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Week of April 28, 2008
Weekly Market Activity Report – April 28, 2008 Education and Professional Development What's The Skinny This Week? LD4. Fourth Annual Land Development Conference– May 14 REALTOR® Expo Attendee Survey Printed Forms on the Outs April 2008 Real Estate Insights newsletter available Rent Your Property During the RNC NAR Research Reports Provide State and Local Market Details News from NorthstarMLS: Matrix Mobile Twin Cities Habitat for Humanity Home Dedication Ceremony! The Living Green Expo, May 3–4, State Fairgrounds Women's Council of REALTORS® – Next Meeting is May 14 Free Marketing & Technology Workshop for REALTORS® Foreclosure Prevention Workshops Home Ownership NOW! – for REALTORS® and Mortgage Pros Public Affairs: Minneapolis Update, Edina Infill, NAR Midyear REALTOR® Magazine Seeks Good Neighbor Nominations
Weekly Market Activity Report For two years, home buyers in the Twin Cities housing market have behaved like medieval kings—looking down upon their vast and glistening kingdom of available homes for sale with a calm and dismissive eye, slowly selecting their properties without hurry or haste. While their reign is not yet over, there are some noticeable cracks in the walls of their castle. Sellers are not putting homes on the market with anywhere close to the frequency with which they did the last four years. For the week ending April 19, there were only 2,152 new listings, down 19.6 percent from the same week last year. This marks the sixth week in the last seven with a double-digit percentage drop from 2007. The slowdown in buyer activity has also shown signs of abating, as the number of new purchase agreements signed for the week ending April 19 was 893, only 3 units behind the total of 896 seen this week last year. This is the second straight week of relatively flat year-over-year pending sales activity. However, don't head out and buy that $80,000 Italian sports car you've always wanted just yet. It's important to bear in mind that: foreclosure and short-sale activity is taking up a larger portion of our overall market activity than it did previously, which has the effect of propping these numbers up a bit, and we're still 39.8 percent behind our 2005 sales pace at the peak of the boom cycle. Flattening overall supply (only up 0.4 percent from this time last year) and encouraging trends in sales figures should serve as welcome signs that the market corrections we've experienced in the last two years are taking a turn. Some semblance of order may very well be restored to the "kingdom" in the next 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.   TOP
The Skinny: This Week's Topics Include Wright County and The Fed We're always talking about cool stuff over at our blog. In addition to reposting desirables for immediate gratification, like the Weekly Market Activity Report and our monthly press releases, we raise awareness on other topics of REALTOR® interest, including: The Wright County Discussion The Star Tribune recently ran an in-depth three-part series on the Wright County real estate market called "From Boom to Bust." No matter your take on the fairness or objectivity of these reports, they are worth the read, and highlight some important market currents underpinning the challenges that face communities struck hard by the shifting market. Further Fed Rate Cuts? With the national economy teetering on the brink of recession (and some would say already within one), AND legitimate inflation fears surfacing, the Federal Reserve faces some tough decisions ahead. Which potential enemy do they fight first: economic contraction or price inflation?   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! deadline is this Friday! Did you miss the expo? See a little bit of who you missed. TOP
New Issue of Real Estate Insights Now Available The April 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 "Second-home Buyers – A Significant Market Segment," outlining NAR research on the second-home market. Real Estate Insights: Web version | PDF version Source: National Association of REALTORS®   TOP
NAR Research Reports Provide State and Local Market Details NAR Research has completed three reports on the economic impact of homeownership in our state and local metro areas: "State Economic Impact of Housing" – data on the contribution of homeownership to Minnesota's state and local economies; "State Mortgage Conditions" – calculates outstanding mortgage debt, prime and subprime, among homeowners in Minnesota and its localities; and "Metro Area Wealth Gain" – the equity accumulation of local homeowners over the years. Reports are free but require a realtor.org username and password for access. more If you have any trouble finding any of the items above, contact Greg Sax at gregs@mplsrealtor.com or 952.988.3123. He has them. Source: National Association of REALTORS®   TOP
Twin Cities Habitat for Humanity Home Dedication Ceremony! Twin Cities Habitat for Humanity invites you to celebrate with them as they dedicate the home of Wa Meng Xiong and Kia Lee at 1418 25th Ave N in Minneapolis on May 17 at 11:00 a.m. (program begins at 11:15 a.m.). This is the home MAAR members and staff helped build last September. An opportunity to socialize and tour the home will follow. Source: Twin Cities Habitat for Humanity   TOP
Next Women's Council of REALTORS® luncheon: Wednesday, March 12 Fasten your seatbelts! Las Vegas-based author and entrepreneur Barbara Winter is speaking at the next WCR meeting on Wednesday, May 14! Barbara will be sharing her creative strategies for "Marketing On A Shoestring." The timing is perfect as many of us are trying to find ways to pump up our business without selling our first-born child! Author of the bestseller Making a Living Without a Job, Barbara will help you see your business and life from a new perspective. Don't miss it! Sign up for her free e-newsletter at www.barbarawinter.com. This will sell out so reserve early! Date and Time: Wednesday, May 14, 11:00 a.m. – 1:00 p.m. Location: Bloomington, MN 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! 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! 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® 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. REALTORS® Make the Annual Trek to DC for Midyear On May 12, REALTORS® from across the nation will descend upon Washington, DC for NAR's Midyear Legislative Meetings and Trade Expo. Advancing NAR's legislative agenda on Capitol Hill has taken on increased urgency this year. Despite the national media obsession with portraying real estate as a single national market, NAR will set the record straight for Congress. What's being done? Many good ideas are currently being debated in Congress. These include jump-start tax incentives for homeownership, FHA and Freddie Mac/Fannie Mae changes that rationalize housing finance and ongoing projects to assure authorization of existing programs and develop solutions for new problems those programs don't address. Of particular interest to REALTORS® is a new approach to health insurance for the self-employed. more You can follow all the May Midyear action right here. Sources: The cities of Minneapolis, Eden Prairie and Edina; National Association of REALTORS®   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. We still have fewer than 50 percent of all members listed as compliant. 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. 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. 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!) Real Solutions for Real Problems in Real Estate May 1, 9:00 a.m. – 1:00 p.m. While many real estate transactions go smoothly, there are always those that don't. Many times, conflicts that occur in real estate are avoidable with just a little extra work. Learn some of the most common conflicts in real estate transactions and helpful tips on ways to avoid them. In addition, learn how to prevent agency-related conflicts. Note: This class will meet your 1-hour Agency requirement. Credits: 4 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $48 REALTOR®, $96 Non-REALTOR® eEssentials 1 – Matrix Primer May 1, 9:00 a.m. – noon 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® Essentials III – Representing Sellers Like a Pro May 5, 9:00 a.m. – noon When new to the real estate business, everyone is told they have to "list to exist." There are many benefits to serving as a listing agent, but there are also several challenges. The first one—how to get the listing. Learn valuable preparation techniques before making that next listing presentation. Share part of a listing presentation to the class and instructors and get feedback on how to make your presentation a winner. This class will teach you how to communicate your value as a real estate professional to potential sellers. Credits: 3 Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435 Tuition: $36 REALTOR®, $72 Non-REALTOR® Essentials IV – Communication, the Client and the Real Estate Transaction May 5, 1:00 p.m. – 4:00 p.m. 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 the "preferred styles" of others, you will learn how to enhance your communication effectiveness. Credits: 3 Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435 Tuition: $36 REALTOR®, $72 Non-REALTOR® ABR® Designation Course May 5–6, 9:00 a.m. – 4:00 p.m. The cornerstone of buyer representation education, this comprehensive set of courses covers the specialty from top to bottom. The Real Estate Buyer's Agent Council (REBAC) of the National Association of REALTORS® awards the coveted ABR® designation, the benchmark of excellence in buyer representation, to real estate practitioners who meet specified educational and practical experience criteria. Credits: 12 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $325 REALTOR® Foreclosure Opportunities for Buyers-Clients (ABR® Elective) May 7, 9:00 a.m. – 4:00 p.m. Real estate foreclosures have increased—there's no denying it. This course looks at the business of foreclosures and shows students how to spot the right opportunities. Credits: 6 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $129 REALTOR® eEssentials 2 – Improving your Outlook May 8, 9:00 a.m. – noon 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® Network & Referral Systems (PMN Course Option) May 8, 9:00 a.m. – 4:00 p.m. Between networking and referrals are the relationships we build and manage. The goal of this course is to provide REALTORS® with the information and tools they need to make the transition from a salesperson making cold calls to a professional, knowledgeable consultant with a steady stream of advocates and referrals. This course will explore relationship building, creative maximizing, competence increase, trust building, planning, marketing and differentiating your services from the rest of what's out there. Credits: 6 Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 Tuition: $129 REALTOR®, $99 with Twin Cities WCR member discount   TOP
LD4. Fourth Annual Land Development Conference, Wednesday, May 14 Date: Wednesday, May 14, 2008 Time: 7:15 a.m. Registration & Breakfast Buffet; 7:30 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 The Real Estate Communications Group and Minnesota Real Estate Journal present the 4th Annual Minnesota Land Development Conference, an event that has proven to be one of the industry's biggest real estate networking opportunity for the past three years, with over 700 industry leaders and professionals in attendance. Don't miss out on this exceptional opportunity to meet other industry leaders and gain valuable new perspectives on important topics impacting your business. 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
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
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
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
Free Marketing & Technology Workshop for REALTORS® Learn why agents across America are calling this the best real estate seminar they've attended. Max will condense 3 days worth of high-impact real estate marketing knowledge into one of the most valuable three hours of your career – for free. St Paul, MN Register Now Driving Directions Thursday, May 22, 2008 Time: 9:00 am - 12:30 pm Hilton Garden Inn St. Paul City Center 411 Minnesota Street St. Paul, MN 55101 Arrive at 8:30 am for a complimentary continental breakfast!   Source: STCAR, realtor.com   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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