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 As we approach St. Patrick's Day, there's reason to take advantage of our Blarney Stone kisses and impart some eloquence (or "gift of gab" if you prefer). New listings continue to trail year-over-year numbers in our local housing market, coming in at 1,628 for the week ending February 28, which is 19.2 percent behind this week last year. Total active listings are roughly 5,000 below this time in 2008. In an oversupplied market, this is cause for celebration. Continued growth in home sales adds to the festive spirit, with pending sales showing a healthy 12.1 percent increase over the doldrumish numbers of last February.
There are several important monthly indicators to look at in this week's report. Days on Market Until Sale in February stood at 157 days, down 4.8 percent from last February. This is the third consecutive month of downward year-over-year movement. The Housing Affordability Index (HAI) continues its yearlong improvement with a March 2009 HAI of 206—31.2 percent ahead of its March 2008 mark of 157. Months Supply of Inventory is holding relatively steady at 7.8 months, down 15.2 percent from the mark of 9.2 months we saw a year ago.
According to John Tucillo, one of the foremost real estate economists in the U.S. and former Chief Economist for NAR, there are three necessary phases that must occur for the housing recovery to launch:
1) a decline in new listing activity
2) a decline in days on market
3) an increase in sale price to list price ratio
The first phase came about last summer and the second phase began in the fourth quarter of 2008. Hopefully the third phase will occur sometime this year. Strong affordability, improving chances for a housing recovery and a federal tax credit for first-time buyers equates to a welcome home-buying environment—a little Irish luck for real estate.
Click the logo below or click here for this week's full report. Visit Market Info for more research reports.
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Implementation of the SAFEMLS® security system is upon us. The goal is to make this transition as easy as possible on all subscribers. We have one more deployment event for MAAR members to pick up their SAFEMLS® token scheduled for March 11:
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 the March 11 event, it is NOT necessary to contact MAAR or RMLS to reschedule. Make-up times will be 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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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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 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. 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.
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Fannie and Freddie Release Refinancing
Guidelines, Freddie Slashes Fees
On March 4, Fannie Mae and Freddie Mac released guidelines on refinancing and loan modification options that implement President Obama's Making Home Affordable Program. The guidelines go father, however, to provide more flexible refinancing opportunities.
Fannie Mae Announcement 09-04 implements the Obama Home Affordable Refinance program but provides even greater flexibility for refinancing Fannie Mae mortgages under new Refi Plus programs. One significant additional flexibility is that Fannie is allowing refinancing of eligible second home and investor loans. In addition, mortgages that do not have private mortgage insurance in force are not required to obtain it even if the new loan-to-value ratio exceeds 80 percent. The Announcement states that Fannie Mae is not permitting the refinanced mortgage to be a jumbo conforming loan (a loan above $417,000 up to $729,750 in high-cost areas), but accompanying Frequently Asked Questions state that the new loan may be a jumbo conforming loan (either under the original 2009 permanent limits or under the new higher 2009 temporary limits once Fannie announces eligibility criteria for the temporary limits later this month). Fannie has lowered fees for some borrowers between 25 and 50 basis points, but is under pressure to slash fees as Freddie has done. The program begins on April 1, 2009.
Freddie Mac Bulletin 2009-5 establishes Freddie's Relief Refinance Mortgage program that also provides even greater flexibility for refinancing Freddie mortgages. Like Fannie Mae, Freddie is also allowing refinancing of eligible second home and investor loans and is not requiring private mortgage insurance if the mortgage being refinanced does not have insurance in force. The Freddie Mac announcements this week appear to conflict on whether jumbo conforming mortgages are eligible for refinancing, and NAR has asked for clarification. Freddie has slashed fees for the refinanced mortgages and is only charging the 0.25% market condition fee but not additional fees based on the borrowers' credit scores and loan-to-value ratios. This is a huge advantage for borrowers with Freddie Mac mortgages, and Fannie is under pressure to match the fee cuts. The program begins on April 1, 2009. | MUCH MORE INFO FROM NAR
How Can Borrowers Find Out Whether They
Have a Fannie Mae or Freddie Mac Loan?
In Fannie Mae's announcement that instructed its servicers not to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent), it did not specify how borrowers can learn whether or not they have a Fannie Mae or Freddie Mac loan. The easiest way to find out is often just to ask the loan servicer. If that doesn't work, contact Fannie or Freddie directly.
Fannie Mae: 1.800.732.6643, www.fanniemae.com/homeaffordable
Freddie Mac: 1-800.373.3343 www.freddiemac.com/avoidforeclosure
Source: National Association of REALTORS®, The Washington Report
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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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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 remaining demo schedule. Click the register link for the demonstration you want to join. After you register, you will receive an email with all the details of how to connect to the demonstration.
 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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"Rally in the Rotunda"
Date: Thursday, March 19, 2009
Location: Crowne Plaza Hotel – 11 Kellogg Blvd, St. Paul & The State Capitol
Cost: FREE | REGISTER NOW | VIEW FLYER
Schedule
9:30 a.m. – 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 approved) presented by:
Chris Galler, Chief Operating Officer, MNAR
Christine Berger, Vice President of Governmental and Regulatory Affairs, MNAR
Heather Mavencamp, Director of Governmental Affairs, MNAR
Noon–1:00 p.m. – Buses to the Capitol and Boxed Lunch
1:00-2:00 p.m. – Rally in the Rotunda – Legislative Leaders, including Speaker of the House Margaret Anderson Kelliher, House Minority Leader Marty Seifert, Senate Assistant Majority Leader Tarryl Clark, and Senate Minority Leader David Senjem
2:00-3:00 p.m. – Visit with Legislators
3:00-4:00 p.m. – Buses back to the Crowne Plaza Hotel
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 not be taken. Registration includes 2.0 hours of CE (pending), morning coffee and rolls, box lunches, and buses to the Capitol and back.
Contact Carrie Andersen at candersen@mnrealtor.com with further questions.
Source: Minnesota Association of REALTORS®
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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. NAR has provided a great deal of information about the home buyer tax credit here: American Recovery and Reinvestment Act of 2009.
 The info is geared toward REALTORS®, but you may want to encourage your clients to check it out. Of particular interest to new buyers, of course, is the Homebuyer Tax Credit.
Another Great Resource
The National Association of Home Builders® has a great site dedicated to tax credit information. It's called First-Time Home Buyer Tax Credit and it's very consumer friendly.
Sources: NAR and NAHB
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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! Limited seating available)
March 12, 9:00 a.m. – noon, What Did You Say? (Limited seating available)
March 12, 1:00 p.m. – 4:00 p.m., Inspections (Limited seating available)
March 16, 9:00 a.m. – noon, Representing Sellers Like a Pro (Limited seating available)
March 16, 1:00 p.m. – 4:00 p.m., Communication, the Client, & the Real Estate Transaction (Limited seating available)
March 16, 6:00 p.m. – 9:00 p.m., Priorities, Prospects & Processes
(NEW! Evening Class! Class held at Eden Prairie Community Center)
March 18, 9:00 a.m. – noon, Short Sales (NEW! SOLD OUT! Watch for an additional class date)
March 18, 1:00 p.m. – 3:30 p.m., Matrix CMA: Taxes and Statistics
(PLEASE NOTE: Class held at the PDC @ RFC!)
March 23, 9:00 a.m.– noon, RE Math: Mortgages
March 23, 1:00 p.m.– 4:00 p.m. Home Buyer Seminars
March 24, 1:00 p.m.– 4:00 p.m. Wake Up, Shift Happens
March 24, 1:00 p.m.– 4:00 p.m. eEssentials 2: Improving your Outlook
(PLEASE NOTE: Class held at the PDC @ RFC!)
March 25, 9:00 a.m.– 4:00 p.m. Intro to Real Estate Auctions
(ABR Elective, NEW! This class is not eligible for the $99 Unlimited CE Pass, though pass holders receive a 10% discount. Please contact MAAR to register to receive the discount.)
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 available online! A copy should have arrived in your mail by now 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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Learn from Barb Schwarz, the creator of Home StagingTM and The Accredited Staging Professional CourseTM, and her ASP Training Team. This course will be taught by ASP Course Trainer, Jeannie Berger.
Day 1: You will focus on using Home Staging as a real estate marketing tool.
Day 2: Experience the "magic" of transforming a home with ASP Staging.
Day 3: For those seeking the Professional Stager designation.
- List and sell more homes
- Get every seller to prepare their home for sale
- Use Barb's shortcuts to make it easy to get every listing Staged
- Learn Barb's proven Staging sayings to educate your sellers
The two-day training includes classroom instruction and an onsite Home Staging field trip. At the end of the day, you will receive your ASP Real Estate Agent designation and certification.
Dates: April 28 and 29 (and 30 for Professional Stager designation)
Location:MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Price: $349 (register during March and receive a $50 discount with Promo Code "Save2009")
Credits: 8 CE credits upon completion of the two-day class
Register at StagedHomes.com or call Julie Lyster at 800.392.7161
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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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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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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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It's gonna be great. Stay tuned for more information.
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