News and Updates

Weekly Market Activity Report

Fall is officially on in the Twin Cities, but it hasn't slowed the housing market as much as usual. After the school year begins, we typically see a drop in buyer activity, but the 2009 fall market is remaining robust due in large part to the final weeks of the tax credit for first-time home buyers. There were 1,056 pending sales for the week ending September 26, up 41 percent from the same week last year.

As a direct result, inventory is dropping like a stone. There are approximately 24,500 homes for sale in the 13-county metro area, down more than 20 percent from a year ago.

The October 2009 Supply-Demand Ratio (SDR) comes in at 6.88 houses per buyer, down 22.5 percent from last year. The SDR has shown year-over-year drops of 30 percent or more for the past few months, but we're projecting that the year-over-year decline for October will be smaller because pending sales are likely to be significantly lower if the federal tax credit for first-time buyers is not extended. If the credit goes *poof*, it will remove buyers from the market.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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MAAR Office Closed on Monday, October 12

The MAAR office will be closed on Columbus Day—not so much to honor Christopher Columbus but to allow staff to participate in a mandatory, full-day, team-building and skill-learning session. The Minnesota Association of REALTORS® office will remain open. The Minneapolis side, with its management of store items, keyboxes, dues renewals and more will not be.

The Weekly Market Activity Report and enotes will be delayed one day due to the office closure. We'll talk to you again on Tuesday, October 13.

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MAAR Dues eBilling . . . Coming November 2

The annual REALTOR® membership dues are moving entirely over to eBilling on November 2. Printed statements WILL NOT be snail mailed. You will see the statement in your email inbox. Do we have your correct email address? You can easily find out:

1) Visit mplsrealtor.com
2) Click the "My Account" tab (at the top)
3) Log in and select "Review or Change Member Personal Information" to check and update your email on the spot.

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Call for Action: Extend and Expand the Tax Credit

The 2009 REALTOR® Party Video Contest

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.

RULES & CONTEST ENTRY INSTRUCTIONS

Source: National Association of REALTORS®

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Nominate Real Estate's "Most Influential"

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.

READ MORE | NOMINATION FORM

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REALTOR® of the Year

Hey, MAARtians. We're short on nominations for the 2009 REALTOR® of the Year? Pick the MAAR member 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

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Twin Cities REALTOR® Expo Redux

Hi, this is G. Sax again. I did a little talk called "Resourceful Marketing for REALTORS®" at the Twin Cities REALTOR® Expo 2009. If you were there, thanks for listening to me. My updated preso is ready. | HERE IT IS

A lot of people asked for what Ted C. Jones presented, too, and he was gracious enough to send us two PDF files. | NATIONAL | STATEWIDE

Doug Devitre put on quite a show at the expo (twice even). He blogged about his Twin Cities experience and shares both of his presentations as well. | CHECK IT HERE

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!

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Events

Yo Pro Squaretables – Thursday, October 8

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.

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Broker Support Series – Next Meeting is Friday, October 9

Friday, Oct. 9, 9:30 a.m. – 11:00 a.m.
Selling "Minnesotan"
Ever notice how Minnesotans love to buy but refuse to be sold? Do you ever receive mixed signals in the Minnesota marketplace? We will help you understand the cultural profile of a typical Minnesotan, including buying behavior and style. Learn how to break the ice and decipher clues Minnesota style!

MAAR is pleased to host a successful series of broker monthly meetings on managing your broker business. This free event will be held at the MAAR office. Register with Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157.

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CURA Housing Forum – Friday, October 16

Minnesota Housing's Affordable Housing Plan for 2010/2011

Presenting Speaker: Dan Bartholomay, Commissioner of Minnesota Housing
Date and Time: Friday, October 16, 2009, Noon – 1:30 p.m.
Location: L-110 Honeywell Auditorium, Carlson School of Management
321 19th Avenue S, Minneapolis, MN 55455
(West Bank Campus)
Parking is available in nearby ramp.

Minnesota Housing works to meet Minnesotans' needs for decent, safe affordable housing and stronger communities by focusing on development and redevelopment programs, homeownership loan programs and the preservation of federally assisted housing.

RSVP required by October 14 to 612.625.9040 or curahf@umn.edu. CURA Housing Forums are free of charge and open to the public.

To sign up for CURA Housing Forum notices, go to www.cura.umn.edu or email your request to curahf@umn.edu.

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

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

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The City of Minneapolis and Live MSP Invite You to Two Housing Resource Fairs!

South Minneapolis Housing Resource Fair | VIEW PDF FLYER
Tuesday, October 20, 5:00 p.m. – 7:30 p.m.
Park Avenue United Methodist Church, 3400 Park Ave S

North Minneapolis Housing Resource Fair | VIEW PDF FLYER
Wednesday, October 21, 5:00 p.m. – 7:30 p.m.
Minneapolis Urban League, 2100 Plymouth Ave N

Each event will have information for potential home buyers and current homeowners. If you are looking to purchase a home, you can learn more about downpayment assistance programs, the federal tax credit, and other programs and opportunities. If you are a current homeowner, learn more about low interest renovation loans, energy-efficiency programs, and loan modification and refinancing options to lower your monthly payment.

Meet one-on-one with lenders, real estate agents, and housing and financial educators. The open house events are free and refreshments will be provided. Events are sponsored by Freddie Mac and US Bank.

Help spread the word and feel free to contact Mary Kay Bailey at 651.315.1478 or Cherie Shoquist, City of Minneapolis, at 612.673.5078 or Cherie.Shoquist@ci.minneapolis.mn.us if you would like more information.

LiveMSP: Website | Facebook | Twitter

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2009 REALTORS® Conference & Expo, November 13–16

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!

INFO & REGISTRATION  |  ONLINE CONFERENCE FLIPPY BOOK

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Departments

Public Affairs

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.

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Education and Professional Development

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

Short Sale and Foreclosure Certification Program
The National Association of REALTORS® (NAR) has developed a new Short Sales and Foreclosure Certification Program (SFR) for REALTORS®. SFR will be rolled out at NAR's annual conference and expo in November.

To earn the SFR certification, REALTORS® must attend a one-day education program, view three one-hour webinars, complete and submit an application form, and be a member in good standing with the National Association of REALTORS®. The normal application fee of $175 is waived through the end of 2009 as part of NAR's "Right Tools, Right Now" campaign. There are no recurring dues to maintain the SFR certification. REALTORS® may sign up for the webinars anytime. Webinars will be made available at www.realtorSFR.org in mid-October.

* MAAR is holding the one-day course that will meet the rest of the requirement on Friday, November 20: Foreclosure Opportunities 9 a.m. – 4 p.m for only $69.

More information and the application form (when available) can be found at www.realtorSFR.org. You can also VIEW THE INFORMATIONAL SFR BROCHURE

Matrix Classes Scheduled!
We've scheduled our Matrix and Matrix CMA courses (see full fall calendar). 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.

VIEW FULL FALL CALENDAR

CALL EPD AT 952.908.2602

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Green Council Meeting – Thursday, October 15

Green Council Meeting
Date and Time: Thursday, October 15, 9:30 a.m.
Location: MAAR Office – 5750 Lincoln Drive, Edina, MN

Curtis Stendel, President of Panelworks Plus, Inc. will tell us how to "Survive and Thrive in a Changing 'Green' Building Market" and tell us about the SIP Industry.

Founded in 1980, Panelworks Plus has supplied the panels for projects like the State Fair Eco House, the North House Folk School Eckel Fish House, the new Three Rivers Park District Silverwood Park Building, and many other residential and commercial projects.

Presentation Overview
With the increased demand by consumers for products that are "green" and energy efficient, builders and the building industry as a whole are being forced into making changes and learning that business as usual is not going to answer the questions of rising energy costs, global warming and new concerns that trigger consumers' buying decisions.

The housing market has been down for the past several years, but the Structural Insulated Panel (SIP) industry has continued to grow, rapidly gaining market share in new housing starts nationwide. While the general public may view SIP construction as a new technology, they may be surprised to learn how long the industry has been in existence and what it holds for the future.

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