CHICAGO, Oct. 9, 2012 /PRNewswire-USNewswire/ -- The nation's largest professional association of real estate appraisers today announced it has signed a memorandum of understanding with the state of Colorado to promote a wide use of tools to document home energy features. The groups also will jointly develop valuation studies.
The Appraisal Institute will work with the Colorado Energy Office to identify Colorado market-specific trends in energy valuation. The organizations plan to collect information about the impact of energy efficiency on the residential real estate market and to share that data as trends emerge.
"As a leader in green valuation, we are pleased and honored to be part of this agreement," said Appraisal Institute President Sara W. Stephens, MAI. "This effort is part of the Appraisal Institute's mission of providing leadership in the real estate valuation profession, including in emerging areas such as valuing green and energy-efficient features."
The memorandum of understanding, signed by Colorado Gov. John Hickenlooper and Appraisal Institute CEO Frederick H. Grubbe, seeks to address a need for data in valuing homes with green and energy-efficient features. In addition to aiding appraisers, that data can help consumers decide which improvements to pursue as they seek to maximize the value of their homes.
"Understanding the market reaction to high performing homes is a key component of the Colorado Energy Office's residential efforts," said Peter Rusin, residential program associate at the state agency. "The agreement sets out a process that will allow the state to work with experts in the field to develop credible case studies, data sets and resources for residential appraisers."
Working with the state of Colorado is the most recent example of the Appraisal Institute's leadership in green valuation efforts:
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The Appraisal Institute is a global membership association of professional real estate appraisers, with nearly 23,000 members in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org.
SOURCE Appraisal Institute