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Vamoosh! Home sellers in the Twin Cities are continuing their great disappearing act, with new listings on the market in 2008 sitting far below last year's rate. Over the last three months, there have been almost 2,500 fewer listings put on the market than there were a year ago—a drop of 9.5 percent.
Inventory is still more plentiful than ever. Despite the pullback, we still have a record high number of houses on the market for this time of year. So what's the takeaway here? Well, if we look closer, we can see that the inventory gap between now and one year ago is closing, and closing hard. We've gone from being up 12.6 percent from a year ago to only 5.5 percent up in the last 12 weeks.
Gut check: We must keep perspective on the challenging environment that sellers still face, despite the softening competition. The number of signed purchase agreements (pending sales) for the last three months is 17.7 percent behind the same period a year ago. There's fewer of everything.
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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 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. A cavalcade of Minnesota politicos will be on hand as well. Like Governor Pawlenty, House Minority Leader Marty Seifert, Senate Tax Chair Tom Bakk, Senate Minority Leader David Senjem and Jerry Mathers as the Beaver.
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. It should be a lively day in Saint Paul.
When: Thursday, April 3, 2008
Where: Crowne Plaza Hotel, 11 Kellogg Blvd., St. Paul, MN
View a Printable Flyer
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.
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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St. Paul and the Minnesota Home Ownership Center are sponsoring a series of foreclosure prevention workshops for people who are concerned about making mortgage payments, know someone who is in trouble or just want more information. Two similar workshops last fall drew more than 250 people each.
Mortgage lenders and community-based organizations will be available to offer free advice and answer questions, and attendees will be able to hear short presentations on legal rights and the foreclosure process.
 Scheduled workshops:
• April 1: 4:30–8:30 p.m., Brooklyn Jr. High, 7377 Noble Av N, Brooklyn Park.
• April 22: 4:30–8:30 p.m., Minneapolis Urban League, 2100 Plymouth Av N, Mpls.
• May 20: 4:30–8:30 p.m., Discovery Elementary School, 301 Second Av NE, Buffalo
• June 5: 4:30–8:30 p.m., Eagan Community Center, 1501 Central Pkwy, Eagan
Call the Home Ownership Center at 651.659.9336 or go to www.hocmn.org for more information. St. Paul mortgage foreclosure prevention counselors are available at 651.266.6626 or www.stpaul.gov/foreclosure. Renters with foreclosure questions can call HOME Line at 612.728.5767.
Source: Star Tribune
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 Are banks selling foreclosed (REO/bank-owned) property exempt from disclosure requirements?
Brad Boyd, Esq., Thomsen & Nybeck, PA, recently wrote an article for MNAR about this widely misunderstood and miscommunicated issue. He states that part of the confusion comes from banks, particularly national banks, unfamiliar with state law and disclosure requirements in Minnesota. It's a useful summary for REALTORS® and we encourage you to pop over to the state association's weekly "Resource Update" to read the full story (it's the third one down). click here
Source: Minnesota Association of REALTORS®
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 As our real estate community is continually met with a challenging market, MAAR recognizes the need to establish programs and services specific to the needs of brokers and managers.
To reinforce this effort, MAAR is developing a series of "Broker Only" continuing education classes. We would like to invite brokers to participate in a light brunch focus group in developing course curriculum.
Please consider participating in the creation of a new course for brokers facilitated by Nancy Scott and Rodolfo Trujillo:
Date: Thursday, April 10, 2008
Time: 10:00 a.m. to noon
Location: PDC@RFC, 4450 W 76th St, Edina, MN 55435
Contact Linda Stoeckicht by April 7, 2008 at 952.988.3157 or lindas@mplsrealtor.com to register for the focus group.
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 Ask the Expert: Be the Complainant, Not the Respondent
on an Ethics/Professional Standards Complaint
Format: Lunch and Conversation
Date: Friday, April 11, 2008
Time: 11:45 a.m. to 12:45 p.m.
Location: PDC@RFC, 4450 W 76th St, Edina, MN 55435
(Located off France Ave and W 76th St)
Do you have a question about an ethical issue but don't feel comfortable asking your broker or co-agents?
Well, here is your chance to have a candid conversation with the expert, Jim Dattalo, about Ethics and Professional Standards. This will be a very informative and energetic dialogue, so bring your questions and concerns to the meeting...
Lunch provided, but RSVP is required! Contact Donnie Brown at donnieb@mpslrealtor.com.
Invite a co-agent or coworker and bring plenty of business cards for networking!
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 The March 2008 issue of NAR's Real Estate Insights (REI) is now available. REI is produced by NAR Research and is chock full of timely real estate market research information. In addition to NAR's economic summaries (pages 4–5), page 8 begins an article entitled "Housing's Second Wind," outlining how recent federal acts will help revitalize the mortgage industry.
Real Estate Insights: Web version | PDF version
Source: National Association of REALTORS®
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 Call for Action: Permanent Loan Hike Needed
Higher FHA loan limits, passed as part of the 2008 National Economic Stimulus package, are set to expire at the end of the year. AEs: Now is the time for your members to contact their members of Congress in support of FHA reform legislation that includes realistic and permanent increases in the loan limits. Your members can respond to NAR's Call for Action on FHA reform at the REALTOR® Action Center.
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 Let's Get Ethical!
Up to this point, only 47.4 percent of our membership is up to date on Code of Ethics. If the quadrennial were to end today, half of our membership would be mired in a NAR-sanctioned debacle. It's a good thing you have until December. It's a good thing you have no fewer than 7 more chances to take a Code of Ethics class at one of several convenient locations we have established from April through November. It's a good thing you're not a procrastinator...right? Right? Don't be chicken headless come fall. Take care of this requirement while the spring reaffirms all that is good in life.
Your next opportunity to put this requirement behind you will be April 8 in Brooklyn Park. Consult the education calendar (or see below) for details on this and other dates and times.
Upcoming MAAR classes listed below. Start your registration process here.
Essentials I – The Business of Real Estate
April 7, 9:00 a.m. – noon
Learn more about crucial economic factors that have an impact on the real estate industry and how to plan for your success and the success of your clients in nearly any economic environment. Plan for success in real estate with helpful tips for business planning. Anyone serious about the business of real estate can't afford to miss this class.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Essentials II – Representing Buyers Like a Pro
April 7, 1:00 p.m. – 4:00 p.m.
Ever wondered how some agents have so much luck with buyers? Hint: It isn't luck. Agents who prepare to win the buyer business do just that. Increase your knowledge of essential forms like Buyer Representation, Agency Disclosure and Purchase Agreement. Leave the class with useful tips for explaining these forms to potential clients, getting them to "sign on the dotted line," avoiding common mistakes that can cost you business and your client a house, plus a whole lot more.
Note: This class will meet your 1-hour Agency requirement.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Code of Ethics / Agency & Fair Housing
April 8, 9:00 a.m. – 11:30 a.m. / 1:00 p.m. – 3:00 p.m.
The Code of Ethics (COE) portion of the program will provide a review of the National Association of REALTORS® (NAR) COE. You will receive a great review of the foundation of our business and presentations of real-world case studies that demonstrate the importance of the NAR COE. This class meets the NAR 2008 COE training requirement. The newly designed Agency & Fair Housing portion of the program reviews the various federal and state protected classes as they relate to REALTOR® duties and Minnesota Agency Law. This course will also provide a look at demographic changes in the real estate market, homeownership trends and a review of fair housing court cases involving real estate.
Credits: 2.5 for Code of Ethics / 2.0 for Agency & Fair Housing
Location: Edinburgh USA, 8700 Edinbrook Crossing, Brooklyn Park
Tuition: For our 30th anniversary, it's $30 for BOTH classes
or $30 for EACH class (sorry, no splitsies!)
eEssentials 4 – How to Excel with Excel
April 8, 1:00 p.m. – 4:00 p.m.
As REALTORS®, we can use the power of Excel for stats, graphs, profit-loss statements and more. You will be introduced to elements such as spreadsheet data entry, graph generation and creating simple formulas. This class will use NorthstarMLS Matrix and Word. If you need a refresher on either of these, we strongly recommend eEssentials 1 and eEssentials 3 before taking this course.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Communicating with Style
Using the DiSC Profile to Assess Your Strengths
April 9, 9:00 a.m. – noon
Over time, our communication styles evolve and we become fluent in our preferred communication strengths. In the world of sales, the challenge is to create "communication chemistry" with prospects who may have perfected entirely different communication strengths. By using the DiSC Personal Profile System to assess your strengths, you will learn about the other "preferred styles" and how to enhance your communication effectiveness with others.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $75 REALTOR®, $150 Non-REALTOR®
Note: The DiSC assessment MUST be taken online one week prior to attending class. Each participant will receive instructions with login/password information to access the DiSC website.The assessment can be completed in 30–40 minutes.
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, you could win a lease on a new Toyota Prius and other fabulous prizes.
From Denny Hecker: 2 car leases on a new Toyota Prius
Everyone receives a $25 gift cards to:
• Bellanote
• r.Normans and
• Advantage Rent a Car
Purchase tickets for additional chances to win a car lease at the Wishes and More booth.
From Luther Brookdale Chevrolet: win 1 of 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!
Exhibit at the Expo: Show 'Em Whatcha Got
The REALTOR® Expo 2008 is just one month 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.
Ticket deadline extended! To reserve your spot, contact Jan Jakobitz at jan@WeDeliverHomes.com or 952.270.2617. Tickets available until Wednesday, April 2!
For more information about WCR, check out the local and national websites.
Source: Women's Council of REALTORS®
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 NorthstarMLS is working diligently on 2008 tax data updates, which will be made available as soon as possible. Timing depends upon how quickly each county provides the complete information. For each of the 20 counties, NorthstarMLS must:
- Formally request the data and allow reasonable (legally allowed) time for response.
- Review the data files as received for completeness and changes. Any changes may require extra programming time, and every county is different.
- Once a county's data file is ready, it is loaded into a test system for review to ensure there are no problems. If there are problems, it's back to the drawing bard with the county; if the data's good, it is uploaded to NorthstarMLS and made available to you!
Both NorthstarMLS and MAAR understand that updated tax data is important to the services you provide to your customers. Be assured that we will be doing everything possible to expedite the process. Also remember that we update our tax records regularly throughout the year with sales updates. Watch this News screen for announcements when county tax updates become available.
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 Results from a recent survey by the Builders Association of the Twin Cities (BATC) show that Lennar – Minneapolis/St. Paul was the region's top builder in 2007.
Lennar was also the region's top builder in 2006. Rankings are based on annual gross revenue as reported by respondents. Lennar reported gross revenue over $330 million, with 891 total housing units closed in the 2007 calendar year.
Top five regional builders by gross revenue in 2007
1) Lennar – Minneapolis/St. Paul ($330 million)
2) Centex Homes—Minnesota ($168.7 million)
3) D.R. Horton—Minnesota ($161 million)
4) K. Hovnanian Homes ($121.8 million)
5) Ryland Homes—Twin Cities ($109.3 million)
Rankings are based on information provided by survey respondents. Respondent information is believed to be reliable. Each company has verified information to the best degree possible.
Source: Builders Association of the Twin Cities
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 HUD on March 14 published long-awaited proposed regulations on the Real Estate Settlement Procedures Act. The rules include a mandatory four-page Good Faith Estimate (GFE) and a modified HUD-1/1A; a required "closing script" to be read orally at settlement; enhanced disclosures; and new rules concerning volume discounts, average cost pricing, and "required use."
The rules have a 60-day public comment period expiring on May 13. NAR will be filing comments.
For more info contact Scott Rinn 202.383.7508.
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 You are invited to attend the upcoming InternetCrusade® Technology Workshop featuring the e-PRO® Certification course, the only technology course offered and endorsed by NAR. Attendees will walk away with valuable technology tips that can be put to use immediately.
- Discover the four essential elements
of a successful website strategy.
- Learn easy ways to differentiate
yourself from the competition.
- Find out how to leverage the power
of a permanent email address.
Attendees will also receive a FREE full-featured website. This website includes everything you need to begin creating your own online branding including a web page for every listing with multiple pictures as well as free uploading of virtual tours. You also have the option to share your listings through syndication to Google, Yahoo and other media outlets.
You don't have to be a technology expert to attend this program. Get in tune with the wants and needs of today's Internet-empowered buyers and sellers. Start working smarter. Enroll at this FREE workshop and receive a $25 discount from the normal $359 fee and an 8-month enrollment (instead of 6 months) for this online course.
Click here to sign up or call 1.866.377.0627 (toll free).
Next local e-PRO® Workshop:
April 9, 2008, 9:00 a.m. – 10:00 a.m.
The PDC@RFC, 4450 W 76th St, Edina, MN 55435
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