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Get to Know 2017 President, Cotty Lowry

 Get to Know 2017 President, Cotty Lowry

 

Cotty was recently inducted as the 2017 MAAR President. He is ready to represent the real estate community and govern the association as President. Here is your chance to get to know Cotty.  

 What are some of your goals as President?

The MAAR mission statement is to provide resources and leadership for our members to succeed. I think we do that quite well, but amazingly, many of our members are not aware of the huge scope of work we do for them. In fact, most don’t even know that together, MAAR and SPAAR own the MLS! I want to spread the word about the value MAAR creates, both for our members and the public with our research, our government affairs advocacy on property rights, and work on diversity issues for example. I also want to grow the MAAR Foundation’s reach so we can contribute more money and support to housing related organizations to ensure safe and supportive housing solutions and sustainable homeownership.

What advice would you give to a brand new agent?

Focus on a specific geographic micro area, learn the stories and history, preview everything that’s for sale and know what has sold recently. Become an expert.  Meet as many people you can in that area by doing open houses and door knock to announce the open. It’s free, great exercise and gives you face time in the neighborhood.  As your career grows, then expand your geographic reach.

How do you meet clients for your business?

Since I’ve been in the business for so many years, most of my clients come as referrals. However, being an extrovert, I still love to do open houses on a consistent basis. Nothing revs me up more than doing a good open. I always tell the ones with no last name that I feel sorry for them. Also, over the last 23 years, almost everyone in south Minneapolis has seen my billboard at Franklin and Hennepin. I meet a couple of new folks every week who want to talk about the billboard and the graffiti. It gives me a chance to show them that I don’t really have a beard, scars or tattoos on my face. | Color Cotty

What is your life motto?

One of my favorite sayings is: “Luck favors the prepared mind.” I think if you are always curious and learning-based, then you will always be preparing yourself for lucky things that are just waiting to come your way. The problem with the future is you can’t know what it holds, so you must be constantly reading, learning, and asking questions.  Having a prepared mind ensures that lucky things will just “accidentally” happen to you. 

Do you have someone you really admire? If so, tell us about him/her! 

My dad, who was always fighting for a cause.  When he was quite young, he became a local legend while sticking up for his rights by beating up the police force of St Maries, Idaho.  (There were only 3 guys on the force.) Because of the notoriety, he was asked to run for office and spent 3 terms fighting for the people of Idaho in the state legislature. Luckily, I didn’t have to do that to become president of MAAR!

What are some of the most adventurous things you have done?

Probably the most dangerous thing I have done is sail a 22-foot boat from the Bahamas to St. Petersburg in fairly heavy seas. We forgot to take a life raft and were woefully under equipped. Lately I’ve been doing a lot of long distance trekking. My favorites are the Haute Route and the Tour du Mont Blanc in Switzerland and the Annapurna Circuit in Nepal. These 130 mile hikes take about two weeks and get to elevations as high as 18,000 feet. The pain is worth it because they wind through some of the most beautiful places on earth.

What do you like to do in your spare time?

Keep moving. There is nothing I value more than my time and I try never to let any slip away unused. I think it’s very important to stay in good physical shape. One of my friends, Prudy Brooks, tells me how hard it is to get her 92 year old husband back out on the tennis court after they have been on vacation. She gave me this sage advice a few years ago, “once you stop, it becomes increasingly difficult to restart as you get older.” I know she’s right on that one! The next day I signed up for my first trip to the Himalayas.

Is there anything else you’d like us to know about you?

I am deeply humbled by being chosen to lead MAAR. It truly is one of the greatest honors of my life.  After many years in this career I feel so lucky to have found a wonderful life in real estate, and now, to give a little back. I am already seeing how leadership opens doors enabling me to meet amazing people like Bill George of Medtronic, Richard Leider the author of “The Power of Purpose”, and other leaders in our community. I certainly encourage all our members to consider a path in leadership.

This business allows us to create our own worlds with as much income and work and play time as we want. It’s a challenge that takes persistence, but as I said at the MAAR Installation and Awards event, all you have to do is tell yourself to Go Make Something Happen, and it will. Do this and you will be incredibly successful and happy in the world this business allows us to create.

2016 Annual Wrap-Up: Home Prices Reach Record High and Home Sales Reach 11-year High

The big story of 2016 was twofold: the median sales price reached an all-time high; while closed sales reached an 11-year high. Closed sales nearly broke their all-time record, but fell 0.3 percent short of their all-time 2004 high. Seller activity declined 1.1 percent. Near-record sales activity combined with flat-to-weaker seller activity created a supply shortage. Active housing supply levels fell to a 14-year low. This shortage has created a competitive environment where multiple offers have become more common. Sellers are receiving strong offers in record time, but this fast-paced market can frustrate some consumers. Days on market fell to a 10-year low. Absorption rates fell to 1.6 months of supply at year-end, a record low. Foreclosure activity fell for a fifth straight year and is back below 2007 levels. Although single-family homes made up about 75.0 percent of all sales, both townhomes and condos showed a stronger increase in sales. Similarly, previously-owned homes made up about 93.0 percent of sales but new construction showed a much stronger increase.

2016 by the Numbers

  • Sellers listed 76,531 properties on the market, a 1.1 percent decrease from 2015
  • Buyers closed on 59,988 homes, a 6.2 percent increase from 2015 and the highest figure since 2005
  • Inventory levels for December fell 26.3 percent to 8,197 units compared to 11,125 in 2015—a 14-year low
  • Months Supply of Inventory was down 30.4 percent to 1.6 months, also a 14-year low
  • The Median Sales Price rose 5.5 percent to $232,000, which is an all-time record high
  • Cumulative Days on Market declined 15.8 percent to 64 days, on average (median of 33)—a 10-year record low
  • Changes in sales activity varied dramatically by market segment

Single-family sales rose 5.1 percent; condo sales rose 9.5 percent; townhome sales rose 9.9 percent
Traditional sales rose 10.0 percent; foreclosure sales fell 25.0 percent; short sales fell 31.1 percent
Previously-owned sales rose 5.7 percent; new construction sales rose 14.9 percent

 Poignant Quotables

“The most important achievement of 2016 was erasing the losses in prices and equity caused by the downturn. As sales surpassed their 10-year high, Twin Citizens demonstrated that they are just as committed to homeownership as ever. There are some manageable challenges, but a favorable affordability picture, attractive rates, job growth and wage growth will continue to sustain a healthy real estate market,” said Cotty Lowry, President of the Minneapolis Area Association of REALTORS®.

“We reached some key milestones last year, and hope to continue with this momentum in 2017. It is a great time for those considering listing their home, as buyers are looking for more options. With median sales price at an all-time high, now is a great time to find out the current value of your home,” said Tina Angell, President of the St. Paul Area Association of REALTORS®.