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"So tired, tired of waiting, tired of waiting for you." -- The Kinks
Still waiting! Buyer activity remains relatively lethargic in the Twin Cities housing market. For the week ending March 8, the number of new purchase agreements signed was 682, behind the same time last year by 18.7 percent. Despite the deluge of properties available, rapidly improving affordability, attractive interest rates and motivated sellers, buyers appear to be unwilling or unable to take advantage of this incredibly attractive buyer's market.
This conundrum begs a question: Do buyers remain on the sidelines because they so choose or because they have no choice? In other words, is it tightening lending rules or a sincere lack of consumer interest that is keeping buyers in stasis? What do you think? Please let us know by interacting with us and others at "The Skinny," our new market insight blog.
This month's edition of the MAAR Weekly Market Activity Report features an updated figure for Months Supply of Inventory, which jumped in March to 9.2. This means that it will take the current supply of properties for sale roughly 9.2 months to sell through completely.
Calling all brokers! If MAAR were to host a broker summit that gathered Twin Cities real estate brokers together, what speakers would you be willing to pay to listen to? These speakers can be national or local, real estate related or general. Please share your thoughts with Linda Stoeckicht at lindas@mplsrealtor.com.
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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 The substantial corrective price declines first seen in January were further fleshed out in February, as the median sales price for the month of $195,060 is a decrease of 12.5 percent from the same month last year. There were 3,087 purchase agreements signed and 2,009 sales closed—down only 10.2 and 13.6 percent from last year, respectively. This is a lesser decline than seen in recent months.
The MAAR Housing Affordability Index (HAI) shot up eight points from last month to 157. That's the healthiest HAI figure since 2003. Additionally, the number of homes for sale continues to post record levels despite a drop-off in new listing supply. At the end of February, there were 29,842 homes for sale, which amounts to 8.72 homes for each buyer expected during the upcoming month.
A note to those scouting the market for rock-bottom prices: The decline in median sales price is just as much a function of what kinds of properties are being sold as it is a slashing of listing prices. According to MAAR's February Housing Supply Outlook, there recently has been a large increase in the sales of properties priced under $150,000, which does have the effect of skewing the overall median sales price downward. | more
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 What Twin Cities area home buyers and renters need to know...
The manager of a large brokerage office recently asked what should be the elevator speech in an agent's repertoire for use when conversing with home buyers. When you have only a couple brief minutes of face-to-face time, the following is what home buyers 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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 For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at the March Housing Supply Outlook. You won't find anything with this much detail on the Twin Cities housing market anywhere else.
Contact MAAR Research Manager, Jeff Allen, at jeffa@mplsrealtor.com or 952.988.3126 if you have questions or comments about this research tool.
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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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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.
Metropolitan Council approves final scope of Central Corridor light-rail project
The Central Corridor light-rail transit project achieved another important milestone February 27 when the Metropolitan Council approved the final scope of the 11-mile line linking downtown Minneapolis and downtown St. Paul. more
 The Business of Politics
NAR has worked closely with the 110th Congress, appearing before House and Senate committees on 17 occasions to communicate REALTOR® positions on major issues.
On the regulatory front, NAR worked closely with the Executive Branch submitting 14 policy comment letters providing REALTOR® recommendations regarding federal regulations affecting the real estate industry. more
 Signs in Minneapolis
Spring is upon us once again and along with it comes an increase in REALTOR® open houses. The Minneapolis Park Board would like to remind us that there is an ordinance banning signs from park board property.
They will be considering any signs posted on their property in violation of their ordinance to be abandoned property and they will dispose of them immediately. They will not be returned and it will do no good to call them. Further questions may be directed to the Minneapolis Park Police Department at 612.230.6550.
Sources: Metropolitan Council; National Association of REALTORS®, Eye on the Hill; Minneapolis Park Police Department
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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 2 – Improving your Outlook (Class Full!)
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®
Fraud
Identifying and Avoiding Fraud in Real Estate Transactions
March 19, 1:00 p.m. – 4:00 p.m.
It is unfortunate, but fraud in real estate is a growing problem. This class will provide the information you need so you can avoid facing fraud charges and continue to be successful in real estate. Some of the subjects covered in this class include:
• Basics of fraud and the federal definition
• Downpayments
• Owner-occupant investors
• Cash-backs
• "Eligible" consumers
• RESPA
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
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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 WCR SPRING FLING LUNCHEON
Experience colorful cultures at the gem in the heart of Minneapolis, the Global Midtown Market!
 The April meeting is WCR’s annual fundraising event and promises to be very FUN and INFORMATIVE. Val Vargas, President of the Hispanic Chamber of Commerce, will share information about how the Hispanic community makes purchasing decisions, particularly in the world of real estate.
You’ll also have an opportunity to taste delicious and gorgeous food from a variety of cultures through an intercontinental buffet lunch. It will be an adventurous treat for your taste buds!
 In addition to their special speaker, they will have a vendor fair with business-related and nonbusiness vendors, raffle items, and a grand prize worth $250—all for just $35!
(Proceeds to benefit St. Joseph Home for Children and to provide educational opportunities for WCR members.)
Date and Time: Wednesday, April 9, 11:00 a.m. – 1:30 p.m.
Itinerary: 11:00 a.m. to noon (social hour/vendor fair); noon to 1:30 p.m. (lunch/program)
Location: Midtown Global Market – Lake St and Chicago Ave, Minneapolis
(free parking validation in Midtown Exchange Range for up to 3 hours)
Cost: $35; TICKETS MUST BE ORDERED AND PAID FOR IN ADVANCE
WCR is not able to sell tickets at the door.
To reserve your spot, contact Jan Jakobitz at jan@WeDeliverHomes.com or 952.270.2617. Tickets available until Friday, March 28.
For more information about WCR, check out the local and national websites.
Source: Women's Council of REALTORS®
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 The March/April 2008 issue of The REALTOR® is available online now. Plus, all MAAR members should have received one in the mail. The printed issue includes a full, glossy version of the 2007 Residential Real Estate Activity Report, an invaluable resource for understanding pricing trends in the metro area.
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 The NorthstarMLS and Plat office will close at noon on March 21. The Help Desk’s weekend on-call coverage will start at that time.
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 The University of St Thomas offers its Commercial Real Estate Specialist Program again this year.
This is an intensive program that provides a wealth of knowledge for those interested in advancing their real estate careers and/or business development skills to the next level.
Entrance into the program is competitive and space is limited.
The application deadline is March 28!
Classes are scheduled Tuesday and Thursday, May 1–June 3.
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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 Legislative Impact Day (LID) and will address Minnesota's REALTORS® one final time. Governor Pawlenty has agreed to speak, as well as House Minority Leader Marty Seifert, Senate Tax Chair Tom Bakk and Senate Minority Leader David Senjem. It should be a lively day in Saint Paul.
Join the Minnesota Assocation of REALTORS® for the annual LID and stay for the afternoon reception for fan favorite and Rick Kupchella's first call, Glenn "The Dorf" Dorfman.
When: Thursday, April 3, 2008
Where: Crowne Plaza Hotel, 11 Kellogg Blvd., St. Paul, MN
View a Printable Flyer
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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