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News and Updates

Weekly Market Activity Report – Week of September 28, 2009

MAAR Website and Email Down: Thursday Afternoon and Friday

Call for Action: Extend and Expand the Tax Credit

MAAR Board Executive Committee and Members for 2010

The 2009 REALTOR® Party Video Contest

Nominate Real Estate's Most Influential

Nominate MAAR's REALTOR® of the Year

New DisplayKEY USB Cradle Driver for Vista 64-bit Computers

Twin Cities REALTOR® Expo Redux

Events

October 1 – Quarter Century Club / REALTOR® Emeritus Event at MAAR

October 8 – Squaretables – Speed Learning at the MAAR Office

October 20 – Walking the Walk: How Walkability Influences Home Values

November 13 to 16 – National REALTORS® Conference & Expo in San Diego

Departments

Public Affairs – Extending the Tax Credit, Southwest Transitway Light Rail Project

Education & Professional Development – New Fall Calendar

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News and Updates

The Labor Day fluctuations came and went, and the Twin Cities housing market is better for it. Pending sales for the week ending September 13 rose dramatically to 1,043, which is 33.5 percent above last year's total for the same week. We must assume that a healthy chunk of this buyer activity can be attributed to first-time home buyers taking advantage of the tax credit before it expires on November 30.

New listings came in at 1,846, up 3.2 percent in a year-over-year comparison. Home sellers have recognized a window of opportunity in recent months and are listing with a little more frequency, but the overall inventory of houses for sale is still below that of the last three years and our Supply-Demand Ratio (which measures the number of houses available per buyer) remains 30.3 percent better than where we were a year ago.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

Our electronic brand is going to take a hit at the end of the week as we upgrade our webbiness.

Not sure if that's a technical term, but it's better than ranting on about DNS and IP protocols and server strength and whatever else matters to a strong intertubal network.

If you have trouble getting at us through the website or email, the phone is a good first option, just like 25 years ago. Please call 952.933.9020 and we will direct your call.

Send a message to:

• Your Congressperson
• Your Senators

Click here to start your message!

REALTORS® from all around the country recently sat down in front of our camera to send Congress an important message: the $8,000 first time homebuyer tax credit is working. But with the credit set to expire soon, it's not enough.

Watch a video to learn more, and then send your own message to Congress telling them to extend and expand the tax credit. | GET STARTED | EXPLANATION

SAMPLE LETTER:

Homebuyer Tax Credit: Extend and Expand

Hello,

As a REALTOR® and a constituent, I can assure you that the $8,000 first-time home buyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A home buyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act to extend and expand the credit through 2010.

Good links:

NAR Information Repository | MNAR Video – Credit Ending | MNAR Video – Extending the Credit

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

The election is over, the nominating committee has presented their recommendations and the vote tallies, and the current board has approved. These are the answers to MAAR's future leadership questions:

MAAR 2010 Executive Committee:
Brad Fisher – President
Pat Paulson – President-Elect
Cari Linn – Secretary
Matt Strobl – Treasurer
Steve Havig – Immediate Past-President

MAAR 2010 Elected/Appointed Board Members:
Jennifer Cutter – Edina Realty (election winner!)
Rod Helm – Coldwell Banker Burnet (election winner!)
Todd Walker – Coldwell Banker Burnet (election winner!)
Babatunde Shonoiki – Lakes Area Realty (presidential appointment)
Lynn Foulke – RE/MAX Results (presidential appointment)

REALTORS® are challenged to make a short, personal video explaining how the Home Buyer Tax Credit has helped their clients buy their first home. The contest has been extended and expanded. The contest deadline has been stretched from September 30 to at least three weeks beyond that date. The expansion references the fact that they are now accepting facilitated first-time home buyer videos from state and local associations. So look out, REALTORS®, you're competing with us now!

The winner will receive a $500 American Express gift card and have their video shown at NAR's annual conference & expo in San Diego in November. Two runners-up will receive Flip UltraHD Camcorders.

Questions about the contest should be directed to Hilary Woodward at hwoodward@realtors.org or 202.383.1235.

Source: National Association of REALTORS®

Inman News is seeking your nominations for the most influential individuals in real estate, including the best and brightest real estate leaders, bloggers, Twitter users and all-around masters of social media.

The deadline for nominations is Friday, October 9.

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 taking nominations for the 2009 REALTOR® of the Year. This prestigious honor is awarded to one of MAAR's members who stands out as the best of the best. You can complete the nomination form and get it to us in one of three ways:

1) Fill out this form online and email it to amyr@mplsrealtor.com.
2) Print and fax this form to Amy Ransom at 952.908.2621
3) Print and mail this form to:

MAAR's REALTOR® of the Year
Attention: Amy Ransom
5750 Lincoln Drive, Minneapolis, MN 55436

GE has a new DisplayKEY USB Cradle Driver designed for use with Vista 64-bit computers. This driver will allow those with Windows Vista 64-bit on their computers to connect the DisplayKEY USB cradle for updating and charging. This new driver is only necessary for Windows Vista 64 computers. If you are running older versions of Windows (such as XP), you do not need this driver.

If you do have a Windows Vista 64-bit computer, please contact GE's customer support team at 877.699.6787 for assistance in determining which OS you have. They will assist you in downloading and installing the new driver, if needed. | READ MORE

Source: GE Security

Have to say...from your initial comments, you seemed to enjoy this year's expo more than any other we've done in recent years. Maybe it was the business-pertinent exhibitors, maybe it was the price tag, maybe it was the quick length of classes, maybe it was the cast of educators. Or maybe (probably) it was me.

Hi, this is G. Sax writing this obnoxious bit. I was lucky enough to do a little talk called "Resourceful Marketing for REALTORS®" to a pleasant crowd of real estate professionals. Thanks for listening to me. I said I would put my talk up on enotes today, but I'm not quite done web-processing the new slides. So I'm going to fall back on some other things I've created for past talks.

Hint: Go to page 2 of the "START HERE" link above for more links worth clicking. At the bottom of page 2 is a link to a PDF of much of what I presented at the expo. I'll get the real thing up next week. Two things I wanted to jump ahead on are Posterous and Tumblr. If you've been hesitant to blog, this'll cure ya.

A survey is forthcoming! We're going to be asking expo attendees to fill out a brief survey so we can build on our successes and lop off our failures. Please stay tuned. And thanks to all who attended!

All Quarter Century Club and REALTOR® Emeritus members are invited to a reception being held in their honor on October 1, 2009, 1–3 p.m. at the MAAR office.

This annual event serves as a welcome for new members to the two exclusive clubs that you can only get into for many years of dedicated service to the industry. Light appetizers will be provided. For additional information, please contact Amy Ransom at amyr@mplsrealtor.com.

2:30 p.m. – 4:00 p.m. at MAAR office
5750 Lincoln Dr, Edina, MN 55436
(happy hour to follow)

Squaretable Facilitators and Topics:

Steven Strand | Legal Update

Nobu Hata | Blogs, Twitter and RSS Syndication

Terry McDonough | Assumptions – Get Ready, They're Coming

Jeff Allen | Understanding the Twin Cities Market Inside and Out

"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 Erhardt at aubrayo@mplsrealtor.com or 952.988.3120 or find us on Facebook. This free event tends to fill up fast.

ULI Minnesota presents:
Walking the Walk: How Walkability Influences Home Values
Date and Time: October 20, 2009, 3:45 p.m.
Location: 50 S 6th St, 15th Floor, Minnesota Room, Mpls., MN
Venue: Dorsey & Whitney
Register

The unprecedented declines in house prices nationwide over the past three years are prompting buyers, developers and investors to question the underlying sources of value in residential real estate.

A new study from CEOs for Cities shows that there is a strong and consistent connection between neighborhood walkability and home values. Reflecting the growing importance that many buyers are placing on convenience, energy saving, and lowering their carbon footprints, walkable houses command a significant price premium over otherwise similar houses with lower levels of walkability.

Economist Joe Cortright will describe the results of this study and explore its implications for the future of residential real estate markets in the years ahead.

Don't miss this important program. Be part of the change!

Source: Urban Land Institute (ULI) Minnesota

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. Learn about opportunities to expand your market working with immigrants, foreign investors, and Americans buying property abroad. Hang with the most successful real estate pros in the country. Build your referral network and increase sales opportunities. Enjoy special events like the REALTORS® Celebrity Concert starring Reba McEntire. Combine business and fun in beautiful San Diego!

Departments

IRS Says 1.4 million Have Used Tax Credit
The 1.4 million total is based on the number of taxpayers claiming the $8,000 first-time home buyer tax credit on their 2008 income tax returns, including amended returns, the IRS says in a release (IR-2009-083). Meanwhile, with it expiring Dec. 1, NAR continues its full court press to extend the credit into 2010. Watch and link to a video with NAR Government Affairs on the legislative outlook for extension.

Economists Encourage Tax Credit Extension
The extension of the 2009 First-Time Homebuyer tax credit lies in the hands of Congress. The implications of the tax credit thus far are highlighted in the following article, as well as the opportunities that could come with its extension. | READ ARTICLE

Southwest Transitway
The Southwest Policy Advisory Committee (PAC) is expected to make a decision on the locally preferred alternative for the only Southwest LRT route that will be carried forward into the next stages of planning and construction at their October 14 meeting. The PAC's recommendation will be passed on to the Hennepin County Regional Railroad Authority (HCRRA), who will hold a public hearing:

Tuesday, October 20, 4:00 p.m.
A-2400 Hennepin County Government Center
300 South 6th St, Minneapolis, MN 55415

For more about the Southwest LRT project, visit www.southwesttransitway.org.

Fall Continuing Education Classes
We've added classes since our catalog was printed. Check our online calendar for the most current list of class dates, times and topics, and to register. Many of our fall classes are already more than half full. Sign up online and early to take advantage of the best selection. The never-seen-in-print classes are:

October 2, 9 a.m.–noon, Essentials 2: Representing Buyers Like a Pro

October 8, 9 a.m.–noon, Know Who You're Talking To

October 29, 9 a.m.–noon, Matrix

October 30, 9 a.m.–11:30 a.m., Matrix CMA

November 11, 1 p.m.–4 p.m., Matrix

November 19, 1 p.m.–4 p.m., Matrix

November 20, 9 a.m.–4 p.m., Foreclosure Opportunities

December 1, 1 p.m.–3:30 p.m., Matrix CMA

December 18, 9 a.m.–noon, Matrix

Night School
For members with busy day schedules who want to earn credits during the evening, we have you covered:

October 12, 6 p.m.–9 p.m., Inspections (held at the Minnetonka Community Center)

November 16, 6 p.m.–9 p.m., Listings that Sell Themselves (held at the Brookdale Library)

December 14, 6 p.m.–9 p.m., Understanding the Closing Process (held at the Maple Grove Community Center)

Matrix Classes Scheduled!
We've finally scheduled our Matrix and Matrix CMA courses (see above). Please note that all Matrix courses through the end of the year will be demonstration only. If you wish to bring your own laptop, you may, but we are no longer able to provide laptops for use during these courses. CE will still be provided.

Course Tuition Prices—Register in Advance to Save Money
We want to remind you that course tuition prices depend on how far in advance you register. Most courses* cost:

$29 if you register more than 1 week in advance
$39 if you register during the week prior to class
$49 if you "walk in" or register the day of class

Of course, none of this applies if you have our $99 Unlimited CE Pass**, which is still available for purchase. If you take just four classes, you save money! Purchase it online or call the EPD department at 952.908.2602.

*Tuition prices are different for NAR designation courses and the RSA Bus Tour.
** The $99 Unlimited CE Pass excludes online classes, NAR designation courses, and the RSA Bus Tour.

Harnessing the Power: Skills Based Performance Management
(ABR Elective Course)
What separates the best from the rest? The best have systems, not just for their real estate businesses but for themselves. They have harnessed the power of performance management skills to challenge themselves, to manage their time effectively, to build credibility and develop a personal vision. This course will show you how to eliminate the obstacles that conspire to prevent you from getting to that next level—in your business and in your life.
Date and Time: October 21, 9 a.m.–4 p.m.
Tuition: $69, or only $39 for WCR members

If you know a member who is not receiving enotes, please forward their email addresses to info@mplsrealtor.com. To unsubscribe, send an email to unsubscribe-enotes@mplsrealtor.com with REMOVE in the subject line. Allow 14 days to process the request. Send replies and news ideas to MAAR's Communications Manager, G. Sax.

© 2009 Minneapolis Area Association of REALTORS®. All rights reserved.