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 Brr! Did the last snowstorm convince you that winter has not loosened its icy grip on the Twin Cities quite yet? It seems assured that March will lion in and lamb out, but the Twin Cities housing market is not expected to show the same pattern, as sales continue to climb upward when compared to last year's numbers.
Since December 2008, pending sales for the Twin Cities housing market have continued to outperform the same week for the prior year. For the week ending February 21, pending sales are up 12.4 percent vs. last year at this time. Deep freeze or not, buyers are showing a willingness to brave the temperatures for a deal.
New listings checked in at 1,558, which is 15 percent below 2008. Active listings are off from last year by about 4,000 (or 13.7 percent fewer) homes. Warmer weather tends to coincide with more activity, so we'll be watching new and active listings with much interest over the next few months.
Another number to watch is the Supply-Demand Ratio (SDR). This figure, representing how many homes are available per buyer, is down 21.8 percent to 6.38 homes per buyer compared to last year. That's now nine months in a row of lowered year-over-year SDR. With fewer active listings and a shrinking SDR, sellers may begin to feel some easement from the buyer's market wedge. It's too early to tell, but as many of our REALTOR® members are telling us, the increase in foot traffic is palpable.
Click the logo below or click here for this week's full report. Visit Market Info for more research reports.
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"Never Ending Change – Be Aware! Be Prepared!"
More than 3,000 industry leaders and thousands of additional REALTORS® rely on the annual Trends Report to give them a clear vision of how to operate their businesses going forward. Learn about the top 10 business trends in real estate—live and in person with Stefan Swanepoel! The 2009 Trends Report will be available for purchase at the event, and Stefan will be available for book signing.
Date: March 4, 2009
Time: 9:00 a.m. – 3:00 p.m.
Location: Marriott Southwest
Cost: Only $25.00! Three speakers, 5 CE credits!
PRINTABLE FLYER | REGISTRATION FORM
 On the Undercard:
The State of the Real Estate
presented by MAAR CEO, Mark Allen
A local and national outlook of market indicators, the role of the progressive REALTOR® and how the industry is responding to today's consumer options. Answering the what and where of a changing housing market.
Shift Happens
presented by MAAR Research Manager, Jeff Allen
Local market statistics and how to work with the tools by which we track them. Answering the how and why of residential real estate, from the history of the boom and the reasons for the bust.
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SAFEMLS®: It's Here!
Implementation of the SAFEMLS® security system is upon us. Scheduled deployment for all NorthstarMLS subscribers is until March 20. The goal is to make this transition as easy as possible on all subscribers. View deployment dates, times and locations for MAAR members to pick up their SAFEMLS token. Note the addition of Hutchinson on March 5.
Tuesday, March 3: Earle Brown Heritage Center, 6155 Earle Brown Dr, Brooklyn Center
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
Thursday, March 5: Hutchinson Event Center, 1005 Hwy 15 S, Hutchinson, MN 55350
9:30 a.m. A – Z
10:15 a.m. A – Z
11:00 a.m. A – Z
Wednesday, March 11: Marriott Minneapolis SW, 5801 Opus Pkwy, Minnetonka
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
Important: You must personally pick up your SAFEMLS® token and show a photo ID. If you cannot make your scheduled day and time, please select a different location and day, but be aware that you may experience longer wait times. It is NOT necessary to contact MAAR or RMLS to reschedule. There will be make-up times scheduled and posted after March 9.
There is NO COST to any member who has paid 2009 annual dues. You must be an active member to receive a token. During this transition time, you may continue to use your old password or your new SAFEMLS® token.
Source: NorthstarMLS
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 Celebrate St. Patrick's Day a wee bit early with MAAR and get the real scoop on Irish traditions, culture and the real estate industry in Ireland.
Date and Time: March 12, 6 p.m. – 9 p.m.
Location: Kieran's Irish Pub, Titanic Lounge,
330 2nd Ave S, Minneapolis, MN 55401
Cost: $25.00 includes delicious Irish fare and an expert speaker. Cash bar also available.
Space is limited so register early! Register online at www.mplsrealtor.com or contact Amy Ransom at amyr@mplsrealtor.com or 952.988.3124.
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It's on. You really need to check this out, because we can hardly believe it ourselves. In one fell swoop, your benefits of membership have been strengthened to a new level. The initiative is called "Right Tools. Right Now." In the following weeks and months, we will focus on some of the extensive features now available.
Sometimes in life, we get frustrated with our parents. But MAAR is ready to shed the surly teen image and get behind the national parent association on "Right Tools. Right Now." We are very impressed with NAR's major reprogramming to help REALTORS® thrive in today's economic reality.
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MAAR's rickety old newsletter has received a facelift. After seeing the print version of the magazine, we see some room for improvement, but we hope you'll agree that we've raised the bar this year. Your magazine should arrive in your mailbox this week!
Please note that the Spring 2009 issue is meant to stay handy all year because it features one of three publications:
- Spring 2009 issue of The REALTOR®
- 2008 Residential Real Estate Activity Report (marked in blue on the edges)
- The Source: 2009 MAAR Education and Professional Development catalog (marked in red on the edges)
VIEW THE MAGAZINE
(at least the first 22 pages of it)
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Below you will find information about a change in Fannie Mae policy as it relates to negotiation of a lower real estate commission in connection with short sales. This is good news, because one of the most pernicious and destructive practices of short-sale lenders has been to condition contract approval or closing on the willingness of the listing firm to lower its commission, sometimes by as much as 3 points.
On February 24, Fannie Mae instructed servicers not to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent). The requirement took effect on March 1. Fannie Mae recognizes that negotiating commissions for short sales is unfair because getting a short sale to closing requires intensive work over many months and compensating real estate agents fairly benefits Fannie Mae because agents play a crucial role in short sales. The announcement reminds servicers that third-party approvals (i.e., private mortgage insurers) may be required, which can affect commissions. NAR has asked both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions, welcomes Fannie's announcement, and has urged Freddie to follow Fannie's lead.
Sources: Fannie Mae and National Association of REALTORS® (with special shout-outs to Chris Galler, Chief Operating Officer, MNAR, and Scott Brunner, Chief Executive Officer, Virginia Association of REALTORS®, for giving us the initial head's up on this one)
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 Ask questions and hear a presentation on short-sale best practices by an expert in distressed sales in a FREE webinar Thursday, March 12, at 2:00 p.m., hosted by REALTOR® Magazine. This is a "Right Tools. Right Now." offering. | EVENT INFO & REGISTRATION
Source: National Association of REALTORS®
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The American Recovery and Reinvestment Act (ARRA), which was signed into law on Tuesday, February 17, increased the maximum conforming loan limit for mortgages originated in 2009. The increase affects 250 counties across the U.S., none of them in Minnesota. The levels for the entire state of Minnesota are as follows:
One-Unit Limit = $417,000
Two-Unit Limit = $533,850
Three-Unit Limit = $645,300
Four-Unit Limit = $801,950
Conforming loan limits for 2009 were originally announced in late 2008 and had been calculated under terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), passed in July 2008. The new ARRA legislation stipulates that, for loans originated in 2009, the loan limit is to be the higher of the 2008 limits and those originally calculated for 2009 under HERA. Where the 2008 and 2009 limits differ, the 2008 limits tend to be higher and thus, in most cases, loan limits are reverting back to last year's levels. | MORE
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 "Rally in the Rotunda"
Date: Thursday, March 19, 2009
Location: Crowne Plaza Hotel - 11 Kellogg Blvd, St. Paul & The State Capitol
Cost: $50 in advance, $65 at the door
If you or your business are affected by foreclosures, land use reforms, mortgage registry and deed tax issues, or sales tax on services—just to name a few—you may want to join REALTORS® from around the state at Legislative Impact Day!
The day begins at the Crowne Plaza Hotel for a Legislative Update from the MNAR Staff. Then REALTORS® will bus up to the Capitol for a "Rally in the Rotunda" and a visit with legislators. Then it's back to the Crowne Plaza for a Debriefing Reception.
LID Schedule of Events
9:30 am – Arrival, check-in, coffee & rolls – Crowne Plaza Hotel, 11 Kellogg Blvd, St. Paul
(carpooling encouraged)
10:00 a.m.–Noon – 2009 Legislative Update (2.0 hours of CE pending) presented by:
Chris Galler, Chief Operating Officer, MNAR
Christine Berger, Vice President of Governmental and Regulatory Affairs, MNAR
Heather VanValkenburg, Director of Governmental Affairs, MNAR
Noon–1:00 p.m. – Lunch on your own & buses to the Capitol
1:00-2:00 p.m. – Rally in the Rotunda – Legislative leaders & the Governor are invited
2:00-3:00 p.m. – Visit with Legislators
3:00-4:00 p.m. – Buses back to the Crowne Plaza Hotel
4:00-4:30 p.m. – Reception & Capitol Debriefing
To register for this event, go to www.mnrealtor.com. You will need to know your NRDS number to register. Advance registration is required. Walk-ins will be taken on a "space available" basis. Registration includes 2.0 hours of CE (pending), morning coffee and rolls, buses to the Capitol, reception with appetizers and cash bar.
Contact Carrie Andersen at candersen@mnrealtor.com with further questions.
Source: Minnesota Association of REALTORS®
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Brooklyn Center
 The city will soon launch three new housing programs for qualified first time homebuyers who purchase foreclosed, vacant properties in Brooklyn Center. Properties must have been foreclosed, registered as vacant with the city, and meet maintenance standards are eligible for these programs. The programs should be available in March. Visit the City of Brooklyn Center for much more detailed information.
Source: City of Brooklyn Center
 Brooklyn Park
The city will conduct its annual Real Estate Forum this Thursday, February 26, from 8:30 a.m. to 12:30 p.m. at Edinburgh USA Clubhouse. The cost is $30. Four CE real estate credits are included. | REGISTER
Source: City of Brooklyn Park
Minneapolis
 Minneapolis has a relatively new rental licensing ordinance and has just enacted stricter procedures for obtaining a rental license. In a nutshell, when there is a change in ownership, the buyer will need to complete all the RR items before applying for a rental license, or show that the seller completed the RRs. Either the COA (certificate of approval, for sellers) or the COC (certificate of completion, for buyers) must be attached to the rental license application (for properties requiring a TISH).
Properties sold without a TISH will not be able to get a rental license until a TISH report is done and the RRs are completed. So it is very important that agents make sure that the TISH is done before the sale. In other words, they just need to follow the rules. | MORE
Source: City of Minneapolis
First-Time Home Buyer Tax Credit and More
A modified first-time homebuyer tax credit is now law. The credit is for up to $8,000, for principal residences, first-time home buyers, and no repayment if the property is purchased after January 1, 2009 and before December 1, 2009. Information about the home buyer tax credit and the Homeowner Affordability and Stability Plan announced by the President last week are found at NAR's Unlock America's Economy page.
What's in the stimulus package? Here are the provisions in the American Recovery and Reinvestment Act, signed into law by President Barack Obama:
- Home buyer tax credit: increased to $8,000 and repayment requirement eliminated
- Conforming and FHA loan limits: last year's high-cost limits of $729,750 restored
- Neighborhood stabilization: $2 billion in new funds authorized
- Commercial real estate: tax credits allocated for business investment, green building, and energy efficiency
- Rural housing development: $500 million in funds authorized
- Low-income rental housing: Treasury grants authorized
- Tax-exempt housing bonds: tax rules eased
- Energy efficiency: grants and credits authorized
- Transportation: $47 billion in infrastructure development and rehabilitation funds authorized
- Broadband: $7 billion authorized to expand and upgrade infrastructure.
Big concepts:
- Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable
- A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
- Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
Source: National Association of REALTORS®
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Classes Have Started!
March 10, 1:00 p.m. – 4:00 p.m., Preventing a Blown Closing: Ten Questions to Ask
March 11, 9:00 a.m. – noon, Matrix (PLEASE NOTE: Class held at the PDC @ RFC!)
March 12 What Did You Say? (Limited seating available)
March 12 Inspections (Limited seating available)
March 16 Representing Sellers Like a Pro
March 16 Communication, the Client, & the Real Estate Transaction
March 16 Priorities, Prospects & Processes
(NEW! Evening Class! Class held at Eden Prairie Community Center)
March 18 Short Sales (NEW! Only a few seats left!)
March 18 Matrix CMA: Taxes and Statistics (PLEASE NOTE: Class held at the PDC @ RFC!)
Tuition Price Change
2009 class tuition will depend on the time you register. Anytime between now and a week prior to class qualifies for Early Bird Tuition ($29). Registration throughout the week prior to class will qualify for Advance Tuition ($39). Registration the day of class qualifies for Walk-in Tuition ($49).
Unlimited CE PASS
This year you can purchase our Unlimited CE Pass* for $99. The pass allows you to take an unlimited number of classes during 2009. In addition, you will receive the following benefits:
- 10% discount on NAR courses (ABR, Green Designation, etc.)
- First notice of new courses as they are announced through the year
- Periodic discounts on MAAR store items
- And more!
You can purchase the $99 Unlimited CE Pass* at any time during the year, but those who purchase one by March 1 will be entered into a drawing for a $100 gas card. Sign into IMS and purchase it online or call the EPD team at 952.908.2602 to purchase your Unlimited CE Pass*
Please note: If/when you purchase the $99 Unlimited CE Pass, it will be the next business day before you can use it to register. Also, you will need to call to register/receive your Unlimited CE Pass discount on NAR designation courses.
* The only exceptions are NAR designation courses, online classes and MAAR special events.
 The Source
The 2009 course catalog, The Source, is finished and available online! A copy will be arriving in the mail this week in/as part of the Spring 2009 issue of The REALTOR®. We are offering over 75 CE credits in new classes with more on the way!
Spring classes are now listed at www.mplsrealtor.com—always the best place to go for class information. You can also check the course schedule, sign up for classes, and even print your own receipts online. It’s the simplest way to go. We will be adding classes throughout the year, so watch enotes and check the website for updates.
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BookAShowing Demos for Agents
 NorthstarMLS is offering online demonstrations of BookAShowing for agents. BookAShowing is the online scheduling application incorporated into NorthstarMLS and included in your MLS fees. The scheduling portion of BookAShowing goes live on March 11. These demonstrations will give you a quick overview of how to easily schedule showing appointments, confirm showing requests for your listings and customize showing feedback requests. Each demo lasts no longer than 45 minutes and you can participate from your home or office. All you need is an Internet-connected PC and PC audio (if your PC does not have audio, there is a call-in phone number although it is not toll-free).
Below is the schedule. Click the register link for the demonstration you want to join. After you register, you will receive an email will all the details of how to connect to the demonstration.
Wednesday, March 4, 2:00 p.m. | REGISTER
Thursday, March 5, 9:00 a.m. | REGISTER
Thursday, March 5, 1:00 p.m. | REGISTER
Monday, March 9, 2:00 p.m. | REGISTER
Tuesday, March 10, 9:15 a.m. | REGISTER (Brokers: This one is a great opportunity to include most of the agents in your office if you want to do it during your Tuesday sales meeting.)
Wednesday, March 11, 2:00 p.m. | REGISTER
Thursday, March 12, 10:00 a.m. | REGISTER
Thursday, March 12, 2:00 p.m. | REGISTER
Monday, March 16, 1:00 p.m. | REGISTER
Wednesday, March 18, 10:00 a.m. | REGISTER
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 Real Estate Insights (REI) is produced by NAR Research and is full of timely real estate market research information. In addition to NAR's economic summary (page 4), page 7 begins a report on activity in the multifamily market, and pages 9–10 present an article detailing the impact of "distressed" sales on metro home prices.
Real Estate Insights: Web version | PDF version
Source: National Association of REALTORS®
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"I believe in love, but I don't sit around waiting for it. I buy houses." – Renee Zellweger
 Some REALTORS® specialize in new construction; others have never sold it. No matter which category you fall into, be sure to attend WCR's meeting on March 11! WCR has teamed up with KHovnanian Homes to present "Building From the Ground Up: Understanding New Construction/Negotiating With Builders." Attending this class should give you greater knowledge of the ins and outs of selling this specialized product. One hour of Real Estate CE approval is pending.
Date and Time: Wednesday, March 11 from 11:00 a.m. to 1:00 p.m.
Location: The Clubhouse at the Four Seasons at Rush Creek, Maple Grove
- 11:00 a.m. to 11:30 a.m. – networking
- 11:30 a.m. to Noon – lunch
- Noon to 1:00 p.m. – program
Cost is $20 for WCR members and $25 for nonmembers. You can join at the meeting.
WCR is an organization open to all real estate agents and real estate-related affiliates such as mortgage companies, title companies, stagers, etc. ALL ARE WELCOME—both women and men. Feel free to invite others, too! For questions about this event or WCR, contact Tara Buck at tarabuck@realtor.com or 612.730.4739. You can also find out more about WCR at www.wcr.org and www.twincitieswcr.org.
Source: Women's Council of REALTORS®
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 The McKnight Foundation has contracted with HousingLink, a nonprofit affordable housing organization, to track key housing data within the McKnight housing evaluation framework. Join a discussion of the McKnight Foundation's new housing evaluation framework and its approach for measuring progress while expanding opportunities to learn from the work of the affordable housing field.
Date: Friday, March 13, 2009
Time: Noon – 1:30 p.m.
Location: Hanson Hall, Room 1-106
1925 4th St S, Univ. of Minnesota, West Bank
Presenting Speakers:
Eric Muschler, McKnight Foundation
Carrie Rocha, HousingLink
Elissa Schloesser, HousingLink
RSVP required by March 11 to 612.625.2086 or curahf@umn.edu.
CURA Housing Forums are free of charge and open to the public. To sign up for CURA Housing Forum notices, visit www.cura.umn.edu or email your request to curahf@umn.edu.
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Attend one of the next two InternetCrusade® Technology Workshop featuring the e-PRO® Certification course, the only technology course offered and endorsed by NAR.
- Discover the four essential elements of a successful website strategy.
- Learn easy ways to differentiate yourself from the competition.
- Find out how to leverage the power of a permanent email address.
You don't have to be a technology expert to attend this program. Get in tune with the wants and needs of today's Internet-empowered buyers and sellers. Start working smarter. Enroll at this FREE workshop and receive a $25 discount from the normal $359 fee and an 8-month enrollment (instead of 6 months) for this online course.
Call 1.866.377.0627 (toll free) or click one of the two links below to sign up today!
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 Hello, Ignite! (formerly MNRP)
The National Association of REALTORS® has partnered with the Congressional Black Caucus Foundation, the Congressional Hispanic Caucus Institute (CHCI) and the Asian Pacific American Institute for Congressional Studies to develop three real estate policy fellowships in Washington, DC. Each fellow works full time in the office of a member of Congress for the academic year and receives a small stipend to help with living expenses.
NAR would like to involve REALTORS® more in this program and is promoting this program to young REALTORS® who may be interested in pursuing their interest in public policy.
The application deadline for CHCI is the earliest (March 6). The Congressional Black Caucus Foundation deadline is April 16 and the Asian Pacific American Institute for Congressional Studies deadline is May 31. Fellowships begin in late August and early September. | VIEW BROCHURE
Source: National Association of REALTORS®
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REALTOR® Magazine is seeking nominations for the 10th annual Good Neighbor Awards. The program recognizes REALTORS® who have made an extraordinary commitment to community service. Five winners will be announced in November in REALTOR® Magazine and at the 2009 REALTORS® Conference & Expo in San Diego.
The winners will receive a $10,000 grant for their community cause, national publicity, travel expenses to the convention and a crystal trophy.
Entries must be received by May 22, 2009.
Source: REALTOR® Magazine, National Association of REALTORS®
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Date: Thursday, April 17, 2009
Location: Golden Valley Country Club
7001 Golden Valley Rd, Golden Valley, MN 55427
Cost: $99 ($139 Day of Event)
7:15 a.m. (registration)
7:30 a.m. (continental buffet)
8:00 a.m. - Noon (program)
Topics include:
- What Lenders Are Doing With Distressed And Underperforming Properties And Loans
- Buying Distressed And Non-performing Properties And Paper
- Property Due Diligence And Inspections
- Legal Strategies And Considerations For Distressed And Foreclosed Projects
- Evaluating Partially Completed Construction, Land And Empty Buildings
Source: Real Estate Communications Group; Minnesota Real Estate Journal
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As of January 1, 2009, all new applicants for Broker and Designated REALTOR® membership are required to participate in a 3-hour Broker Orientation Program within 90 days of application. All membership services will be terminated for new brokers/designated brokers who fail to complete the program within 6 months of application.
There is no cost for the Broker Orientation program and 3 CE credits will be distributed to all attendees upon completion. Broker Orientation will be available once each quarter beginning March 11, 2009. Broker and Designated REALTORS® who became members prior to January 1, 2009 are grandfathered and are not required to participate in the new Broker Orientation Program. | READ MORE
Note: the Broker Orientation Program is open invite and available to all current MAAR Brokers, Office Managers and Office Administrators at no additional cost with 3 hours of CE credit if applicable to the attendee. Please contact MAAR's membership department at 952.933.9020 or donnab@mplsrealtor.com for registration.
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"Real Estate Today" airs online at www.RETRadio.com. How can satellite radio subscribers hear "Real Estate Today"?
- America's Talk, XM Channel 158, Saturdays, 4–6 p.m.
- Talk Radio, XM Channel 165, Saturdays, Noon–2 p.m.
- Stars, Sirius-XM Channel 102, Saturdays, 5–7 a.m. and Sundays 8–10 a.m.
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