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Week of April 21, 2008
Weekly Market Activity Report – April 21, 2008 Education and Professional Development REALTOR® Expo Attendee Survey Printed Forms on the Outs MAAR's Expo Gas Giveaway Winners News from NorthstarMLS: Matrix Mobile Rent Your Property During the RNC The Living Green Expo, May 3–4, State Fairgrounds LD4. Fourth Annual Land Development Conference 2008 Top Real Estate Professionals – Submit Your App Foreclosure Prevention Workshops Home Ownership NOW! – for REALTORS® and Mortgage Pros Public Affairs: Minneapolis Update, Edina Infill REALTOR® Magazine Seeks Good Neighbor Nominations
Weekly Market Activity Report The signs are early and nascent, but there are some promising early indicators that the Twin Cities housing market is beginning to correct and pull back from its two year-beeline in the buyer's favor. While affordability, interest rates and overall supply are still attractive, home sellers are cutting back on new listings substantially in 2008. For the week ending April 12, there were 2,156 new listings, down a full 20.1 percent from the same week last year. That's the fifth week in the last six that we've seen double-digit percentage drops from 2007 activity. Newly signed purchase agreements (pending sales) are still behind last year also, posting a 3.8 percent decline. While our market still faces a long road ahead to full recovery, the recent reduction in new supply is a positive beacon on the horizon and undoubtedly welcome news for home sellers. 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.   TOP
REALTOR® Expo Attendee Survey The Twin Cities REALTOR® Expo ended up being quite the treat for us organizers, but we need to hear from attendees in order to really judge the success level of this year's expo. The surveys from the 2006 and 2007 expos were instrumental in creating the programs for 2008. We would like to continue the trend toward doing exactly what it is you want us to do. So go ahead...tell us. take our expo attendee survey now! Did you miss the expo? See a little bit of who you missed. TOP
Gas: It Gets You Where You Need to Get To As one of the sponsoring organizations of the 2008 REALTOR® Expo, of course we MAARtians had us a booth. Our incentive for an extended visit was the promise of free gas. Initially, we were going to give away three cards, but then the price of gas went up yet again. So we gave away four. Here are our winners: Rob Mehta RE/MAX Results, Edina Rachel VanDenBoom Edina Realty, Prior Lake/Savage Terry Hullsiek Allen-Lee Homes, Inc., Bloomington Todd L. Walker Coldwell Banker Burnet, Eden Prairie   TOP
Rent Your Property During the Republican National Convention 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 North Metro REALTORS® Association; Leslie Wilcox, GOP Convention Strategies   TOP
LD4. Fourth Annual Land Development Conference Date: Wednesday, May 14, 2008 Time: 7:15 a.m. Registration & Breakfast Buffet; 7:55 a.m. – 12:30 p.m. Program Program Details: Click here Location: Earle Brown Heritage Center, 6155 Earle Brown Drive, Brooklyn Center Cost: $109 Special Rate; $139 After May 6 Credits: 4.5 Hours of Real Estate & Legal CE Credits Have Been Applied For For registration info, contact Stephanie Awe, sawe@recg.com, 952.405.7785. Or "Register Today". To participate as a sponsor to this event or for information on a future event, contact Aaron Steele, asteele@rejournals.com, 952.405.7782 or Chad Larson, clarson@rejournals.com, 952.405.7790. Source: Real Estate Communications Group TOP
Foreclosure Prevention Workshops 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. Future scheduled workshops: • 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   TOP
Public Affairs Minneapolis Increases Fees on Boarded and Vacant Buildings The city has increased its annual boarded and vacant building fee from $2,000 to $6,000. The fee increase went into effect on March 17 for all newly registered vacant buildings. Existing vacant buildings on the Minneapolis Chapter 249 vacant building list will be charged the increased fee beginning on May 1. The city has indicated that the fee increase was necessitated by the tremendous amount of staff time and city resources required to monitor and manage vacant and abandoned buildings. More information is available here. You may also call the city at 612.673.2233. Minneapolis Approves New Rental Inspection Fee Minneapolis has approved a new $1,000 rental inspection fee to be charged when a single family or duplex property is converted from owner to rental. This is in addition to the annual rental license fee. For more information call 612.673.5856. The Minneapolis Advantage Loan Program The new Minneapolis Advantage Loan Program also begins May 1 when applications may be submitted. The loan is a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods that have experienced mortgage foreclosures, offering a $10,000 zero percent interest rate loan forgivable over five years to anyone buying a home in which they will live in eligible neighborhoods. Program guidelines, an eligible neighborhood map, frequently asked questions and a loan application are published here on the Minneapolis 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   TOP
Education and Professional Development Ethics Compliance Outlook Not Improving If the quadrennial ethics requirement deadline was today, more than half of our membership would be mired in a NAR-sanctioned debacle. As of March 31, we are squatting at 48.1% of our membership listed as compliant. That's not gonna cut it, folks. We really need you to start getting this taken care of. It's a good thing you have no fewer than 6 more chances to take a Code of Ethics class at one of several convenient locations we have established from May 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. Your next shot is May 1 in Minnetonka. Upcoming MAAR classes listed below. Start your registration process here. Extreme Forms Makeover: Forms Update April 24, 9:00 a.m. – noon On August 1 each year, there are a variety of forms changed or introduced. In this class, you will learn about the changes that went into place in 2007. The course will cover changes in forms relating to Agency and Representation, Seller Disclosure, Purchase Agreements and related addendums. Credits: 3 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $36 REALTOR®, $72 Non-REALTOR® Wake Up, Shift Happens! April 24, 1:00 p.m. – 4:00 p.m. The only constant in our real estate market is change, and the only way to be prepared is to understand the reasons behind the changes. Get the answers to such questions as "When will buyers come back?" and "Why are there so many listings?" In an interactive, small-group setting, you will investigate: • Recent shifts in the Twin Cities real estate market • Projections for the Twin Cities real estate market • Changes in today's real estate consumer You'll walk away feeling like a budding economist armed with the answers to the important questions of a changing, shifting real estate market. Credits: 3 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $36 REALTOR®, $72 Non-REALTOR® Asset Management for Seniors April 28, 9:00 a.m. – noon There are many legal and financial questions that arise when working with a senior client. How do you find out if there's a durable power of attorney? How do you know if your client's legal documents are in order? Protect your client and your license by attending this informative class! Credits: 3 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $36 REALTOR®, $72 Non-REALTOR® Technology 101 April 28, 9:00 a.m. – 1:00 p.m. Are you puzzled by technology? Are you overwhelmed when you have to pick out a new computer, digital camera or other piece of technology? With this class, you will leave equipped with an overall introduction to a variety of technologies useful in the day-to-day business of being a real estate professional. Credits: 4 Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435 Tuition: $48 REALTOR®, $96 Non-REALTOR® Make Your Business Senior Friendly April 28, 1:00 p.m. – 4:00 p.m. Learn from REALTORS® who work primarily with seniors. How is working with seniors different than other clients? What are specific challenges REALTORS® face when dealing with seniors? What marketing techniques are effective in reaching seniors? These questions and more will be answered. Credits: 3 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $36 REALTOR®, $72 Non-REALTOR® Real Estate Math: Statistics April 29, 1:00 p.m. – 4:00 p.m. Certainly you have been asked if it is a "buyer" or "seller" market. How about "Where are interest rates going?" Do you know how many years the Twin Cities real estate market saw depreciation in the last 40 years? This class is not your typical boring statistics class. It will provide an arsenal of information you can use when working with the public. Learn about sources of information and tools that will help you answer those oh-so-common questions. Credits: 3 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $36 REALTOR®, $72 Non-REALTOR® Code of Ethics / Agency & Fair Housing May 1, 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: Minnetonka Community Center, 14600 Minnetonka Blvd, Minnetonka Tuition: For our 30th anniversary, it's $30 for BOTH classes or $30 for EACH class (sorry, no splitsies!)   TOP
Printed Forms on the Outs Another sign of technology moving forward; the printed copies for MLS and MN Conveyance forms will soon be but footprints on the sands of time. A majority of our members have already moved to either downloading their own forms from either NorthstarMLS or the Minnesota Association of REALTORS® or they have subscribed to any one of a number of the growing list of online vendors that provide the forms. Due to this transition to new technology, it is no longer feasible to offer printed copies in the MAAR Member Services Store. Online forms have distinct advantages of being able to be branded, instantly updated, and are much more Green friendly as they do not require multiple shipping events or a dumpster whenever a form change occurs. The remaining forms in the store are on sale and carried while quantities last. We will not be reordering any new forms and all forms will be gone on or before August 1, 2008. If you have any questions about forms, please contact Member Services info@mplsrealtor.com or 952.933.9010.   TOP
News from NorthstarMLS: Matrix Mobile Take NorthstarMLS on the Road with Matrix Mobile! Matrix Mobile is the newly developed version of Matrix for wireless handheld devices such as BlackBerrys, Palm TREOs, and Pocket PCs. Matrix Mobile replaces the previous Matrix Wireless service with these benefits: Full access to your NorthstarMLS Matrix Contacts, Saved Searches, Listing Carts, and the live NorthstarMLS database. No registration/activation required. Simply open your device's web browser and enter the address matrixmobile.northstarmls.com. Log in with your regular NorthstarMLS agent ID and password, and you're ready to go. Matrix Mobile is a core component of your NorthstarMLS subscription provided at no additional cost. Search listings, email them to your clients and call for showing appointments...all from your mobile device! The service does not include the mobile hardware or data plan. Ensure that your mobile handheld device supports HTML Internet browsing. If you can access Google on your device, then you should be able to access and use Matrix Mobile. For technical support, contact our help desk at mlshelp@northstarmls.com or 651.251.5456. For full details on how to use Matrix Mobile, check out the Reference Guide (PDF). Source: Regional Multiple Listing Service (RMLS) TOP
The Living Green Expo The Living Green Expo, Minnesota's largest environmental event, provides real solutions for people to live better, healthier lives with less impact on the environment. The two-day event, free to visitors, connects people who are interested in making a positive difference both in their lives and in their communities. Date and Time: Saturday–Sunday, May 3–4, 10:00 a.m.–5:00 p.m. both days Location: Minnesota State Fair Grounds For more information, contact Vanessa Levingston, Project Coordinator, Living Green Team, Minnesota Pollution Control Agency, at 651.297.8286 or visit www.livinggreen.org. Source: Minnesota Pollution Control Agency   TOP
2008 Top Real Estate Professionals – Submit Your App 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.   TOP
Home Ownership NOW! – A Program for REALTORS® and Mortgage Professionals 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, St. Paul 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   TOP
REALTOR® Magazine Seeks Good Neighbor Nominations 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. Deadline for entry is Friday, May 23, 2008. 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. Frequently Asked Questions | Entry Form Source: National Association of REALTORS®   TOP
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