enotes Off Next Week / Office Closed on 4th

There will be no email newsletter next week as real estate news tends to be pretty slow around Independence Day (lakes and cabins and staycations, oh my). You'll be seeing a similar notice to this one around the week of December 25. That's still 50 issues a year, which is a pretty good deal, yer darn tootin'.

The MAAR office will be closed on Friday, July 4, in observance of the holiday, but we'll be here in the days leading up to the 4th, so come in out of the heat and pick up some real estate signs for the summer surge. We have lots of them.

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Weekly Market Activity Report

NOTICE: Next week's "Weekly Market Activity Report" will be found in The Skinny, MAAR's research blog, since enotes will not be sent next week. We'll see you back here in two weeks.

Home sales are continuing along a relatively smooth course so far this summer, with newly signed purchase agreements (pending sales) increasing by 3.8 percent over last year for the week ending June 14. Over the last six weeks, pending sales are behind the same time period in 2007 by only 30 sales, or 0.6 percent. When you compare that to the consistent 15–20 percent declines of the last few years, this is welcome news.

Simply matching last year's numbers does not allow home sellers to celebrate recovering buyer interest in their properties. Plus, we need to keep some perspective on what types of sales are comprising this new stabilization of activity. A hearty 27.9 percent of purchase agreements from the last six weeks were made on lender-mediated foreclosures or short sales. Buyer activity is being propped up by the increased market share of these types of properties.

Traditional sales over the same six-week period are down 21.0 percent from last year, while lender-mediated sales are up 284.5 percent from 406 sales last year to 1,561 this year. So the traditional seller still faces some challenges—and some new and very different competition.

All told, heavy buyer interest in lender-mediated properties is viewed as a positive sign. We need the prevalent lender-mediated inventory to be absorbed before our market can return to some semblance of order. The sooner these properties are worked through the market cycle, the sooner that the mist of uncertainty they bring to negotiation, appraisal and home value will lift.

Click the logo below or click here for this week's full report. Visit Market Info for more research reports.

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MAAR's Insight Blog – Real Estate for Real

New Monthly Video
The June 2008 Monthly Skinny Video is live. This edition is another quick-fire look at the current state of the Twin Cities housing market, this time narrated by MAAR CEO, Mark Allen. Feel free to share this with others wherever and whenever you'd like.

Falling Home Values: What Effects for Relocation?
Corporations, especially in these globalized times, are geographically diffuse beasts. Let's dust the academic snobbery of those words and restate them: companies operate in a lot of different areas. more

Housing Prices Plotted as a Roller Coaster
Even if you have seen this before, it's time to take a look with a fresh set of eyes based on what's happened to the housing market over the past few years. Just watch that immense upward trajectory of the thrill ride in the years leading up to today's buyer's market—an unsustainable trend to say the least. Helpful hint: Keep an eye on the lower right corner under the little YouTube icon for occasional updates on what year in history the roller coaster is at in its journey. more

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Minnesota to Aid Iowa REALTOR® Flooding Victims

The Minnesota Association of REALTORS® (MNAR) Board of Directors has approved a $25,000 expenditure to be used for matching contributions received for the REALTOR® flood victims.

Your contributions will be matched by MNAR for REALTOR® flood relief, and thus we encourage you to send donations through MNAR rather than directly to the Iowa Association of REALTORS®.

Make checks payable to "Iowa REALTOR® Foundation" and send to MNAR at 5750 Lincoln Drive, Minneapolis, MN 55436.

If you send them to us at MAAR, we will forward them next door. We share the same address.

MNAR is hoping to send the funds by Friday, July 11 so assistance is received in a timely manner.

If you are interested in helping with the cleanup efforts, please contact Chris Galler at cgaller@mnrealtor.com or 952.935.8313. Volunteer teams/groups are being organized through the Cedar Rapids and Iowa City REALTOR® associations. Both are very thankful for the efforts Minnesota REALTORS® are taking to help out during this difficult time.

Note: Don't collect cleaning supplies to be transported down to Iowa for the cleanup efforts. The Red Cross can help volunteers determine what is best to transport.

Source: Minnesota Association of REALTORS®

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Safety First

As the weather gets increasingly nicer, we like to drive with our windows down and our sunroofs open. Don't forget to close them before leaving your vehicle...and ALWAYS lock your car doors. With all the technology you carry in your vehicles—computers, cameras, phones, PDAs, etc., you are a prime target for theft.

We have had a few agents report equipment stolen from cars. It is devastating and violating to have something stolen from you, and even more distressing if you have information on your equipment that could trigger an additional identity and security threat to you and your clients.

Nice weather also brings out more people to open houses and showings. Be on guard. We have heard recent reports of open house visitors taking pills from medicine cabinets. Unfortunately, this is not a new concern. Be sure to instruct your sellers to remove or hide all prescription drugs during open houses and showings.

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Minnesota Licensing Goes Virtual

As a further step in the Department of Commerce transition to a comprehensive online licensing system, the Licensing Service Counter for insurance agents, appraisers, real estate agents and debt collectors will close effective July 1, 2008. License applications and renewals are performed online using PULSE at www.pulseportal.com. Various forms are available at the Minnesota Department of Commerce website, www.commerce.state.mn.us.

Questions about licensing or licensing education requirements should be directed to Licensing.Commerce@state.mn.us, education.commerce@state.mn.us or 651.296.6319. If you do not have access to a computer, please call 651.296.4026.

Source: Minnesota Department of Commerce

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Public Affairs

City of Edina
The city has amended its massing ordinance to include a 40-foot height limit on new single- and two-family houses built on large lots. The height limit is 35 feet if the lot is 75 feet wide or less.

Specifically, the amended ordinance reads, "The maximum height to the highest point on a roof of a single or double dwelling unit shall be 35 feet. The maximum height may be increased by one inch for each foot that the lot exceeds 75 feet in width. In no event shall the maximum height exceed 40 feet."

The amended ordinance takes effect June 26. For more information, contact Cary Teague at the Edina planning department at 952.826.0369.

City of Wayzata
The city has amended its ordinance to limit new single- and two-family dwellings to a maximum height of 32 feet in some areas of the city. The moratorium on building new dwellings in these areas expired on June 21. The amended ordinance took effect June 19. Questions? Contact Brian Gadow at 952.404.5312.

City of Brooklyn Park
The city of Brooklyn Park has amended its point-of-sale housing inspection ordinance to allow the buyer to accept responsibility for repair of hazardous items prior to occupancy.

An escrow equal to 150 percent of the estimated cost of the repairs must be established. The amendment will take effect on July 7.

For information, contact the building inspections division at 763.488.6379.

Source: City of Brooklyn Park

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MAAR 2008 Golf Tournament – Beat the Rush

Make Your Way to the Fairway
Now that we're finally getting some real summer weather, it's time to think about our annual golf tournament on September 8. Sign up early and assure that you'll be part of our popular annual tradition.

Newcomers welcome! | Click here or on the image below for registration and details!

Grip Tips: Don't Squeeze the Toothpaste Out of the Tube
Your grip should be in the fingers of both hands, not the palms. Most of the grip pressure should be felt in the last three fingers of your left hand. There is much less pressure in the right hand. There should be no pressure at all in the thumb and forefinger of the right hand. Click here for additional golf tips to make you swing like a pro.

Source: Tom's Golf Tips, www.tomsgolftips.com

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Accredited Staging Professional (ASP) Series – July 29, 30, and 31

It's still a hot addition to your repertoire, it's still one of the elements of a home for sale that can turn a lengthy listing into multiple offers, and we're still offering opportunities to learn how to Stage® at MAAR.

– click here or on the image below for details –

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News from NorthstarMLS – New Fields Coming (Soon!)

Looking for Properties Where Seller Accepts Contract for Deed?
They are easy to find on NorthstarMLS by searching the "Terms (seller will accept)" field.

1. Go to any standard search screen.
2. At the bottom of the screen, click the link labeled "Click here to add or remove other search fields."
3. Click to select the field "Terms (seller will accept)" from the list at the left (they are arranged in alphabetical order).
4. Click the "Add" button to move it to the right (Selected Fields), then click the "Return to Search" button.
5. The "Terms (seller will accept)" field now appears at the bottom of your search screen and will remain there as long as you wish until you remove it. Click to select "Contract for Deed" or any other values from the list you want to search. Complete the rest of your search criteria, then run the search.

Market Value Definitions for Tax Records
There has been some confusion over definitions of the various Market Values provided in the county tax records on REsearch Minnesota. The Plat Systems Services group has compiled a quick reference of these definitions from the Minnesota and Wisconsin Departments of Revenue. The guide includes definitions for Estimated, Limited and Taxable Market Values (Minnesota) and for Total Assessed Value, Average Assessment Ratio and Estimated Fair Market Value (Wisconsin). more (PDF)

Tax Data Updates for 2008: Stearns County
Updated for 2008: Anoka, Carver, Dakota, Hennepin, Isanti, Pierce, Polk, Ramsey, Scott, St. Croix, Stearns and Washington. Not yet updated: Benton, Chisago, Goodhue, Olmsted, Pine, Rice, Sherburne, and Wright. We continue to work on others as the data is received from the counties.

DELAY: New Foreclosure and Manufactured Homes Fields
Because of concerns regarding the assurance that brokers have sellers’ written permission to disclose Foreclosure status, implementation of new fields has been delayed for a couple of weeks. After the delay, the new listing input forms will be completed in PDF format (and ZIPForms for those who use the service). This will make it easier to gain the seller’s written consent without each broker having to develop an interim solution.

Because the changes to Home Base are all connected, the new Manufactured Homes field will also be postponed. It is expected that the new fields will be released this week.

Source: Regional Multiple Listing Service (RMLS)

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REALTORS® Toastmasters Club

Do you feel the need to improve your public speaking skills? Does the thought of giving a presentation to a group make your palms sweat? If so, you might consider joining a local Toastmasters club to overcome fear and polish your presentation skills.

One local club, REALTORS® Toastmasters 2512, has provided a forum for doing this since 1962 and is inviting you to stop by and observe one of their meetings specially held at the MAAR office on Thursday, July 17 from 7:30 to 9:00 a.m.

The club usually meets every Thursday morning from 7:30 to 9:00 a.m. in the Bloomington Executive Suites Building. Interested observers may attend up to three meetings before making the decision whether or not to join. While the club was originally founded by REALTORS®, there are now many other professions represented in the group.

To learn more about the club, please contact Carol Nielson at 952.884.0225 or just stop by a meeting any Thursday morning at 7:30 a.m. Observers are welcome at any time and do not actively participate in meetings until after they join the club. Semi-annual dues are $40.

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REALTOR® of the Year

Do you know the next REALTOR® of the Year? It could be the person sitting right next to you. Heck, it could be you! MAAR is now taking nominations for the 2008 REALTOR® of the Year. This prestigious honor is awarded to one of MAAR's members who stands out as the best of the best. So think about your colleagues, complete this form and fax it to Amy Ransom at 952.908.2621. Or print and send it to:

MAAR's REALTOR® of the Year
Attention: Amy Ransom
5750 Lincoln Drive, Minneapolis, MN 55436

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Apartment & Condominium Summit, June 25

The Real Estate Communications Group and the Minnesota Real Estate Journal present the Apartment & Condominium Summit on June 25 at the Golden Valley Country Club, 7001 Golden Valley Road, Golden Valley MN 55427. This event will focus on both the apartment and condominium industries' development, investment and legal issues in today's current real estate market. This summit provides an excellent networking opportunity with other real estate professionals and industry leaders.

Date: Wednesday, June 25
Time: 7:15 a.m. (registration and breakfast buffet); 8 a.m. – noon (program)
Location: Golden Valley Country Club, 7001 Golden Valley Rd., Golden Valley, MN 55427
Cost: $109 special rate; $139 after June 17
Credits: 4 hours of real estate CE credits approved!
Program Details & Registration

For registration info, contact Stephanie Awe, sawe@recg.com, 952.405.7785, or click here.

Source: Real Estate Communications Group

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TEAM – Providing real life solutions

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