Newsletter

Lundquist Ledger

December 2008/January 2009; Volume 2

        KRISTI LUNDQUIST AWARDED SRA DESIGNATION

Kristi Lundquist has been awarded the SRA designation for appraisers involved in the valuation and analysis of residential real estate by the Appraisal Institute.  The designation was granted and the new member was honored during the Appraisal Institutes Hoosier State Chapter's Annual Meeting held in December in Indianapolis.  SRA appraisers have an advanced level of expertise and experience in the valuation of single-family homes, townhouses, and residential income properties of up to an including four units.

The SRA designation is earned upon the successful completion of a graduate-level curriculum, which includes a written demonstration appraisal report or alternative and attaining 2,000 hours of qualifying experience requirements.  Also, designees must abide by both the appraisal profession's Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Institute's Standards of Professional Practice and Code of Ethics.

SRAs are recognized experts in appraising residential properties of all kinds and form a business network encompassing markets nationwide and in Canada.  Currently, about 4,200 real estate appraisal professionals hold the SRA designation, with another 3,100 practitioners seeking it.  The average appraiser takes five to seven years to complete the educational and experience requirements.

Kristi is being presented her certificate in the photo above by the 2008 Hoosier State Chapter President, Stephen Wagner.

 

2008 COST VS VALUE REPORT

(Taken from the December issue of the National Association of Realtors and compiled by Lesley Downing)

Many clients have asked us about what they should expect in recouping costs if they remodel the home that they are interested in purchasing.  Below shows the top 10 projects for homes and the percent in value they contribute compared to their cost new.  Replacement projects that boost curb appeal - siding, windows, and decks - give you the greatest change of recouping your money.  Inside, only kitchen remodels can compare, at least on a national level.  Also shown below is how Indiana compares to the nation as a whole.

Project Type National Average Indiana Average
Upscale fiber cement siding

86.7%

79.3%
Midrange wood deck

81.8%

68.9%
Midrange vinyl siding

80.7%

73.0%
Upscale foam-backed vinyl siding

80.4%

74.4%
Midrange minor kitchen remodel

79.5%

69.1%
Upscale vinyl window replacement

79.2%

68.5%
Midrange wood window replacement

77.7%

67.3%
Midrange vinyl window replacement

77.2%

67.1%
Upscale wood window replacement

76.5%

66.4%
Midrange major kitchen remodel

76.0%

66.5%

 

Wabash County Association of Realtors now a part of the Realtor's Association of Central IN

by Lesley Downing

Did you know that our Wabash Association has now merged to become a part of the Realtor's Association of Central Indiana (RACI) which now consists of 550 Realtors and more than 125 business affiliate members throughout Cass, Grant, Howard, Miami, Tipton, & Wabash County?

Your immediate thought to that question is how will this merger affect me, the Seller or the Buyer.  While this merger will have many advantages to Realtors, this merger will also give you the Seller or Buyer advantages as well.  Let us tell you how.

Professionalism + Better Communication + Cooperation = BETTER SERVICE!

Professionalism:  The old adage rings true with this merger that there is strength in numbers.  Prior to the merger, the Wabash County Association of Realtors had an agent membership of under 50 and now we are 550 Realtors strong.   More Realtors equals more accountability between our clients and our peers which creates a better quality of service for everyone involved in a real estate transaction.  The marketing of each Wabash County Realtor office will be drastically improved with the new Realtor Offered Homes Magazine that will be a sleeker, more colorful, and contain better graphics.  Wabash County listings will be published along with Grant County listings instead of just Wabash County.  The new home magazine will be offered to the public beginning January 7, 2009.

Better Communication and Cooperation:  Unfortunately, it is true that many Realtors tend to isolate themselves within their communities and with this merger we are expected to attend meetings outside of our county's boundaries.  Realtors across the six counties are now meeting more often and developing professional relationships.  Let's stop and ask this question, "Would a client have a better real estate transaction with two Realtors who have a good rapport with each other or with two Realtors who do not know each other or know anything about how they conduct their real estate transaction."

Also, Realtors are now kept abreast of our area real estate happenings by weekly e-mailed newsletters that are distributed throughout the 550 members.

Community Service, Economic Development, Education, and Professional Standards Committees are just a few of the focus groups that will require Realtor participation from each county.  Wabash County's ideas and concerns can have a great impact when we have participation from Wabash County Realtors, because each market in this day and age is different from county to county.

**For more information about our new association please visit:  www.RACI.org or you can contact our office and we will be glad to answer any of your questions.** 

 

Wabash County Residential Real Estate Statistics
Month, 2008 Number of Residential Homes on the Market Volume of Sales Average Sold Price Number of Homes Sold Average Days on the Market Number of Sales that were Repos
August 317 $1,863,511 $73,200 26 147 6
September 293 $2,232,600 $82,659 27 181 6
October 278 $1,763,050 $76,654 23 196 8
November  257  $1,184,200 $84,586 14 162  0

 Thanks for joining us!