Week of June 15, 2009
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News and Updates New listings and pending sales both took a jump upward in the week ending June 6 as the annual post-Memorial Day surge in activity took place. There were 1,226 signed purchase agreements in the Twin Cities for the week, which represents a 33.4 percent increase over the same week last year. The 2,160 new listings were a 4.3 percent decline from a year ago but were a significant bump over the activity seen during the Memorial weekend respite. The June Housing Affordability Index of 199 is down 20 points over the last two months due to recent rises in mortgage rates and seasonal increases in the region's median sales price. Combine that with a steadily declining Months Supply of Inventory (7.6 months) and falling Supply/Demand Ratio (5 homes per buyer), and it's clear that buying conditions are not quite as friendly as they were a couple of months ago, especially in the lower price ranges. Regardless, there remains a hefty cadre of properties available for purchase. And with the $8,000 federal tax credit spurring first-time home buyer activity, this summer should be busy. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS |
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Traditional sales increase market share
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"The 100+," our community level market tracking tool has been updated with data through May 2009. All real estate is local—even from block to block. "The 100+" was built with this micro-level geographic truism in mind. |
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Housing Supply Outlook – June 2009
Takeaway #1: The number of townhome sales in the Twin Cities metro area has increased over the last year by 0.4 percent after several consecutive years of declines in unit sales. Can you guess the price point where townhouse sales increased the heaviest in the past year? Answer: Under $120,000, where sales have more than tripled. Of the 1,898 townhouse sales in that segment, 1,557 were lender-mediated foreclosures and short sales. Takeaway #2: There are currently 7.6 months of supply available, down 28.6 percent from last year at this time when the mark was 10.4 months. The biggest drops in supply have been seen in the single-family detached and townhouse markets—the months supply of condominiums still sits at 12.5 months. Takeaway #3: Sales are up overall; but in the higher price ranges, sales are still down over 20 percent year-over-year. In the $1,000,000 and higher segment there is almost 3 years of supply available. |
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Guidance for Use of Tax Credit on FHA Loans
For all other states where such programs do not exist, the tax credit may not be used to fund the 3.5 percent downpayment required for FHA loans. As always, the 3.5 percent downpayment may be a gift from a family member, employer or nonprofit, charitable organization. FHA-approved nonprofit organizations and FHA-approved lenders may monetize the tax credit for downpayments in excess of 3.5 percent, closing costs and interest rate buy-downs. Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers. NAR Info on 2009 First-Time Home Buyer Tax Credit Sources: The Washington Report, National Association of REALTORS® |
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2009 Renewal Information from the Department of Commerce Postcards containing information necessary for license renewal were mailed by the Department of Commerce to all individuals and companies who are scheduled to renew by June 30, 2009. Step-by-step instructions, given by the Department of Commerce, are available on our website. | SEE FULL INSTRUCTIONS IMPORTANT: Renewals are performed online at www.pulseportal.com. |
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GE Supra DisplayKEY Annual Billing
Questions? Three options: Call Supra at 1.877.699.6787, call MAAR Member Services at 952.933.9020 or email info@mplsrealtor.com. | VIEW FEE INFORMATION |
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Do you want to be a real estate expert on HGTV? If so, you needed to act fast for one of the two opportunities that were available to MAAR members. We posted info for the TV show "Bang for Your Buck" on MAAR's Facebook page last week. You have more time for an opportunity to be the expert on "House Hunters." | VIEW DETAILS NOTE: You must read the casting information. Good luck! |
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Mortgage Update: Jumbos Remain Elusive At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. A REALTOR® Magazine article explores the topic and links to a free webinar on what's really available in the mortgage market today. |
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In honor of Apple's dropping the price of its entry iPhone product under $100, we're asking a question of app(etite). Click here to take the Q1 survey now! |
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Annual REALTOR® Technology Survey
You can expect to see a blog post here of the results in early August 2009. Source: Center for REALTORS® Technology, National Association of REALTORS® |
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Yo Pro Squaretables – Thursday, June 18 Thursday, June 18 | Yo Pro Squaretables Squaretable Topics "Squaretables" is the name of our quick-hit information and networking event geared toward young professionals (and welcome to all). The format is fast and fun. Check out one table for about 20 minutes, take what you need, ask what you want, move to next table, take more, and so on. Why Squaretables? Because our tables aren't round. Attendance is limited by the size of our room. Register early with Aubray Olson at aubrayo@mplsrealtor.com or 952.988.3120 or find us on Facebook. This free event tends to fill up fast. |
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International Council Event – Thursday, June 18
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MAAR Offers Huge Discount to Inman Real Estate Connect in San Francisco!
Mark Allen, MAAR's CEO, will be a panelist at Real Estate Connect in San Francisco, Aug 5–7, 2009. Because of our involvement, MAAR has secured a 50% discount off the regular price of attending this unbelievable networking event. – Click here or on the image above to get started – The special link from here and the code "MLPR" are key to receiving What happens at Inman Real Estate Connect? Well, in addition to your being in one of the greatest cities in the world, you will be attending what is arguably the best real estate conference in the country. You WILL meet the most forward-thinking people in and out of the real estate industry—the people that are changing the business we work in. (Did I already mention that we'll be there?) Conference sessions and workshops are applicable to the "now" factor we're experiencing as an industry. Visit the link above to learn more about the event. Oh, and I hear that the after-hour parties are epic. Special pricing is available for new registrations only. Inman cannot refund previously registered guests with this special price. |
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Coon Rapids Community Wide Open House
REALTORS® and the City of Coon Rapids are teaming up to help move housing inventory! All brokers and agents are encouraged to hold their Coon Rapids real estate listings open all on the same day, allowing home buyers to walk through a variety of homes. There are at least 200 agents with nearly 600 listings in Coon Rapids. The goal is to hold open over 100 listings! Similar communities throughout the country have done such events and had well over 1,000 prospective buyers tour through their opens. Listing Agents: Get your listings registered for showings and pick up your free custom Community Wide Open House sign rider from the North Metro REALTORS® Association. Buyer Agents: Promote Coon Rapids and take your buyers out to multiple homes. | FLYER Register your listings by filling out this form or contact Laura at laura@northmetro.com. Source: North Metro REALTORS® Association |
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2009 REALTORS® Conference & Expo, November 13–16. Registration is Open!
INFO & REGISTRATION | ONLINE CONFERENCE FLIPPY BOOK |
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Departments
Although similar to other complex HUD programs, NSP brings important differences. REALTORS® are strongly encouraged to attend the next information session:
The programs being covered will include: a homebuyer "incentive" assistance of $10,000 for households at or below 120% of the Area Median Income (AMI) with additional access to home buyer affordability assistance of up to an additional $20,000 for households at or below 80% of AMI. Also, either in combination or stand alone, homebuyer rehabilitation assistance of $25,000 for households at or below 120% of AMI. For planning purposes, if you will be attending, please RSVP to Tonja West-Hafner, Principal Planning Analyst with Hennepin County at tonja.west-hafner@co.hennepin.mn.us or 612.348.2599. Tonja can also be contacted with further questions. | VIEW PRINTABLE FLYER MAAR's Vice-President of Public Affairs, Bill Gerst, will be in attendance at the June 12 session. Source: Hennepin County
Members and staff cited two primary reasons for restarting this process. First, they stated the public was misinformed and did not understand the ordinance when it was unanimously defeated last July at the urging of citizens. Second, they cited the need to protect the housing stock and the public for health and safety reasons. The point was especially emphasized for those would-be buyers who are assumed to be less experienced with the home-buying experience. The POS ordinance primarily focused on health, safety and minimum property maintenance issues is now being called "Heights Housing Protection Program." The EDA approved an extended schedule by which it intends to educate and inform the public. A meeting with REALTORS® is tentatively scheduled for June 22. | SCHEDULE
Health Care Reform to Top Capitol Hill Agenda Source: National Association of REALTORS®
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Education and Professional Development
Online Discount Expiration Date Extended
Register now and take $5.00 off each individual course or $10.00 off a package. Simply use one of the discount codes listed below during checkout. | GET STARTED
With 1 Hour Agency, 1 Hour Fair Housing Options! Classes taken through The CE Shop are uploaded to the Department of Commerce by The CE Shop and will NOT show up in your education history if you log into MAAR's website. |
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Our first Green Council session will be Thursday, July 23, 9:30 a.m. at the MAAR office. We're excited to have Mackenzie Weldon from Minnesota's Cambria – Natural Quartz Surfaces as our guest. She will be presenting information about "Quartz Surfaces Attributes." If you are interested in knowing more about "green" products, how they are made and how the use of them benefits the environment in new and existing homes, then the Green Council is a great place to start. Learn and network with like-minded professionals in the real estate industry.
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Please use the new areas when listing properties in Stearns and Benton counties (and the small portion of Sherburne County covered by Area 404). If you have any existing listings in these areas, you are encouraged to edit them. | VIEW NEW MLS AREA BOUNDARIES More information is available at NorthstarMLS Matrix. Source: Regional Multiple Listing Service (RMLS) |
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MAAR will hold a membership meeting on Thursday, June 18, 11:00 a.m. in conjunction with the Board of Directors meeting to consider changes to the association bylaws. Any member interested in discussing the changes is encouraged to attend the meeting. Please respond to Bill Gerst at billg@mplsrealtor.com if you plan to attend the membership meeting. | VIEW PROPOSED BYLAWS CHANGES |
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Reference Short Sale Basics, In-Depth Resources Online NAR has provided a primer on the basics of short sales with links to in-depth resources at a new short sales page at realtor.org. Access material to help you understand the process and to explain short sales to consumers. | CHECK IT OUT |
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