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Ring the bell, sound the alarms, shout from the mountaintops: the number of homes for sale in the Twin Cities region as of today is less than the number for sale at this point last year, a new benchmark which marks an encouraging sign that the market is in an early stage of recovery.
This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.
This week's edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67.
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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Foreclosures and short sales have become topics of great interest over the past year. Providing data and statistics on the exact impact of these growing phenomena upon the regional housing market has, so far, proved challenging, with little yet produced on exactly how (and how much) these unfortunate events are affecting the buying and selling decisions of Twin Cities real estate consumers.
 The Minneapolis Area Association of REALTORS® is proud to announce the release of “Foreclosures and Short Sales in the Twin Cities Housing Market,” a special new research report that attempts to answer some of the more pressing questions surrounding lender-mediated properties. Inside you’ll find an analysis of current inventory, new listings, closed sales, sales prices, and the impact that the growth of lender-mediated properties is having on each trend.
The data was gathered and analyzed by MAAR staff in collaboration with Aaron Dickinson, REALTOR® member with Edina Realty, and utilizes a new data approach based upon information from the NorthstarMLS system.
To share comments or questions on this new report, please contact Jeff Allen, MAAR Research Manager, at jeffa@mplsrealtor.com or Aaron Dickinson at aarondickinson@edinarealty.com.
Photo Source: "Minneapolis skyline viewed from behind Walker Art Museum" by Dan H. Some rights reserved.
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REALTOR® Magazine has created a repository of articles and resources to help you learn more about this growing but complicated niche market. more
What is a short sale? The California Association of REALTORS® created this nifty definition:
"A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. A short sale may or may not involve a property in foreclosure."
 Source: National Association of REALTORS®, REALTOR® Magazine
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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.
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
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 Join MNAR and NMRA for a discussion of federal programs aimed at helping homeowners and the housing market.
Conveners include MNAR President, Greg Hartos; MNAR CEO, Chris Galler, NMRA President, Rod Schimmel, and Jim Cormier, FPC. U.S. Representative Michele Bachmann (MN-6th) will be a special guest at this event along with other administration officials.
Date: Friday, May 9
Time: 1:00 – 1:30 p.m. (arrival and refreshments); 1:30 p.m. – 3:00 p.m. (program)
Location: Schwan Center, Blaine, MN
This event is FREE for REALTOR® members! Contact Eric Myers at eric@northmetro.com or 763.757.7230 to register.
Source: North Metro Association of REALTORS®
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 The May/June 2008 issue of The REALTOR® is available online now. Plus, all MAAR members will receive one in the mail.
This issue hammers home the importance of "Quadethicireq," calls for MAAR Board of Directors nominees, tells you how we're putting a whole lot of paper behind us, and offers a recap of our successful 2008 REALTOR® expo.
Oh, and cheggitout: Whenever you see a link, it's probably linkable. Save yourself some type time, because your time is precious and your fingers are tired and sore.
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 MAAR's International Council has released its May 2008 newsletter. This one shows off yet another wide variety of international real estate happenings and news items, as well as CIPS opportunities of interest, a local cultural calendar and even a monthly list of international holidays.
It's a good read from your friends at MAAR that takes you well beyond the 494/694 loop to the farthest reaches of the world.
Expand your real estate business.
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 Learn more about the Mexican real estate market and real estate developments at the MINT Conference, June 19–21, 2008, in Cancun, Mexico. The MINT Conference, sponsored by AMPI (Mexican real estate association), features a 4-hour NAR course—"Doing Business in Mexico"—as well as countless opportunities to meet and dialogue with Mexican real estate practitioners and developers.
If you have ever considered learning more about the Mexican market, this event may be just the venue. For those who are pursuing their Certified International Property Specialist (CIPS) designation, "The Americas" course is available for MINT Conference attendees for an additional $100 (course will be held on June 18 preceding the conference). MINT Conference registration is $350.00 (plus VAT), special hotel rates and airline discounts are available.
For registration, hotel and airline discounts visit this website.
Source: NAR International
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 Broker Etiquette, Ethics and Antitrust
Date and Time: Friday, May 9, 9:30 a.m. to 11:00 a.m.
Location: MAAR Office, 5750 Lincoln Drive
Register with: Linda Stoeckicht at lindas@mplsrealtor.com
or 952.988.3157. Brokers and managers welcomed. No cost.
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 Preliminary Central Corridor Design Plans Available for Review
Preliminary design plans for the Central Corridor light rail line will be the subject of a series of public hearings beginning May 29 and continuing for several weeks thereafter. To view a copy of these plans, click here. To view a copy of the plans in person, visit one of the sites on this list. For more information about the May 29 joint public hearing to be convened by the Ramsey and Hennepin County Rail Authorities and MnDOT, click here.
 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.
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: Ramsey County; City of Minneapolis; National Association of REALTORS®
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 Two New, One Off, One Full
By popular demand, we have added two classes to the schedule in May, starting with "Robbinsdale Area Schools: A 'Choice' Location," a 4-credit course on May 22 from 8 a.m. to noon. The second addition is "The Power of REALTORS® to Protect the Lakes and Streams of the Minnehaha Creek Watershed," a 3-credit course on May 28 from 1 to 4 p.m. See below for more details.
As we add two, we take away two. Thems the breaks. The "Network and Referral" class scheduled for May 8 has been cancelled and the May 22 "eEssentials 4 – How to Excel with Excel" class is full.
Upcoming MAAR classes listed below. Start your registration process here.
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
RSA Senior Housing Tour
Discovering the Communities and Senior Housing Options
May 12, 9:00 a.m. – 4:00 p.m.
The senior housing market is a mix of well-respected, older, established communities and urban renewal with state-of-the-art senior housing that is larger and filled with more amenities. The tour will include independent affordable rental, market-rate rental, 55+ co-op and condo developments. In addition, you will visit assisted living, memory care, nursing care and CCRC (Continuing Care Retirement Community) facilities. This sector of real estate is hot and ever evolving, and this tour will better prepare you to meet the needs of this special group of clients.
Note: More information about the tour destinations will be available soon.
Credits: 6 (pending)
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436 (and bus tour)
Tuition: $97 REALTOR®, $169 Non-REALTOR®
(both prices include $25 bus/lunch fee)
eEssentials 3 – Making Every Word Count
May 15, 9:00 a.m. – noon
Take advantage of some of the valuable features inside this versatile program. Review basics like changing font face, size and color; spacing and indentation; text boxes, inserting and sizing photos; bullet points; headers and footers; and more. Leave this class with the skills to utilize Word to build marketing materials.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Robbinsdale Area Schools: A "Choice" Location
May 22, 8:00 a.m. – noon
Robbinsdale wants to help you help families make a home in their district, which includes all or part of seven cities in the northwest suburbs. The Robbinsdale district is a "choice" location because families have so many academic options to pursue that best fit the needs of their children. Robbinsdale offers rigorous International Baccalaureate and Advanced Placement coursework from 6th to 12th grade and a popular, comprehensive K-8 Spanish Immersion program. Families are also attracted to the incredible fine arts programs available at every school, including orchestra beginning in 4th grade and showcased at an annual choral, band and orchestral performance at Orchestra Hall. And that's only the tip of the iceberg! See the rest at this informative, fast-paced session.
Credits: 4
Location: Sunny Hollow Elementary School, 8808 Medicine Lake Road, New Hope, MN
Tuition: $48 REALTOR®, $96 Non-REALTOR®
The Power of REALTORS® to Protect the
Lakes
and Streams of the Minnehaha Creek Watershed
May 28, 1:00 p.m. – 4:00 p.m.
Do you sell lakeshore, stream, pond or wetland property? Does water quality affect property values? As a REALTOR®, where do you find specific information about lakes and streams? How clean is the lake or stream? What information should you share with new and potential lakeshore property owners? If any of these questions pertain to you or your business, this is your class.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®
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 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: Park Plaza Hotel, 4460 W 78th Street Circle, Bloomington, MN 55435
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®
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 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
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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.
Program Agenda:
7:15 a.m. Registration & Breakfast Buffet
7:55 a.m. City Planning & Zoning Issues to Consider
8:40 a.m. Legislative and Case Law Update: Impact on Developers
9:15 a.m. Today's New Home Consumer
9:40 a.m. Tax Update for Real Estate and Construction
10:00 a.m. Break
10:10 a.m. Storm Water Management on Construction Sites: What Every Developer Needs to Know
10:45 a.m. Financing & Capital Market Strategies
11:05 a.m. Land Owners & Developers: 1031 Exchanges Options to Consider
11:40 a.m. Developer's Forecast
12:30 p.m. Adjourn
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
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 Home Depot has closed an under-performing store in Cottage Grove as part of a plan to slow its overall store growth plans in response to economic tough times and a marked slowdown in consumer spending. The Cottage Grove store was one of 15 store closings nationwide. In addition to the Cottage Grove store, located at 7210 East Point Douglas Road, the chain will also close three Wisconsin stores located in Beaver Dam, Fond du Lac and northwest Milwaukee. Home Depot still intends to open 55 new stores in 2008, including 36 new stores in the United States. more
Source: Minnesota Real Estate Journal, REJournals.com (05/02/2008)
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 REsearch Minnesota™ is now available to you as a core service with your full agent-level NorthstarMLS subscription (unavailable to affiliate-level members). Owned by RMLS, REsearch Minnesota is a web-based property information resource containing property and market information for the Twin Cities area. Data is obtained from the same county sources as the tax data on NorthstarMLS. There are two ways you can access and explore this information:
1) Exciting new property maps! Click the "Tax" tab on NorthstarMLS Matrix. Run any tax search for Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Sherburne, Wright or Washington County. On the Tax Full displays for these counties, you will find two new links in a shaded blue section: "Plat Map" and "GIS Map" (except Sherburne has only GIS Map). Click either link to open a new window containing that map for the property you are viewing. You will be viewing the map from within REsearch Minnesota (when you click the link from Matrix, you are automatically logged in to REsearch Minnesota). After you are finished with the map, you may close the window or continue to explore REsearch Minnesota from within that window.
2) You may also go directly to the REsearch Minnesota site and log in at www.platresearch.com/REsearch/plat/. Use your NorthstarMLS agent ID and password to log in. Once there, you can conduct searches, create reports and view maps.
For help using REsearch Minnesota, several reference guides are available here. Also, upon logging in to REsearch Minnesota, you will find a "Help" icon in the upper right portion of the screen with instructions on how to perform tasks within the system. For technical support, contact the NorthstarMLS Help Desk at mlshelp@northstarmls.com or 651.251.5456.
Source: Regional Multiple Listing Service (RMLS)
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 System Helps on New Postal Rates, Rule
Postal rates increase yet again on May 12. Some rules are changing, too. REALTOR Benefits® Program partner Pitney Bowes' mailstation 2 digital mailing system and its built-in scale allow you to weigh and calculate postage at the touch of a button.
In a special offer to REALTORS®, Pitney Bowes is offering a 90-day free trial along with $50 in postage coupons. After the trial, rent the meter for $18.99 a month for one year (plus the cost of postage and supplies). For more information call 800.376.3093 and refer to order number 999991618. more
 Dell Offers "Double Your Discount" in May
Take advantage of an offer from NAR's REALTOR Benefits® Program partner Dell. For May only, NAR members save 12 percent on Dell Precision workstations, Latitude laptops, OptiPlex desktops, PowerEdge servers and PowerVault storage. Save 10 percent on software and peripherals including printers, monitors, digital cameras, GPS devices, TVs, and projectors. Save 6 percent on Vostro desktops and laptops. To order, call 877.648.3355 and the sales representative will apply your NAR member discount to your order. NAR double discount cannot be combined with other Dell discounts or promotions. more
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 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
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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
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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, 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
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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. 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.
Source: National Association of REALTORS®
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