News and Updates

Weekly Market Activity Report

The number of homes for sale in the Twin Cities metro area continues to decline relative to a year ago. As of Monday morning this week, there were 26,674 homes for sale in the region, down 20.9 percent from a year ago. In other words, we've lost 1 in 5 homes in our inventory in the last year.

Sales are a different story. For the week ending June 20, there were 1,156 signed purchase agreements, up 32.1 percent from the same week in 2008. That's the 12th week of the last 13 to feature a year-over-year increase in sales activity exceeding 20 percent.

We must bear in mind, however, that sales are only up in certain categories and price ranges. Year to date, traditional home sales (excluding foreclosures and short sales) are still down 17.8 percent from last year. New construction sales are down 21.7 percent from last year. And sales of homes priced above $350,000 are down 26.8 percent from a year ago. The lion's share of market activity is taking place in the lower price ranges this year.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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MAAR Office Closed on Friday, July 3

MAAR will be closed this Friday in observance of the Independence Day holiday. We need a day to drive to South Dakota and back because we hear that's where the good fireworks are.

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2009 Renewal Information from the Department of Commerce

The license renewal date is just around the corner: June 30, 2009. Step-by-step renewal 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

DisplayKEY lease holders: Annual lease payments are due July 17, 2009. To pay your bill:

• Mail: please use the GE Supra return envelope (sent to Supra, not MAAR).
• Phone: 1.877.699.6787 (Option 2). Available 24/7. To speak to a real person, call the number M–F, 8 a.m.–7 p.m. CDT.
• Online: Agent WebPAY – Make a payment; update your preferred billing address; verify, add or cancel Loss/Theft Insurance; reprint invoices; or check account information 24/7 at awp.gesecurity.com. This link can also be accessed from www.supraekey.com.

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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The State of the Nation's Housing Market 2009

Not all national housing research comes from NAR. Sometimes other research outlets have a thing or two to say, and we tend to listen up if it's an outlet as prestigious as the Joint Center for Housing Studies of Harvard University.

They have released their annual report, The State of the Nation's Housing 2009. It's a beautiful piece of work: elegant and complete.
| CHECK IT OUT

All real estate is local—that is a guiding principal of what we do at MAAR—but a bird's eye view of the nation can have value, too.

Source: Joint Center for Housing Studies of Harvard University (with props to @PhxREguy)

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Home Valuation Code of Conduct (HVCC): Myths and Facts

New guidelines by Fannie Mae and Freddie Mac for the hiring of appraisers has generated uncertainty among practitioners. The requirements stem from an agreement that the two secondary mortgage market companies entered into with the New York attorney general last year to help curb inaccurate appraisals and stem the use of appraisals for fraud. NAR has developed a brochure to help clarify some of the common misunderstandings about the guidelines.

Read more of a local angle on HVCC under Public Affairs.

Source: National Association of REALTORS®

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Northstar Commuter Rail Update

The first Northstar Commuter Rail passenger cars have arrived in Minnesota. Throughout the summer, the remaining 16 passenger cars will be delivered and you will see Northstar trains running on tracks between Big Lake and downtown Minneapolis as testing begins.

While train testing occurs, trains could be traveling at up to 79 miles per hour. For a close-up (and safe!) view, check out photos of the passenger cars in Big Lake.

Each passenger car will seat 139–145 passengers and additional standing space will be available. Passenger cars also will be accessible to all riders and equipped with restrooms, tables with electrical outlets, and bicycle and luggage storage.

Fall 2009 is the target for full operation of the Northstar Commuter Rail. Visit www.mn-GetOnBoard.com for more info.

Source: Northstar Corridor Development Authority (NCDA)

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Surveys

Q1 – Which is a Better Seller Strategy?

You have just two answers to choose from. Oh, heck, we'll throw in an "other" category this time as well, because we know it can be frustrating to be kept down. We believe in the Dirty Dancing adage, "Nobody puts Baby in a corner."

Click here to take the new Q1 survey now!

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Q1 – Do You Have an iPhone? The Results Are In

There certainly is some amount of self-selection going on in our Q1 research. The results are probably skewed upward because the survey appealed mostly to those who are interested in iPhones. That said, we apparently haven't all run out and picked up an iPhone yet. Given the consistent advertising and media attention, this may surprise you.

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Events

Minnesota Real Estate Journal Energy Summit

Date: Friday, July 31, 2009
Time: 7:15 a.m. (registration & continental buffet); 7:55 a.m.–noon (program)
Location: Golden Valley Country Club, 7001 Golden Valley Rd, Golden Valley, MN 55427
Cost: $99, $129 Day of Event
Credits: 4 hours of real estate continuing education credits have been applied for

Click Here for Registration and More Information

Topics
• Wind Energy 101: Fundamentals of Wind Energy
• Solar Energy 101: Fundamentals of Solar Power
• Critical Legal Considerations for Wind & Solar Energy Improvements to Your Property
• Renewable and Alternative Energy Solutions for Owners, Property Managers and Developers
• Investment Strategies and Royalty Interests
• Zero Energy Buildings: Energy Efficient Buildings for Today and the Future

Source: Minnesota Real Estate Journal, Real Estate Communications Group

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Events

MAAR Discount to Inman Real Estate Connect in San Francisco Ends Friday!

Mark Allen, MAAR's CEO, will be a panelist at Real Estate Connect in San Francisco, August 5–7, 2009. Because of our involvement, MAAR has secured a 50% discount off the regular price of attending this unbelievable networking event. At Inman Real Estate Connect, 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. Conference sessions and workshops are applicable to the "now" factor we're experiencing as an industry.

The special link from here and the code "MLPR" are key to receiving
the discount, which is now good through July!

– Click here or on the image above for more info –

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2009 REALTORS® Conference & Expo, November 13–16. Registration is Open!

Chart your winning course through today’s turbulent economy! The 2009 REALTORS® Conference & Expo delivers money-making strategies to help you succeed with four days of intensive training and substantive programs for everyone who makes their living in real estate. REALTORS® Expo has new ideas, products, and services to increase your productivity. Learn about opportunities to expand your market working with immigrants, foreign investors, and Americans buying property abroad. Network with the most successful real estate professionals in the country. Build your referral network and increase sales opportunities. Enjoy a wide-range of special events, including the REALTORS® Celebrity Concert starring Reba McEntire. Combine business and fun—the Convention Center is right on beautiful San Diego Bay and in the center of nightlife, shopping, and dining!

INFO & REGISTRATION  |  ONLINE CONFERENCE FLIPPY BOOK

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Departments

Public Affairs

Appraiser Issue Heats Up - Home Valuation Code of Conduct
The Home Valuation Code of Conduct (HVCC), effective on May 1, 2009, prohibits real estate agents and mortgage brokers from selecting appraisers. Lenders are permitted to use "in-house" staff appraisers to conduct appraisals. However, the loan production staff is prohibited from (1) selecting, retaining, recommending or influencing the selection of an appraiser for an appraisal assignment or for inclusion on an appraisal roster and (2) having any substantive conversation with an appraiser or appraisal management company regarding valuation, including ordering or managing the appraisal assignment. Members have expressed concerns about this new policy, so we're including a couple of items for further reading and action.

NAR Information About the HVCC | MNAR Survey About the HVCC

You are encouraged to complete the survey if you are concerned about the HVCC.

Sources: National Association of REALTORS®, Minnesota Association of REALTORS®

Robbinsdale Point-of-Sale Ordinance
The Robbinsdale Point-of-Sale Inspection Program took effect May 1. The ordinance states that any property shown on or after May 1, 2009, must have a completed point-of-sale inspection report available for viewing on the property. Single family, twin homes, townhouses and condominiums are included. Information about the ordinance is published on the city's website. | MORE INFO

Questions about the ordinance should be directed to Rick Pearson at 763.531.1266.

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Education and Professional Development

Time is running out! The deadline to complete your CE is Tuesday, June 30, 2009. Finish your CE online and take advantage of MAAR's online vendor discounts.
| CHECK IT OUT

Online Discount Expiration Date Extended
MAAR has negotiated with our online vendor, Hondros Learning, to extend the deadline for the Hondros Learning education discount codes. The discount codes are now valid until June 30, 2009!

All of our Hondros Learning online courses are approved for Minnesota CE credit. MAAR uploads these classes to the Department of Commerce and they will show up in your education history if you log into MAAR's website.

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

New Online Education Vendor: The CE Shop

With 1 Hour Agency, 1 Hour Fair Housing Options!
EPD is proud to announce a new partnership with The CE Shop to bring members another choice in online education. The CE Shop offers great topics at competitive prices, including a one-hour Agency course and a one-hour Fair Housing course. Receive $10.00 off any training course offered through our partnership with The CE Shop by using the promotional code "PAYTEN" through our online course catalog.

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.

MAAR Members Renewing Their Licenses in 2010
You will be the first to experience the Department of Commerce's electronic conversion of license renewal. Be prepared by reviewing your CE Transcript at www.pulseportal.com. If there are errors, get them corrected as soon as you can. Don't wait until 2010 to fix problems as that may be too late.

Remember, we can only help you with classes that you take through MAAR. If you find an inaccuracy with a class you have taken elsewhere, please contact that course provider to resolve the issue.

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Green

MAAR's Green Council
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.

Date: Thursday, July 23, 2009
Time: 9:30 a.m. – 11:00 a.m.
Location: 5750 Lincoln Dr, Edina, MN 55436
Questions: info@mplsrealtor.com

Electronics, TVs and Computers
There are many free and fee-based electronics recycling options available to Twin Cities metro-area residents, including electronics recyclers and local government programs. | www.rethinkrecycling.com

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News from NorthstarMLS

New BookAShowing Feature Will Help with Listing Showing Process

Also a Reminder: Pending Sales Disclosure is Mandatory
BookAShowing has added an important new "Contingency Settings" feature we want you to be aware of, but first some ugliness...

Once a purchase agreement is signed, the pending sale MUST BE DISCLOSED when an appointment for showing is requested. This is required by both the Department of Commerce and the Code of Ethics. The property may remain in Active status if showings are still granted to obtain a back-up offer or awaiting removal of a contingency, but the pending sale MUST be disclosed when the appointment is requested. Unfortunately, failure to disclose a pending contract will result in a minimum fine of $100. Complaints of failure to disclose this information reach NorthstarMLS too frequently, resulting in inconvenience and frustration to agents and customers.

And now for the light that shines...

To help facilitate this disclosure, BookAShowing has added "Contingency Settings" to the edit listing page (see below). Once a purchase agreement has been finalized, set the "Contingent sale" option to "Yes" and then select from the contingency options of "Inspection," "Sale of another property," "Third party approval of terms" and "Other." A contingency notes field is also available when the setting is set to "Yes." After making your settings, be sure to click the "Save Listing" button. The contingency disclosure will be displayed immediately after the appointment is requested by the Showing Agent on the confirmation screen (and the confirmation email).

Source: Regional Multiple Listing Service (RMLS)

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Reference

Health Care Reform to Top Capitol Hill Agenda

One out of every four REALTORS® lacks health insurance. While all small businesses have found it difficult to find affordable health insurance, REALTORS® have been particularly challenged since they typically are self-employed, independent contractors. NAR is laying the groundwork to ensure REALTORS® are heard as Congress prepares to tackle health care reform as its next major legislative action. | MORE INFO

Source: National Association of REALTORS®

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The ProQuest Library

Hi, I'm G. Sax and I produce enotes each week. Lately, I've been doing marketing and communications office visits. A lot of us at MAAR do this as a member service. You should book one of us for your next office visit. One thing I've been trying to do as part of my visits is to point members to treasures waiting to be plundered. Like the access you have to the ProQuest Library via your NAR membership.

Try this...

• Click this (www.realtor.org/library/virtual_library/custom)
• Click "Articles & News" across the top
• Log into your realtor.org account
• Browse an incredible array of topical magazines
• Your ProQuest password is "realtor"

Navigation can be tricky. If you get turned around, click "Realtor.org Virtual Library" at the top, then click "Find Articles/Access Proquest" inside the "In the Library" box on the right.

Note: At the bottom of the "Quick links to popular titles in Proquest" given within realtor.org, the last bullet says "See all publications available in Proquest." Click that and prepare to have your mind blown. This libary is incredibly beneficial to my business. I hope you will feel the same.

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Free Faxing with MongoFAX

User Tips and Tricks

• Have clients sign and fax back important documents directly to your email, using MongoFAX

• All documents received via MongoFAX are fully searchable

• Omit the MongoFAX Cover Page from the scanned "Fax Contents" you receive

• Send one MongoFAX transmission to unlimited recipients

• MongoFAX Cover Pages can be filled out digitally, or handwritten

• Your MongoFAX Cover Page can remember email addresses previously entered

• FREE MongoFAX Online Training Webinars hosted daily

• Basic MongoFAX Instructions

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