Times changing, local Realtor makes a move

Times changing, local Realtor makes a move

Debbie Griffin River Falls Journal
Published Thursday, December 11, 2008

After six years working with Century 21, River Falls resident and Realtor Jeremy Cudd decided to change his company and business location.

Along with silent partner and three-year associate Oranzo Oevering who owns Roberts-based Oevering Homes, Cudd and wife Kristan bought a franchise of the international business, Realty Executives Select. They'll work from a new 3,200-square foot space at 900 Crest View Drive in Hudson.

RES will share the office space with business associates Cudd works with closely and often: Wells Fargo Home Mortgage Consultant Kevin Busse and Real Source Title Representative Kami Telschow.

Jeremy Cudd recently opened a franchise of the international realty company Realty Executives Select in Hudson, where he'll office with title company and banking professionals. Left to right: Kelly Nelson, Merilee Bune, Oranzo Oevering, Kami Telschow, Jeremy Cudd, Kristan Cudd, Wendy Olsem and Kevin Busse. Debbie Griffin photo
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Cudd opened the business Sept. 1 on the floor above where it will go permanently. Construction crews must finish the lower level before everyone can settle in.

He said RES will recruit top producers to fill its six Hudson-based offices. The company has 800 offices in 20 countries and typically deals in high-end real estate.

It designs its tools and systems for top producers like Cudd, who says he ranks high in the region that includes Wisconsin, Minnesota, Michigan, Iowa and both Dakotas.

"This is like a new-age realty company," Cudd said.

Cudd said Hudson seemed like a central location with good access from which he can serve clients in River Falls, Hudson, New Richmond and Roberts. He said people called him crazy for buying a realty company in these economic times.

"We've got the opportunity to grow," he said.

Kristan agrees, "Buying a company at peak market would be more expensive. There's always going to be a real estate market. You just have to find the niches and go with them."

She and Cudd agree that the market will always fluctuate.

State of local markets

Cudd said about realty in general: "I don't think there's been a better time to buy."

Home prices and interest rates are low and the ratio of homes to buyers stands at 11:1. An expert at an industry conference he attended predicted a rebound in quarter two of 2009.

"I think we've reached bottom, but nobody really knows," said Cudd.

Current statistics say there are about 9% fewer homes on the market now than at this time last year. The average time for a home to be on the market now is around 120 days, and sellers are getting 92% of their original list price.

Cudd said during all of 1998, buyers closed on a total of 754 homes in St. Croix County. Through quarter three of 2008, that number stands at 740 homes.

In 1998, the median sale home price was $121,000. This year, it is $181,000.

The same comparison in Pierce County shows a total of 186 homes sold for the entire year of 1998 and 228 homes sold through quarter three of this year. The median sale price then was $114,000; for 2008 it is $180,000.

He said people should realize these figures represent median sale prices, not actual values.

"If you look at the big picture over the last 10 years," said Cudd, "home values have actually increased."

He said a government offer can make now an especially good time to buy. Until July 2009, first-time homeowners or people who haven't bought in three years can take advantage of a $7,500 interest-free loan that may be repaid over 15 years' time.

Foreclosures and short sales - discounted sales done before a home enters foreclosure - also create good deals for buyers.

Cudd said, "I'm passionate about real estate. My goal is to provide enough information for buyers and sellers to make an informed decision."

While his bus-based billboard that used to sit on his grandfather's land east of Hwy. 65 just north of the hospital may be gone, he's still here and so are some new billboards. He and Kristan will continue living and working in River Falls.

The couple invites everyone to a charity benefit they're holding 5:30-7:30 Friday, Dec. 19, at the Agave Kitchen, 501 Second St., Hudson. Bring a gift or donation for a needy family.

Cudd said people can reach him and get more information about his new company or the upcoming benefit at his personal Web site: www.jeremycudd.com. His new business Web site is www.hudsonexecutives.com, and people can also reach him via cell phone at 612-703-2833.