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News and Updates

Weekly Market Activity Report – Week of October 19, 2009

Monthly Skinny Video for October 2009 – "Don't You Dare Stare, You Betta Move"

Q3–2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market"

Dues eBilling Begins November 1 – NO MORE PAPER BILLING

The 100+ – Updated Through September 2009

Housing Supply Outlook – October 2009

Monthly Market Indicators – September 2009

How to Win a Mobile Office from HP Worth $3,800

Lost Your SafeMLS Keyfob?

Call for Action: Extend and Expand the Tax Credit

Cool Surveys

Survey – Center for REALTOR® Technology Report

Survey – NAR Member Profile

Events

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

October 20 and 21 – City of Minneapolis and Live MSP Housing Resource Fairs

November 5 – A Broker's Blueprint for Sucess

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

Departments

Public Affairs – Home Buyer Incentive Program, Southwest Transitway Light Rail Project

Education & Professional Development – SFR, RSA and CE from EPD!!!

Reference

Check out Business AdvantEdge and Other Vendors for MAAR Member Deals

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News and Updates

The fall Twin Cities housing market has been full of wild things, mostly first-time home buyers stampeding to take advantage of the federal tax credit before it expires on November 30. The week ending October 10 was no different than others we've seen this fall. There were 947 signed purchase agreements for the week, a 37.6 percent increase over the same week last year.

At 1,543 new listings we're down 4.4 percent from the same week a year ago. The trend continues: New listings haven't been keeping up with the amount of sales, bringing total housing supply down dramatically in the Twin Cities. There are currently 24,901 homes on the market, 21.0 percent less than a year ago.

The rumpus is likely to subside as we near the November 30 tax credit deadline, silencing the sales activity of the market's most active buyers.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

The new video is now online This month's edition is narrated by 2009 President Steve Havig and features new music that you will be humming to yourself throughout the day.

Keep your eyes open for an L.L. Cool J cameo.

MAAR's Q3-2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market" was released last Thursday and can be found online.

There's some interesting new data found in the report showing that lender-owned foreclosures are now selling three times more frequently than short sales.

MORE INFO | FULL REPORT | INTERACTIVE DATA TOOL

eBilling 2009 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.

Our tracking tool for local housing market activity has been updated with data through September 2009.

The October Housing Supply Outlook is available.

Takeaway #1: If you're buying a home in the price range below $120,000, you'll have to move fast. There's only 2.9 months of supply in that range, which places it in the extreme seller's market category. The reason for the tight inventory picture? There's been a huge upsurge in home buying activity—sales are up 127.5 percent in that category over the last twelve months.

Takeaway #2: The number of new construction properties available for sale continues to shrink rapidly as builders pull back from creating new inventory. The current inventory of 2,426 listed new construction properties in the MLS system represents a drop of over 1,200 units from a year ago.

Takeaway #3: Unfortunately for builders, new construction home sales have also rapidly declined, falling by 18.8 percent (over 800 units) in the last 12 months.

During yesterday's PR wave, I neglected to make the Monthly Market Indicators (MMI) a part of our news release. Many of you noticed. I "forgot" to include the MMI so I could have an excuse to address you in this manner and get you to click on the MMI through enotes so I can track your interest. Thank you for playing along. But seriously, I just forgot. – G. Sax

If you're a real estate professional using technology to succeed in your marketplace, HP wants to give you an opportunity to win a mobile office. In exchange, we want to know your "technology" story.

To enter, describe how you use technology or plan to use technology to:

differentiate yourself,
increase your revenue, and/or
improve your productivity

Provide examples of technology-saves-the-day scenarios—anything to illustrate that you're an agent who is optimizing technology to win. The grand prize winner will receive an HP mobile office prize package worth up to $3,841.00.

If you lose your SafeMLS keyfob device, you can mark it as lost at NorthstarMLS.com. Upon doing so, you will receive a ten-day temporary password by email. Many agents who come to the office with lost keyfobs are unaware that a backup plan is already in place. Take advantage.

We're in our final push to send a 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®

FAVORITE PAGE: 24. | TAKE A LOOK

This is a good report, too. Sure, it's all, like, "Hey, I'm from 2008. Wanna hang?" when we're all, like, "Naw, man, it's 2010 and you're becoming more and more irrelevant in a changing communications paradigm."

But it's solid research, and we'll be building our 2009 MAAR Member Profile on questions from it along with the REALTOR® Technology Report highlighted above. Our survey will soon appear here in enotes, on our website and in the Winter 2009 issue of The REALTOR® due out in a few weeks.

Page 72 of the NAR Member Profile is of interest. The median age of all REALTORS® is still 52. Anyone care to guess what the fastest-growing demographic is on Facebook?

Evidence indicates that people in the real estate industry are taking up the social media banner, and not just Peter Bjorn & John's "Young Folks."

VIEW THE NATIONAL ASSOCIATION OF REALTORS® MEMBER PROFILE 2008

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

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.

Date and Time: Thursday, November 5, 2009, 8:00 a.m. – 5:00 p.m.
Location: Marriott Minneapolis West, 9960 Wayzata Blvd, St. Louis Park, MN 55426

What kind of issues keep brokers and managers awake at night? Have you wondered if your agents' actions or statements could create a liability for you? The Minnesota Association of REALTORS® has put together an outstanding program that is designed to help you in the day-to-day management of your agents and real estate business. The morning session will deal with legal issues and solutions, and the afternoon program will focus on areas of reducing your risk and improving your service to customers and clients.

Topics:

Agency Issues
Contract Issues/Forms
MLS Marketing Concerns
Dispute Resolution
Negotiations
Disclosures
Strategic Planning
Business Operations/Structure

Instructors:

Lynn Leegard, Esq.
Brad Boyd, Esq.
Michael Hoffman
Chris Galler
Henry Brandis
Linda Modlinski

Schedule:

8:00 a.m. – Coffee and Check-in
8:30 a.m. – Broker Risk Management
12:15 p.m. – Lunch and Networking
1:15 p.m. – Broker Issues and Resolutions

Cost:

$99 – Early Bird (before October 15)
$119 – October 15 thru November 1
$139 – Onsite (if available)

Advance registration is required via www.mnrealtor.com. This program has been approved for 7.5 hours of real estate continuing education. For questions, contact vbrones@mnrealtor.com or 952.912.2667.

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

Message from the Hennepin County's Housing, Community Works & Transit
Dear Loan Officers and REALTORS®: We are encouraging all of you to frequently visit Hennepin County's website for the Neighborhood Stabilization Program (NSP). We have been getting a lot of questions that are answered in guidelines, by looking at the target maps or in the FAQs. So, we encourage you to take a look at the information on the website before you call us. | Hennepin Co. NSP

Home Buyer Incentive Program
Check out www.livenearyourwork.net a website that promotes buying homes near the University of Minnesota. REALTORS® can list homes there and get free advertising. The program is offically called the University District Partnership Alliance Home Buyer Incentive Program and it is basically this:

Deferred Loan – $10,000 toward downpayment or closing costs; forgivable after 5-year home occupancy (owner-occupied homes only). | MORE INFO

For even more information, contact The Northeast Housing Resource Center at 612.378.7985.

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.

Attend the class "Foreclosure Opportunities" on Friday November 20, 9:00 a.m. – 4:00 p.m at the MAAR office. Cost $69 for 6 CE
Listen to three 1-hour free prerecorded webinars available at www.realtorSFR.org
Download, complete and submit the application form available at www.realtorSFR.org
Be a member in good standing of the National Association of REALTORS®

Note: There are no other courses or designations focused on short sales or foreclosures that are recognized by the National Association of REALTORS®.

REALTOR® Senior Advisor (RSA) Lunch & Learn
For those interested in elder care housing issues...

Date and Time: November 2, 11:30 a.m – 1:00 p.m.
Venue: Tradition Independent and Assisted Living
Address: 8500 Tessman Farm Rd N, Brooklyn Park, MN 55445
Tour: There will be a tour after lunch

The speaker, Georgia Lane from Geriatric Care Manager Elder Care Consultants, will speak on Normal Aging. Is it "normal" for us to get forgetful when we get older? Will all of us have balance issues, be forgetful, and need hip and knee replacements? What are the red flags that a senior may need additional services?

Special Feature: Lunch will be provided at this first meeting, so you must RSVP by calling 952.908.2602. Space is limited to the first 20 to respond.

Receive your 15% discount! It's that easy! Promotion expires October 31, 2009. Discount valid only on The CE Shop classes.

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.

MAAR is always looking for ways to help our members, so we are offering discounts, products and services from select companies. LEARN MORE about the benefits you receive through MAAR. Or visit Business AdvantEdge, one of our primary benefits providers.

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.