Weekly Market Activity Report

For the week ending June 28, pending sales in the Twin Cities housing market dipped slightly from the year previous, posting 43 fewer sales than the same week in 2007. New listings for the same time period comparison were only 6 listings higher, a meager 0.3 percent increase.

Our overall buyer trajectory this year is flat compared to a year ago. For 10 of the last 12 weeks, pending sales have been within 5 percent of 2007, either above or below. New listings, on the other hand, are showing dramatic downward movement. Over the last three months, we've posted 13.6 percent fewer listings than the same time last year.

This week's edition of the MAAR Weekly Market Activity Report features an updated Supply-Demand Ratio (SDR). The SDR for July fell slightly to 8.11, which means there are approximately 8.11 houses for each buyer in July. At 1.6 percent lower than July 2007, this is the first year-over-year decrease in SDR since MAAR began tracking the figure in 2004. Since SDR takes both supply and demand into consideration, this is the surest sign yet that the market is no longer charging headlong into the buyer's favor.

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

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Supra Bills Have Been Mailed

Supra bills have been mailed to all DisplayKEY lease holders. If you have not received your bill, or if your billing address has changed, please contact Supra at 1.877.699.6787. The invoice is for the lease period July 17, 2008 through July 16, 2009 and is due on July 17, 2008.

Besides snail mail, bills can be paid in two additional ways:

1) NEW FEATURE – Agent WebPAY. Use GE's secure site at awp.gesecurity.com.

2) Pay by phone at 1.877.699.6787. Select option 2 once you are connected. This phone number is available 24/7. If you would like to speak to someone in person, call the number Monday through Friday, 8 a.m. – 7 p.m. Central Standard Time.

If you have any questions regarding your annual DisplayKEY bill, please contact GE Security at 1.877.699.6787.

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The REALTOR® July/August 2008 Available Now

The July/August 2008 issue of The REALTOR® is available online now. Plus, all MAAR members will receive one in the mail.

In this issue, we spotlight the increased use of video to get the point across online. Desktops and laptops have been turned into little short-attention span TV sets, and we know we have to play along in order to be pertinent to those who have grown used to viewing information in this manner.

And remember: Whenever you see a link in the text, it's probably linkable. Save yourself some type time, because your time is precious and your fingers are tired and sore.

read The REALTOR® now

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On the Blog

This here enotes publication took a week off (did you miss us?), but we produced two new items on The Skinny, our housing market insight blog. We think they're worth your time, but we admit to some amount of bias, being that we produced them...

Stage Set for Rebound?
Our more recent communications have included some encouraging news, as market indicators are starting to reveal positive shifts occurring in the local housing market. This does not imply that the market has rebounded—only that we're past the days where the elevator keeps on descending, as it appears we are arriving at ground floor. more

Lessons in Marketing from the Minnesota Twins
Every market has niches, and understanding them is crucial, even in real estate. Ask yourself whether your current business model and marketing efforts are aimed at a specific kind of customer or whether you're attempting to provide a one-size-fits-all kind of service. more

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Forms Blowout Sale

This is to in-FORM you...(get it?)...that MAAR has some forms available and on sale while supplies last. Prices have been reduced to 99 cents per pad!

Now that's what I call a blowout sale!

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Wine & Beer Tasting Event at Stella's

Uptown, baby: Join MAAR for a fun networking event with other trend-conscious REALTORS® at Stella's Fish Café in the heart of Uptown and enjoy wines, beers and foodstuffs perfect-paired with international properties.

Date: Tuesday, August 5, 2008
Time: 6:00 p.m. to 8:30 p.m. (roof after!)
Addy: 1400 W. Lake St, Minneapolis, MN 55408
Cost: $27 per person

To register, contact Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157. You can also register here. Younger professionals and first-timers are more than welcome!

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Everyone Can Paint!

Please join us August 4 – 6 (and 7 if necessary)
Paint-A-Thon helps keep low-income seniors and people with physical disabilities living independently in their own homes through the generosity of volunteer teams of painters. MAAR has committed to painting two homes in St. Louis Park from Monday, August 4 to Wednesday, August 6. We will continue through Thursday, August 7 if needed.

We would like to see somewhere in the range of 15 volunteers, but the more the merrier. Availability on Monday, August 4 is maybe the most important (scraping!), but we'll take all comers until we've reached capacity.

Lunch, water and soda will be provided by MAAR and/or sponsors. Most of the paint brushes will be supplied also. But we could use a few other things as noted in our flyer.

MAAR has ordered the Paint-A-Thon anniversary t-shirts for all painters (while supplies last). You will also receive a certificate of appreciation from Paint-A-Thon and the "thanks" from two wonderful homeowners who are very grateful for our help.

To register yourself or your team, contact Amy Ransom at amyr@mplsrealtor.com or 952.988.3124. If you, your office or your company would like to be a sponsor, please contact Amy.

view, print, share our informational flyer!

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New Issue of Real Estate Insights Now Available

Sometime before we started celebrating the July 4 holiday, NAR released the June 2008 issue of Real Estate Insights (REI). 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 11 begins an article on the "Demographic Characteristics of NAR Members" and pages 8–10 detail the condition of "Subprime Mortgage Performance" (note – Minnesota has a large share of subprime mortgages).

Real Estate Insights: Web version | PDF version

Source: National Association of REALTORS®

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Public Affairs

City of Columbia Heights
The City of Columbia Heights has scheduled an informational meeting to explain a new Residential Inspection Before Sale (RIBS) program.

Additionally, our sister association, the North Metro REALTORS® Association (NMRA), has scheduled time with Mayor Gary Peterson and Scott Clark, city staff, to discuss the issue.

The draft ordinance is scheduled to be heard by the City Council at their July 28 meeting. If approved, it would take effect August 28. Like other Inspections programs (i.e., Point of Sale) this ordinance will prohibit a home from being sold without inspection and issuance of a final Certificate of Property Maintenance by the city.

Schedule of Events:

• July 9, 10–11 a.m., City of Columbia Heights Informational Meeting,
  Murzyn Hall, 530 Mill St NE (across from City Hall)
• July 15, 9:30-10:30 a.m., NMRA REALTORS® meet with Mayor Gary Peterson,
  City Hall, 590 40th Ave NE
• July 28, 7:00 p.m., Columbia Heights City Council Meeting,
  Council Chambers, City Hall, 590 40th Ave NE

Issue Resources:

• Notice to city residents (scroll down to "Notice to Home Owners...")
• Chart illustrating the sequencing of events prior to closing on a property
• City wants stronger neighborhoods (article from the Sun Focus, June 18, 2008)

MAAR members are encouraged to participate in the city council meetings. If you plan on attending, please contact Bill Gerst, Vice President of Public Affairs at billg@mplsrealtor.com or 952.988.3141.

Source: North Metro REALTORS® Association

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 took 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 took effect on July 7.

For information, contact the building inspections division at 763.488.6379.

Source: City of Brooklyn Park

Housing Bill Stalled
As is reported under the tax provision of this report, the Housing Bill is stalled in the Senate. The bill, which includes FHA reform (with permanent loan limits to 110% of local area median home price, capped at $625,500), GSE reform (with permanent loan limits to 100% of local area median home price, capped at $625,500), FHA foreclosure rescue, development of a National Affordable Housing Trust Fund, and a Homebuyer Tax Credit, has been stalled by a procedural vote in the Senate. It is expected the vote will be early in second week of July, when they return from recess. The House is still arguing for NAR-supported higher loan limits, and several other amendments. It is unlikely a final bill will get to the President before the end of July. Contact Megan Booth at mbooth@realtors.org or 202.383.1222 for more information. And contact your Senators today at realtoractioncenter.com.

Source: National Association of REALTORS®, The Washington Report

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Minnesota Licensing Goes Virtual

As a further step in the Department of Commerce (DOC) transition to a comprehensive online licensing system, the Licensing Service Counter for insurance agents, appraisers, real estate agents and debt collectors closed 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.

NOTICE: MAAR is receiving reports that some brokers are having difficulty with the new online system. We are hearing claims that the DOC is sometimes difficult to get in touch with and that help is not easily found. Whatever the case, PULSE has a helpline, and they have proven to be very helpful. The PULSE helpline number is 1.866.274.4756.

Source: Minnesota Department of Commerce and MAAR

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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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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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News from NorthstarMLS – More Properties Added to Co-op

More Northern Minnesota Residential and Lakeshore Properties Added to MLS Co-op
The Active listings of the Range Association of REALTORS® are now available for search on the MLS Co-op. The Range covers primarily northern St. Louis County, including Babbitt, Ely, Hibbing, Virginia and others. A separate property type for Waterfront Residential is available. To access the MLS Co-op, click the MLS Co-op tab in Matrix or go to mlscoop.com and log on with your NorthstarMLS ID and password. To search the Range Association, click the RAOR tab at the top of the Co-op screen.

Source: Regional Multiple Listing Service (RMLS)

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Selling Isn't for Sissies

The Star Tribune recently pubished a great piece by Lucie Amundsen about the stress points of selling a home from the seller's perspective. With her husband away at a new job in Duluth, she stayed back with the kids to make the sale.

Forty-two showings and two months later, it still hadn't sold," she writes. This one is worth the read. more

Source: Star Tribune, Lucie B. Amundsen (06/27/2008)

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2008 Center for REALTOR® Technology Survey

The Center for REALTOR® Technology (CRT) Survey is here and ready to be taken by REALTORS®. Take the survey and pass it on to other REALTORS® if you wish. It will remain open through July 15, 2008. One lucky respondent will be selected to win an iPod Touch.

This survey is typically sent out earlier in the year, but due to being one staff-member short during the first quarter of 2008, it took CRT a little longer than usual to catch up, so your responses are needed as soon as you have a moment. The survey report will be available later this year at www.realtors.org/crt.

Let your voice be heard! Take the survey!

Source: Center for REALTOR® Technology Web Log

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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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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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TEAM – Providing real life solutions

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