION TO GREEN BUILDINGSILLINOIS APPRAISAL EDUCATION INC CE 575001806 APPRAISING GREEN RESIDENCES MCKISSOCK APPRAISAL SCHOOL CE 575001534 FOUNDATIONS IN SUSTAINABILITY: GREENING THE APPRAISAL & INMCKISSOCK APPRAISAL SCHOOL CE 575001535 THE NUTS & BOLTS OF GREEN BUILDING FOR APPRAISERSMCKISSOCK APPRAISAL SCHOOL CE 575001576 INTRODUCTION TO GREEN BUILDINGS FOR APPRAISERSMCKISSOCK APPRAISAL SCHOOL CE 575001681 INTRODUCTION TO RESIDENTIAL GREEN BUILDINGS FORMCKISSOCK APPRAISAL SCHOOL CE 575001760 THE GREEN GUIDE TO APPRAISING MCKISSOCK APPRAISAL SCHOOL CE 575001803 MODERN GREEN BUILDING CONCEPTS NAT ASSOC OF IND FEE APPRAISERS CE 575001721 THE APPRAISAL OF GREEN HOMES
Step 5. Report InventoriesStep 5. Report Inventories
13
Source: Colorado Energy Office © 2011 State of ColoradoThese Metropolitan Statistical Areas account for 90% of new home construction in Colorado.
Census BureauMetropolitan Statistical Area
Number of Single Family Homes Built FY13
Percentage of New Homes with HERS Rating FY13
Denver-Aurora-Lakewood
7922 73%
Fort Collins-Loveland 1676 29%
Greely 1648 24%
Colorado Springs 607 18%
Boulder 564 100%
Grand Junction 435 25%
Pueblo 219 23%
Step 6. Standardized IT SolutionsStep 6. Standardized IT Solutions
MLS Operators
Agents
Tax Data
Programmatic Data
HPXML
Develop standards and IT solutions that allow quicker and more automated transfer of data.
Brokerages
Aggregators
7. Work with Financial Institutions7. Work with Financial Institutions
Ethics RuleAn appraiser must promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics.
Competency RuleAn appraiser must: (1) be competent to perform the assignment; (2) acquire the necessary competency to perform the assignment; or (3) decline or withdraw from the assignment.
Scope of Work RuleAn appraiser must properly identify the problem to be solved in order to determine the appropriate scope of work. The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results.
Work with partner financial institutions to ensure selection of qualified appraisers.
Next Step: Apply the BlueprintNext Step: Apply the Blueprint
Program Data (Information already being captured as part of energy efficiency programmatic work)
Learn More!Learn More!
More information on unlocking the value of high performance homes can be found at:
http://www.cntenergy.org/innovation/valuehph/
The full paper is available for download at
www.cntenergy.org/media/Unlocking_Value_2013.pdf
Join a webinar on Wednesday, Oct. 2 at 11 a.m. www.cntenergy.org/events
On Twitter, follow the hashtag #VisibleValue