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Spring inventory growth remains staid in the Twin Cities housing market as the annual influx of new properties for sale has not been as rambunctious as the levels seen over the last few springs. The total number of homes for sale in the metro area currently sits at 31,615 up only 3.0 percent from the same time last year—the lowest such year-over-year increase for some years. Home sales remain relatively slow as well, with newly signed purchase agreements (pending sales) from the last three months trailing the same period last year by 16.6 percent.
This week's edition of the MAAR Weekly Market Activity Report features an updated Housing Affordability Index (HAI) for April. The HAI fell slightly to 155 due to a seasonal increase in home prices in March but remains a healthy 16.6 percent above where it was two years ago. Softening prices, motivated sellers and a continuation of historically low interest rates have dramatically improved the affordability picture in recent months.
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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 Do you or a client own property near the Xcel Energy Center in St. Paul? GOP Convention Strategies has contacted us seeking assistance placing their clients near Xcel Energy Center during the 2008 Republican National Convention (RNC) event.
You have probably heard the hype and read the newspaper articles about the potential to realize income by renting your property during the RNC. It turns out that, in this case, some of that hype may be true.
Some clients of GOP Convention Strategies coming into town for the RNC have expressed interest in staying in private homes or condos—specifically in downtown St. Paul, the Cathedral Hill area and downtown Minneapolis—for the week of the RNC, which runs from August 30 to September 5, 2008.
Hotels are already booked in Minneapolis and St. Paul (and people don't necessarily want to stay at the Maple Grove Holiday Inn). If you own a place in St. Paul or downtown Minneapolis that you'd like to rent out during the week to a private company (meaning, these people come with deposits, contracts, etc.), contact Leslie Wilcox of GOP Convention Strategies at 651.714.2008 or Leslie@GOPConventionStrategies.com.
Renting out a condo/apartment/house during the RNC is not going to make the owner rich for life, but it could make enough for a really sweet vacation!
Source: Eric Myers, GAD for NMRA; Leslie Wilcox, GOP Convention Strategies
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The latest edition of "The 100" has been released (click here or on the logo above). These monthly community snapshots have become an invaluable resource to many REALTORS®, or so we've been told. If you're not using them already, take a gander today. Start with your own city or the one you do the most business in. Does it match your expectation? Would you share this with a client? We're always interested in receiving feedback.
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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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 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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 David Letterman...Dick Gaylord... Each has a top ten list. In this case, DG (not DL) gives us special video featuring his "Top Ten Tips for Boosting Your Business."
There are also individual clips of each tip and a colorful tip sheet if you'd rather read words than watch moving pictures.
Source: National Association of REALTORS®
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 Case Shiller is a highly reported real estate price index that is alleged to be more accurate than the statistics provided by the REALTOR® associations. The argument is that the REALTORS® report the average or median price of all sales from one year to the next, which is a different group of homes each year. Case Shiller only uses cases where the same home has sold twice, using the apples vs. apples argument. There is logic to this argument, but there are also significant problems. Pat Paulson, one of our more prolific board members broke it down nicely over at activerain.com, a good social network for REALTORS®. read more
His conclusion: All statistical measurements have flaws, including Case Shiller. In the end, nothing replaces a good REALTOR® in understanding the pulse of the market.
We can get behind that. So can David Michonski, CEO of Coldwell Banker Previews International, who provides compelling additions to Pat's post.
Source: blogs on activerain.com from Philip Kiracofe, David Michonski and Pat Paulson
(enjoy the benefits of crowdsourcing)
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 The Minneapolis Advantage Loan Program
The Minneapolis city council has approved a new Minneapolis Advantage Loan program for buyers who purchase a single-family dwelling or duplex in Minneapolis neighborhoods that have experienced higher than normal levels of mortgage foreclosures. The program offers a $10,000 zero percent interest loan that is forgivable over five years to anyone buying a home in which they will live in these key neighborhoods.
 Click here for the loan program guidelines. For information contact Tom Streitz at the Community Planning and Economic Development (CPED) office at 612.673.5128.
Eden Prairie to Reconsider Sign Ordinance
The Eden Prairie City Council will consider an amendment to its real estate sign ordinance on Tuesday night, April 15, beginning at 7:00 p.m. The proposed change would allow the placement of temporary offsite open house signs on Tuesdays from 10:00 a.m. to 3:00 p.m. The current ordinance only allows offsite signs on weekends. All signs must be placed on private property. No signs may ever be placed in the public right of way. For more information, call the city at 952.949.8300 or go to the city-by-city sign ordinance section of our website.
 Infill Housing in Edina
The Edina Planning Commission will continue its discussion of infill housing, referred to as the massing issue, at its next meeting on Wednesday, April 30 at 7:00 p.m. at Edina City Hall. Edina approved an ordinance last year placing some limits on the size of new homes built in existing neighborhoods.
When a home is rebuilt after a teardown, the lowest-floor elevation of the new home may not be more than one foot above the lowest level of the home that was torn down. Side yard setbacks are calculated on a sliding scale depending on lot size. The Planning Commission will consider additional massing regulations at the April 30 meeting. For more information, call the Edina Planning Department at 952.826.0369. Infmormation is also published on our website here.
Sources: The cities of Minneapolis, Eden Prairie and Edina
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Let's Get Ethical!
 If the quadrennial ethics requirement were to end today, half of our membership would be mired in a NAR-sanctioned debacle. 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. And it's a good thing you're not a procrastinator...right?
Consult the education calendar for details on this and other dates and times.
Upcoming MAAR classes listed below. Start your registration process here.
eEssentials 5 – Making Your Point with PowerPoint
April 15, 1:00 p.m. – 4:00 p.m.
PowerPoint gives you the tools to create impressive and informative visual presentations. You will learn about inserting photographs, changing presentation design, colors, slide transitions, auto-play and more.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Chaska Schools
April 17, 8:30 a.m. – 12:30 p.m. (registration and coffee, 8:00 a.m.)
The schools of Eastern Carver County/School District 112 believe the future is "not some place we are going to, but one we are creating." A growing, dynamic school system, District 112 is redesigning its entire secondary program for the new requirements of the 21st century. This program will provide an update on progress. You'll also learn about enrollment projections, district finances, overviews of current classroom practices, preschool and family education programs, school-age child care, and enrichment classes.
Credits: 4 (pending)
Location: Chanhassen Recreation Center,
Hwy 5 and Galpin Rd, 2310 Coulter Blvd, Chanhassen
Tuition: $48 REALTOR®, $96 Non-REALTOR®
1031 Exchange
April 18, 9:00 a.m. – noon
Undoubtedly the hottest trend in investment real estate is that of the Tax Deferred 1031 Exchange. This course will provide you with an introduction into the world of 1031 exchanges. Learn: What is a 1031 exchange? How does it apply to real estate? How can investors benefit from such a transaction? How does this IRS code allow the deferring of the tax liability as it relates to capital gains? This class is certain to prepare you for working with real estate investors in a way you may not have in the past.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Advanced 1031 Exchange
April 18, 1:00 p.m. – 4:00 p.m.
This course will include advanced topics regarding 1031 exchanges, including complex exchange concepts, strategies and techniques, build to suit, reverse and combination exchanges. Attendees will also learn valuable information about:
• Avoiding the most common exchange traps
• Related-party issues
• Installment sales
• Dealer status
Prerequisite: 1031 Exchange class.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®
eEssentials 6 – So You Found Me on the Web, Now What?
April 22, 1:00 p.m. – 4:00 p.m.
With more than 90 percent of all buyers using the web as part of their home-buying process, simply having a website isn't enough. This course will review steps to acquiring and establishing a website. Then it will explore website issues surrounding content and what users look for in real estate websites. If you have a website or want to have one, this class is a must.
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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 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 April Housing Supply Outlook. You won't find anything with this much detail on the Twin Cities housing market anywhere else. Highlights:
Inventory flattening. Remember all that talk about the record number of houses on the market and high inventory? That was then and this is now. The total number of homes on the market today compared to the same time a year ago is only 4.2 percent higher—a much lower number than we've seen over the last three years.
Inventory actually lower in many price ranges. If you compare the number of homes for sale today with the same time a year ago, five of the eight price ranges we track actually have less on the market. Only the three price ranges under $190,000 have more on the market now than they did a year ago. Home sellers who are priced at $190,000 or above actually have less competition for buyers this year than they did last year.
Condo market done declining? The condo market continues to show early signs of bottoming out. Inventory is down and prices are stablizing after two years of decline. That said, sales of condos remain sluggish and likely won't spike dramatically upwards anytime soon.
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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 With spring approaching, homebuilders across the Twin Cities continued to slow down new activity. In March, residential building increased from the previous month, although there were fewer units permitted than the same time a year ago due to a slight dip in multifamily construction. Through the first quarter of 2008, homebuilding was down compared to the first quarter 2007.
There were 229 units permitted during the month of March 2008, up from 217 units permitted in February 2008. Year-to-date activity in 2008 trails 2007, with 811 units permitted thus far, compared to 1,988 units permitted through the same point last year.
Brooklyn Park led the metro in building activity for the month with 25 units permitted in March. Lakeville and Maple Grove followed with 16 units permitted each, Woodbury with 15 units permitted, and Blaine and Plymouth with 14 each. read the full press release
Source: Builders Association of the Twin Cities
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 MLXchange System to be Discontinued
MLXchange was launched for NorthstarMLS users in 2005 as an option and alternate MLS system to NorthstarMLS Matrix. The purpose was to provide customer choice, an emergency backup system and to encourage the system vendors to compete with each other on features.
MLS subscribers have not exercised the customer choice option to anywhere near the extent expected. Since launch, MLXchange has claimed fewer than 5 percent of NorthstarMLS subscribers as users, despite promotional efforts and provided training. The high cost of MLXchange can no longer be justified for so few users. As a result, the contract for MLXchange will not be renewed after it expires in November.
Source: Regional Multiple Listing Service (RMLS)
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 With Palm's Take Back and Recycling Program, you can recycle your old devices in honor of Earth Day on April 22.
Send in your Palm® smartphones, handhelds, and accessories in any condition for reuse and recycling. They'll even recycle phones that aren't made by Palm, so send those in, too!
Before you send in your phone, be sure to clear the phone's memory of information that you wouldn't want a stranger to see. Removing the SIM card isn't enough. To permanently delete personal information, follow the manufacturer's instructions for performing a factory reset for your specific model. Free data erasers on the web also offer instructions on how to do factory resets for various models.
Once you've deleted your personal information, place your retired mobile phones, handhelds and related accessories into a box large enough to ship them safely. Then print out and apply one of Palm's postage-paid mailing labels, and drop it in a mailbox. It's that easy!
Don't let your old devices sit in a drawer and don't throw them in the trash! They are made from precious metals, copper and plastics. Recycled components can be used to make other products, which reduces greenhouse emissions, keeps valuable material out of landfills and conserves natural resources.
For more information visit www.palm.com/recycle.
Source: Palm
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The Wall Street Journal, lore Magazine and REAL Trends are pleased to announce the 3rd Annual Top 200 Real Estate Professionals.
Rankings will include*:
- Individuals by sales volume
- Individuals by transaction sides
- Teams by sales volume
- Teams by transaction sides
* residential business for calendar year ending December 31, 2007.
The Top 200 ranking will recognize and celebrate the outstanding accomplishments of the top real estate professionals in the United States today with the following:
- A Gala Awards Dinner at The Ritz Carlton Orlando,
Grande Lakes, Orlando, FL
- A Press Conference in advance of the NAR conference
- Recognition in The Wall Street Journal
The deadline to submit an application or nominate a top performer is June 2, 2008, so don't delay if you want to play!
Applications are being accepted via fax and mail. Click here to get an application. You may also obtain an application at www.loremagazine.com. Additional questions? Contact Karen Lawrence at 303.741.1000 or klawrence@realtrends.com.
Source: REAL Trends, Inc.
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 Get wise to the products and tools that attract clients into homeownership at the Home Programs Industry Training & Homeownership Workshop. Learn how to be better equipped to work with Minnesota's diverse and changing populations. Continuing education credits have been applied for.
Date: Saturday, May 17, 2008
Time: 8:00 a.m. Meet and Greet; 8:30 a.m.–11:30 a.m. Homeownership Workshop; Noon–3:30 p.m. Homeownership Fair
Location: Wilder Center, 451 Lexington Pkwy N, Saint Paul, MN 55104
Register online at www.ehousing.cc/cityliving_0517.htm. Questions? Contact Stephanie Hawkinson at 651.266.6586 or stephanie.hawkinson@ci.stpaul.mn.us.
Source: eHousingPlus
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 Five winners will receive $10,000 grants and national publicity
REALTOR® Magazine, the official publication of NAR, is seeking help in identifying nominees for the 2008 Good Neighbor Awards. The program—now in its ninth year—recognizes REALTORS® whose extraordinary commitment to community service has helped make their communities better places to live.
In November, five winners will be announced in REALTOR® Magazine and will be recognized at the 2008 REALTORS® Conference & Expo in Orlando. Five winners will receive a $10,000 grant for their community cause, travel expenses to the convention and extensive publicity to benefit their cause. In addition to the winners, five honorable mentions will receive $2,500 grants.
Eligible activities include any volunteer work that helps improve the quality of life in a community. Entry form, rules, judging criteria, and profiles of past winners are available here. Deadline for entry is Friday, May 23, 2008.
Source: National Association of REALTORS®
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