For only the second time since the end of last year's tax credit, there were more Pending Sales for a given week than in the prior year. A total of 958 buyers entered into contract for the week ending May 14, an increase of 15.4 percent and the highest number of pendings since the week ending May 8, 2010.
But let's not get too excited just yet, because this apparent shift in Twin Cities home purchase activity was primarily driven by the post-tax-credit slowdown seen at this time last year. To illustrate this point, 2011 sales activity has increased 4.1 percent since the final week of April, while 2010 saw a 43.5 percent decrease during the same period.
On the supply side, New Listings have come back in line with historical norms for this time of year. Sellers brought 1,704 new homes online, or 7.7 percent more than the same time in 2010. Again, 2011 activity has been fairly stable over the past month while 2010 activity declined by nearly 33 percent.
The 23,739 Active Listings for Sale have grown slightly over the course of the year, but remain 10.1 percent under 2010 inventory levels or about 2,700 units slimmer. All those crunches are really starting to pay off as we enter bikini season.
Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Jeff Allen (Research Director, Minneapolis Area Association of REALTORS® and 10K Research | Marketing), audio recorded by Zach Foty and video produced by Chelsie Foty.
Does 20% Down Put the American Dream Out of Reach?
Can you or your clients afford a 20% down payment? Can you envision what your prospective client pool would look like if new regulations governing Qualified Residential Mortgages (QRM) take effect this year?
Neither can we. And neither can many elected officials in Congress who did not intend for these regulatory provisions to be so narrowly defined. We must continue our efforts to explain how detrimental the new QRM rules would be to the ongoing housing and lending crisis in America.
According to NAR Research, 60% of recent home buyers made less than a 20% down payment. It would also take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.
Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable QRM that will keep creditworthy buyers in the market and able to acquire a loan. | TAKE ACTION
The Richfield Housing and Redevelopment Authority (HRA) has lots for sale under the
Richfield Rediscovered Program. Builder and buyer teams can purchase one of the lots and build a new home that is owner-occupied and provides a minimum of 3 bedrooms, 2 baths and a 2-car garage.
The nine residential lots range in price from $50,000 to $65,000. Build it “Green-certified” and receive a $5,000 credit.
The Nominating Committee seeks qualified candidates to serve as Directors of the Association(s). The Nominating Committee will interview all potential candidates for each of the three Board categories; local, state and national board positions. Director candidates must be a MAAR REALTOR® member in good standing.
Minneapolis Area Association of REALTORS® Board, 6 Nominees, 3 elected, 3 year term
Minnesota Association of REALTORS® Board, 2 MAAR appointments, 3 year term
National Association of REALTORS® Board, 3 MAAR appointments, an annual appointment
Matthew Peterson, Local REALTOR® is REALTOR® Mag's "30 under 30"
They’re on the climb.The youngest generation of real estate practitioners are embracing today’s market realities and grabbing market share.
These up-and-comers represent a diverse cross-section of the industry, from REO specialists to commercial brokers, from social media mavens to old-fashioned door knockers.
What they share is a personal drive to be the best and provide a higher level of service to their clients. Whether you’re 25 or 75, you will find their stories inspire a passion to succeed. Matthew Peterson, local REALTOR® was inspired by "30 Under 30" profiles he read in REALTOR® Magazine so he co-founded Prodigy Real Estate in 2004.
"I think the biggest mistake people make getting into the business is not showing up. They don’t realize the hardest thing in the world is to be your own business," says Peterson, who learned about budgeting and cash flow from his parents, who were small-business owners. | MORE INFO | FULL LIST
Education | Social Media Revolution, 3 Credits + Free Lunch
The Social Media Revolution
This class is hosted by K Hovnanian Homes and is not part of the EPD PASS. More than 9 out of 10 real estate consumers are involved in social media while less than 2 out of 10 REALTORS® can be found on social media sites like Facebook, Twitter of Linked-in. | MORE INFO
Looking to get your 15 hours done as fast as you can? How does 2 days sound? MAAR Is hosting a 1-2-3: Done event in May. Register once for 15 hours of CE. Attend the two day classes and complete this year’s license renewal cycle. | REGISTER
Real Estate Marketing Reboot
The Market in Plain English
Agency and Fair Housing
Instructors: Dwayne Carte and Rob Mehta Date and Time: May 25 – 26, 8:30 a.m. – 5:00 p.m. Location:MAAR Credits: 15 Cost: $123
Don't Let Summer Road Construction
Make You Late For Class
Construction activities at the Hwy 169 and Bren Road interchange will require short-term closures of the roadways and ramps, with bridge removal and replacement anticipated to begin in June. | MORE INFO | MAP
On Wednesday, May 11, dozens of REALTORS® from the Minneapolis Area descended on the United States Capitol to talk to their elected representatives about housing and the real estate industry.
Top priorities for REALTORS® during these visits included preserving the mortgage interest deduction, ensuring future access to the secondary mortgage market by reforming government-sponsored enterprises like Fannie Mae and Freddie Mac and maintaining public sources of property insurance.
MAAR REALTORS® visited almost all of Minnesota’s Congressional Representatives, including face-to-face meetings with Senators Klobuchar and Franken. Many of the legislators were receptive to the ideas our REALTORS® support, but much work is still needed in order to ensure the passage of legislation that will bolster the housing industry as well as the economy in general.
Minneapolis Area REALTORS® visited Capitol Hill as a part of NAR’s Mid-Year Meetings, the annual conference held in Washington, D.C. Attending agents learn about and discuss federal legislation that has broad-reaching implications for real estate practitioners as well as consumers. | MORE INFO | PHOTOS
The Federal Trade Commission's recent rules regulating mortgage assistance relief services (MARS) providers has some impact on real estate professionals who handle short sales or help financially troubled home owners by renegotiating mortgage terms for them.
NAR attorney, Finley Maxson and NAR policy representative, Charles Dawson will discuss the rule's disclosure requirements and provide the latest on the FTC's clarifying language. | MORE INFO
Date and time: May 26, 2:00 p.m. – 3:00 p.m. Cost: Free Register:CLICK HERE
We've hit our goal, 400 RSVPS! Thank you to all that registered. If you signed up but are unable to attend please remove your name from the list so others can fill the spot. | WAIT LIST | WEBSITE
Topic Ideas: Twitter 101/201 | Word Press | Video | Google Insights | iPad v. Tablet | Negotiation
Credit Builder | Buyer/Seller Pep Talk | Paperless Office | Facebook 201 | RMLS Tools
QR + Tagging | Real Media | VOWs | Blog Voice | RE Market Stats | Go Green | Online Branding
Thank you sponsors!
10K Research & Marketing | CBB | Edina Realty | First Class Mortgage | Minnesota Association of REALTORS® | Mobile Realty Apps | Re/Max Results | RCU | RMLS | Stemmler Productions | Saint Paul Area Association of REALTORS® | Foty Art | Wolfnet | Minneapolis Area Association of REALTORS®