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The number of new listings on the market has been relatively small so far in 2008. Over the last eight weeks, there have been roughly 1,200 fewer listings put on the market than during the same eight weeks in 2007—a decline of 6.7 percent. The decline in purchase agreement activity during the same period is on a more extreme decline, however—falling by 17.8 percent for the same time period comparison.
What buyers need to hear about is the significant improvement in affordability. Despite an increase in mortgage rates, the Housing Affordability Index (HAI) shot up dramatically for March to 157, the highest figure in five years! The HAI increased because of a decline in sales prices in February and increased consumer income. The home buying environment has been getting exponentially more attractive with each passing month, which is great news for those waiting on a real estate market rebound.
This week's MAAR Weekly Market Activity Report features updated figures for several important metrics. Days on Market Until Sale held steady at 165 in February, an increase of 12.2 percent from last year. The Percent of Original List Price Received at Sale increased slightly to 91.1 percent, and should continue to rise in the spring months as it does each year.
Click the logo below or click here for this week's full report. Visit Market Info for reports as far as the eye can see.
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 HUD announced the new FHA mortgage limits created by the Fed's economic stimulus plan and the winner is...the Minneapolis–St. Paul metro area! Why is this good news? FHA programs are now the best option for many buyers who fall short of meeting the downpayment and/or qualifying ratios required by conventional financing.
With the amount that can be borrowed using an FHA mortgage increasing from $271,050 to $365,000, an additional 25 percent of the homes currently on the market are candidates for FHA financing. This means more than 77 percent of homes currently for sale could be purchased using FHA. This important financing option brings additional buyers into the market who could not otherwise afford to purchase these homes. more
After you read the full article, we encourage you to share your thoughts about the FHA loan limit increase and how you believe it could change your business. Click here to interact at our new blog, "The Skinny."
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 What Twin Cities area home buyers and renters need to know...
- Never has there been a more robust supply of homes for sale from which buyers can choose...let's go shopping
- Interest rates have declined and are again approaching historic lows...advantage buyers
- Declining interest rates and moderated home prices mean housing affordability has rebounded to the high levels experienced during the boom part of this decade...buyer motivation
- Whether it begins this spring, next fall, or one year from now, these circumstances will cause pent up buyer demand to soon unfurl, so as to take advantage of this new environment...opportunity is knocking
- The newly revised mortgage limits for FHA financing will open up more opportunity to new home buyers ...new avenues to home ownership
- The stage is set for a real estate market rebound...catch the wave early on
- Your best investment for building long-term family wealth is homeownership..start building your future today
While the real estate market needed to pause and take a breather after several years of overstimulated growth, after two-plus years the stage has been set (or nearly set) for a return to a healthy and balanced market that will benefit both buyers and sellers. Those buyers that sense the change in the wind and act before the masses jump in are the ones that will be in the best position to reap the rewards of the market rebound.
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 Topic: Adapting to the Challenge of Change
MAAR presents a panel discussion on managing the major changes taking place in our industry. What are consumers, agents and brokers looking for in today's market? Are there new opportunities available? How do you deliver and market these products and services?
Date and Time: Friday, March 14, 9:30 a.m. to 11:00 a.m.
Location: MAAR Office, 5750 Lincoln Drive
Register with: Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157. Brokers and managers welcomed. No cost.
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 We have been neener-neenering with pointed finger at such overwrought housing markets as California, Nevada and Florida over the past year and saying, "Ha, it ain't us!"
But what's this? A new year-end report from OFHEO seems to be poking a small hole in our argument. The Minneapolis/St. Paul MSA ranks #225 out of #291 MSAs on the list of appreciation rates.
Really? That low?
Okay, our area's annual appreciation of -1.6% is nowhere near the muck of Modesto, California's -15.5% or Punta Gorda, Florida's -13.3%, but is it so impossible to imagine us as the next Ann Arbor, Michigan (-7.9%) in the near future?
Read more and comment at our new blog... 
 And see all sorts of other great stuff at our new website, www.mplsrealtor.com, including the March/April 2008 issue of The REALTOR® – well before it reaches your mailbox!
Source: OFHEO and us-selves
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 Open your senses to international awareness with an enjoyable evening of culture and taste as members of the Thailand Trade Mission share their adventurous journey to Thailand and Vietnam. Gain inside knowledge of each of these country’s real estate market and investment opportunities. Learn...
HOW culture influences the transactions process,
WHAT questions to ask and knowing, and
WHERE to find the right resources when working with buyers and sellers any where in the world.
Date and Time: Tuesday, March 18, 2008, 6:00 p.m.
Place: Chiang Mai Thai Restaurant, 3001 Hennepin Ave S, Minneapolis (Calhoun Square)
Cost: $23 includes Thai food specialties and non-alcoholic beverages.
More Info
You must register to attend, space is limited. Contact Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157. MAAR members can register on line. Registration Deadline: March 13, 2008.
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If you're not feeling like the Ann Brockhouse Scholarship fits you, maybe try a different angle. Because this year we are offering two free scholarships to the 2008 NAR Midyear Legislative Meetings in Washington, DC!
MAAR is sending a second REALTOR® member who is committed to servicing the emerging markets communities to the meetings. All expenses are paid by MAAR. Applicants must demonstrate their commitment to serve the emerging markets communities with efforts to increase homeownership among diverse communities in Minnesota. Applicants must submit a copy of their business plan with this scholarship application. Applications will be measured by the individual's community involvement and a comprehensive and inclusive business plan.
Eligibility: Applicants who are passionate about closing the homeownership gap, immigration issues, community/civic involvement, inclusion and diversity issues, and international real estate markets are encouraged to apply for the Emerging Markets Services Scholarship.
The application deadline for this scholarship is March 28, 2008! | Apply here now!
If you have questions regarding the scholarship or application, please contact Donnie Brown at 952.988.3133 or donnieb@mplsrealtor.com.
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 After 25 years as MNAR's Chief Lobbyist, Glenn Dorfman is passing the torch at MNAR. Glenn has been invited back for LID and will address Minnesota's REALTORS® one final time! Join the Minnesota Assocation of REALTORS® on April 3 in St. Paul for their annual Legislative Impact Day and stay for the afternoon reception for fan favorite and Rick Kupchella's first call, Mr. Glenn Dorfman.
When: Thursday, April 3, 2008
Where: Crowne Plaza Hotel, 11 Kellogg Blvd., St. Paul, MN
LID Schedule of Events
9:00 a.m., Arrival, check-in and coffee/refreshments
10:00 a.m., 2008 Legislative Update presented by Susan Dioury and Christine Berger (2.0 hours CE pending)
12:00 p.m., Lunch Break - box lunch included
12:30 p.m., MN Legislative Leadership Update presented by House and Senate Majority/Minority Leaders (2.0 hours CE pending)
2:00 p.m., Parting remarks by Glenn Dorfman
3:00 p.m., Adjournment
MNAR Reception in Honor of Glenn Dorfman
3:30 p.m., Arrival, hors d'oeuvres buffet
4:45 p.m., Program "Glenn Dorfman: This is Your Life"
6:30 p.m., Adjournment
Due to the special events at LID and the reception, advance registration for both events is required. Registrations will be accepted on a first come, first serve basis and both events are expected to sell out quickly.
Costs:
LID – $50 (includes materials, 4.0 hours CE pending, lunch and refreshments)
Reception – $25 (includes hors d'oeuvres; cash bar also available)
Advance, separate registration for one or both events required. Register now!
Source: Minnesota Association of REALTORS®
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MAAR Public Affairs Task Force
 The MAAR Public Affairs Task Force will meet on Thursday, March 27, 1:00 p.m., at our office, 5750 Lincoln Drive. Issues to be discussed at the meeting include inspections and boarded/vacant building fees in Minneapolis, foreclosures and point-of-sale inspections in Brooklyn Park, massing (infill housing) concerns in Edina, open house signs in Eden Prairie, foreclosures in general, a regional transportation update, state real estate issues on the MNAR agenda, and Legislative Impact Day. Plus, new ideas and concerns anyone may want to discuss.
If you are interested in local and regional public affairs, please feel free to attend the task force meeting. Better yet, contact Bill Gerst at billg@mplsrealtor.com and have your name added to our task force roster.
Current Public Affairs Watch List
Brooklyn Park is considering some changes to its point-of-sale inspection (POS) ordinance that took effect September 15, 2007. Possible changes relate to foreclosures that require a city mandated inspection at point of sale. The city is having difficulty finding some owners who are responsible for the inspection and any required repairs. As of February 22, Brooklyn Park had 305 point-of-sale inspection applications. Of these, 46 were final and 25 temporary. The city council may consider some staff recommendations concerning the ordinance at its March 17 meeting (7:00 p.m.).
Eden Prairie is considering an amendment to its temporary offsite real estate sign ordinance that, if approved, would allow placement of temporary offsite signs on Tuesday mornings during REALTOR® open houses. The current ordinance allows signs only on weekends. This amendment will be considered by the Eden Prairie Planning Commission at its March 24 meeting (7:00 p.m.). If approved, it will be sent to the city council for consideration. This possible change is the result of involvement by Eden Prairie area REALTORS®. Twenty-five MAAR members showed up to speak up at the city council listening session prior to its February 12 meeting. Most were also Eden Prairie residents.
Edina approved an ordinance last year to regulate some aspects of infill housing. The ordinance requires that a new house built after a teardown is positioned within one foot of the grade of the previous property. The ordinance also regulates the side-yard setback based on a sliding scale according to the lot width. On February 26, the city council asked the Planning Commission to consider additional infill considerations. The current ordinance deals with some height and setback requirements that usually result in smaller infill homes. The city is looking at additional ways to deal with massing by regulating the height and floor area ratio (FAR) of infill housing. The Planning Commission will consider these changes at its March 26 meeting (7:00 p.m.).
Minneapolis approved changes to boarded/vacant building fees and code compliance inspections for 1–3 family homes going from owner occupied to rental status at its February 29 meeting. The boarded/vacant building fee will increase from $2,000 annually to $6,000. The fee is based on the increased cost of managing boarded/vacant buildings by the city. The fee for the new code compliance inspection of 1–3 family units converted from owner to rental is $1,000. MAAR members from Minneapolis discussed the fees and decided not to oppose them.
If you are aware of other issues that should be considered, please contact MAAR.
 New Online Tools Developed for Homebuyers
Seeking to purchase a home in Minneapolis? New online tools are now available to link homebuyers to homeownership opportunities. The City of Minneapolis has developed a new website that includes a listing of development partners who have worked with the City on recently completed projects and currently have homes for sale in Minneapolis.
The Metropolitan Consortium of Community Developers (MCCD)—a partner with the City of Minneapolis—helps prospective homebuyers with incomes up to $89,500—find homes they can afford. Their website features quality single-family, condominium and town homes, each built by community developers dedicated to the vitality and stability of the neighborhoods in which they work.
The City also provides mortgage financing. For more information, click here or call 612 673 5282.
Source: City of Minneapolis
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Buyers! Buyers! Buyers!
What is the best thing we can do to jump-start the real estate market?
What is the best thing we can do to jump-start our individual real estate business?
Get Buyers Into The Market!
One of the best ways to attract any niche within the real estate market is to have specialized training to better understand and meet the needs of that group. The Accredited Buyer’s Representative (ABR) course does just that. For two days, you will focus on the special needs and issues surrounding working with buyers. You will improve you skills on discussing Agency Law, Buyer Representation, Negotiation and Buyer Counseling. The ABR designation course is $325 dollars, provides you with your mandatory MN Agency and Fair Housing credits, is approved for 12 hours of CE, and sharpens the skills you will need to work with buyers in any market. MAAR is offering the course in Edina on March 24 and 25.
To compliment the ABR course, MAAR is offering an ABR elective called Innovative Marketing for the Buyer’s Representative on March 26. This 1-day course is $129 and will provide you with literally hundreds of tools and tips you can use to market your services to potential buyer clients.
Register online or contact Delores Dahlsten at deloresd@mplsrealtor.com or 952.988.3153.
Classes. Get some.
This month, we are highlighting MAAR's two housing market classes, both of which have proved extremely popular and useful if attendance and class feedback mean anything. "Real Estate Math: Statistics" provides instruction on how to find, interpret and utilize statistics on the housing market. "Wake Up, Shift Happens!" is an interactive analysis of where the housing market has been and is going next.
Real Estate Math: Statistics
Date and Time: March 18, 1:00 p.m. – 4:00 p.m.
Credits: 3
Instructor: Jeff Allen, MAAR Research Manager
Location: MAAR Office
Wake Up, Shift Happens!
Date and Time: March 19, 9:00 a.m. – noon
Credits: 3
Instructor: Jeff Allen, MAAR Research Manager
Location: MAAR Office
Register online or contact Delores Dahlsten at deloresd@mplsrealtor.com or 952.988.3153.
 MAAR is hosting a full-day program from Minnesota's Emerging Market Housing Initiative (EMHI).
Date and Time: Friday, March 21, 9:00 a.m. – 4:00 p.m.
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Serving Emerging Markets: Barriers & Solutions – 3.0 hours
Upon completion of this session, participants will be able to:
- Examine Minnesota’s unique place in the national marketplace and the gaps that exist in homeownership for traditionally underserved communities.
- Understand how to identify specific financial needs of emerging market clients.
- Develop a core understanding of the financial resources available to emerging market and/or multicultural clients. This includes solving issues of cash needed for closing, debt-to-income ratio, job/income stability, credit history (or lack of it), comprehensive home buyer education and counseling, and translation services.
Serving Emerging Markets: Law and Ethics – 3.0 hours
Upon completion of this session, participants will be able to:
- Understand core business ethics and the effects unethical practices have on all Minnesota communities, and especially Minnesota’s Emerging Markets.
- Access the existing state and federal laws that protect both consumers and industry professionals, and show their increased importance to EMHI.
- Communicate the EMHI Code of Conduct and Standards of Practice.
- Assist consumers in reporting industry professionals who violate the code of conduct, break the laws, or are not acting as trusted advisors.
Registration is done through EMHI at 651.203.7254 or via www.emhimn.org. NOT THROUGH MAAR.
Remember, start your registration process here for all MAAR classes...
eEssentials 1 – Matrix Primer
March 11, 1:00 p.m. – 4:00 p.m.
In Matrix Primer, you will gain the skills to utilize the NorthstarMLS Matrix software to your advantage and to better serve the needs of your client. Topics covered include property search, contact management, email and auto-email features, map search capability, tax search, and report generation. Please note: If you wish to take the Matrix Primer course and have already taken introductory Matrix, please call us so we can confirm if you can receive the CE credits.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Matrix: CMA
March 14, 9:00 a.m. - 11:30 a.m.
In this 2.5–hour class, you will continue to learn more about the functions within Matrix.
• Become comfortable with creating a CMA
• Save the CMA for easy retrieval
• Overview of Tax searches, including mailing labels
• Learn how to review a listing history of a property
• Create custom displays for one-line reports
Prerequisite: Proficient with Matrix searching capabilities.
Credits: 2.5
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $30 REALTOR®, $60 Non-REALTOR®
Real Estate Math: Mortgages
Mortgage Qualifying – Rules, Ratios and Requirements
March 17, 9:00 a.m. – noon
It's easy enough to calculate a maximum housing payment "ratio" or learn about the "rule" that limits seller concessions to 2 percent of sale price on investment property, but have you ever wondered why we have so many other requirements and who made them up? Get a fascinating and informative look at the real story behind mortgage rules, ratios and requirements. Vibrant, fast moving and informative, this class gives you an innovative view and an expanded understanding of this key component in the real estate industry.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®
eEssentials 2 – Improving your Outlook
March 18, 1:00 p.m. – 4:00 p.m.
It has become nearly impossible to conduct business without email. Learn the differences and benefits of using Outlook vs. Outlook Express vs. a web-based email. We will cover useful features such as signatures, using "Bcc" to protect the identity of those receiving an email, contacts, tasks and more. Note: This is not a "hands-on" class.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Call 952.988.3153 with additional questions. REALTOR® owned, REALTOR® operated.
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It's true. Just by attending a vibrant Twin Cities REALTOR® Expo and taking advantage of plentiful CE opportunities, two things you probably already want to do, you could win a lease on a new Toyota Prius and other fabulous prizes. Tell 'em what they can win, Johnny:
 From Denny Hecker: 2 car leases on a new Toyota Prius
Everyone receives a $25 gift card to Bellanote
Everyone receives a $25 gift card to r.Normans
Everyone receives a $25 gift card for Advantage Rent a Car
Additional prizes includes key chains and more
Purchase tickets for additional chances to win a car lease at the Wishes and More booth
From Luther Brookdale Chevrolet: 6 remote starts - one every hour starting at 11 a.m.
Also every half hour: T-shirts, watches, and car first-aid kits
Register at www.tcrealtor.org today!
What are Blogs & Vlogs?
What are blogs and why should REALTORS® care about them? Blogs (short for weblogs) are a great way of getting your name out in front of the public as a real estate expert. Think of blogs as a daily journal you post online. You can blog about your local real estate market, new houses on the market, advantages and benefits of moving to your city and state, the real estate industry in general, real estate technology and marketing, and mortgage issues. According to NAR's 2007 Member Profile, blogs are used by just 4% of all REALTORS® nationwide. Click here to read NAR's recent Technology Report on Social Networking.
Get a leg-up on the other 96% of REALTORS® who are not online. Attend the "Blogging for REALTORS®" session at the 2008 Real Estate Expo! REALTOR® Teresa Boardman will talk about her St. Paul Real Estate blog and how to attract buyers and sellers to your online shingle. Though her blog is ultralocal, her readership and potential customer base is well beyond that. Learn how to build relationships with the world through Web 2.0 technologies. Let the Internet's greatest connecter, Google, market your services for free and help you meet the people who are on the Internet looking for you. Click here to learn more!
Exhibit at the Expo: Show 'Em Whatcha Got
The REALTOR® Expo 2008 is just two months away. Now is the time to register for great placement within the tradeshow if you or someone you know has a product, program or service ready to showcase to REALTORS®. Real estate companies welcomed—one booth per company. For registration information, click here or contact Amy Ransom at amyr@mplsrealtor.com.
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 Have you ever tried going on a long road trip without a map? Have you noticed that it is easier to find your way when someone is riding shotgun? The Women's Council of REALTORS® would like to provide you with that front-seat companionship.
MAAR's education diva, Nancy Scott, will be sharing her thoughts on "Coaching Your Way to Success" in an entertaining and lively presentation. You don’t have to be a member OR a woman to attend these meetings! WCR is an organization open to all real estate agents and real estate-related affiliates such as title companies, inspection services, etc. All are welcome!
Date and Time: Wednesday, March 12, 11:00 a.m. – 1:00 p.m.
Location: Theodore Wirth Golf Course Clubhouse
1339 Theodore Wirth Parkway, Minneapolis, MN 55411
Cost: $20 for members; $30 for nonmembers and guests
Please plan to pay by cash or check; no credit cards. Receipts are offered for tax purposes.
If you are not already a member you can join at the luncheon for $120/year!
Note: If you need to cancel your reservation, notify WCR no later that the Monday prior to the meeting. You will be charged for lunch if there is no cancellation.
For more information, please contact Colleen Schultz, VP of Membership, colleenschultz@remax.net, 952.221.5215 or Maura Kolars, President, mauraperk@aol.com, 612.382.5990.
Source: Women's Council of REALTORS®
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 Builders across the Twin Cities metro continued to curtail home construction during the month of February. Currently in the midst of one of their premier marketing events, local residential builders may not be increasing new activity but they are seeing unique opportunities and positive aspects in the market.
According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 217 units permitted during the month of February 2008, down from 364 units permitted in January 2008. Year-to-date activity in 2008 trails last year, with 581 units permitted thus far, down from 1,476 units permitted through the same month in 2007. Maple Grove led the metro in building activity for the month with 49 units permitted in February. Blaine and Woodbury both follow with 23 units permitted in each city, Lakeville with 21 units permitted, and Shakopee with 20.
Builders are using events such as the 2008 Parade of Homes Spring Preview(SM) to showcase existing value. "This year's Parade of Homes includes Minnesota GreenStar Homes, as well as the Builders Outreach Foundation's work to remodel the home of a local war veteran," said BATC President, KC Chermak. "This is work that should make our entire community proud." more
Source: Builders Association of the Twin Cities
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by John Mosey, RMLS President
In late 2006, RMLS conducted its first survey of NorthstarMLS subscribers to measure their quality of service. While the results were positive, more value was found where areas of improvement were noted. Last fall, NorthstarMLS conducted their second annual survey. With the 2006 results as a benchmark, the 2007 survey could tell them whether they were trending up or down in customer satisfaction. more
Source: Regional Multiple Listing Service (RMLS)
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 GE Security announces that they have certified the new ATT/Sprint Palm Centro for use with eKEY as well as released an updated version of eKEY. For a complete list of all eKEY certified devices, visit their website at www.supraekey.com (click on "eKEY" compatible devices).
The new eKEY software release and all future software releases are available for immediate download on KIM. Simply log-on to KIM and download the most current software for eKEY certified devices. For technical assistance, or if you would like a copy of the software on CD, contact Supra's customer service department at 1.877.699.6787. more
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In an agreement with New York Attorney General Coumo, OFHEO announced that Government Sponsored Enterprise (GSE) funds Fannie Mae and Freddie Mac have agreed to adopt an appraisal "Code of Conduct" to strengthen the independence of appraisers.
Flawed appraisals artificially inflate home prices and are often a sign of mortgage fraud and undue influence on appraisers. For mortgages, the Enterprises buy or guarantee the agreements, seek to enhance appraisal and evaluation services that are critical to the residential mortgage process.
Provisions include eliminating broker-ordered appraisals, prohibiting appraiser coercion and reducing the use of appraisals prepared in-house or through captive appraisal management companies in underwriting mortgages. The agreement includes a Home Valuation Code of Conduct that the Enterprises will apply to lenders selling mortgages to Fannie Mae or Freddie Mac. The Code becomes effective on January 1, 2009. The agreement seeks the comments and concurrence of the federal banking agencies and solicits the comments of market participants that will be considered in making amendments to the Code during the implementation process.
Source: Minnesota Association of REALTORS®
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Ramon Ray, editor of smallbiztechnology.com and Dell Small Business Expert, will host a live online chat in the Dell Community Forum, Tuesday, March 11, at noon CST. Don't miss the chance to discuss the six rules to using technology in your small business:
- Spend money on your technology as an investment – not as a cost.
- Email programs are NOT CRM.
- Web 2.0 is no joke.
- Mobile technology empowers small businesses.
- Smart small businesses outsource their tech needs. Stupid ones do it all.
- Don't technologize a bad business process.
To participate in the chat, you will need a user ID and password for the Dell Community Forum. If you do not have one already, you will need to create one. For more information and to create an ID and password, start here.
A link to the chat will be available at this same website on Tuesday, February 26, including the ability to ask questions of Ray in advance.
Source: Dell (a NAR affinity partner)
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