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March 23, 2020
Update from MAR
Open Houses Not Advised 

To help prevent the spread of the coronavirus, Minneapolis Area Realtors® (MAR) is joining with Minnesota Realtors® and the St. Paul Area Association of Realtors® in advising its members to not hold open houses at this time. By refraining from holding open houses and using other options such as virtual tours, Realtors® can do their part to support government and health agencies in their efforts to flatten the curve of COVID-19 outbreaks across the region.   
 
NorthstarMLS has disabled the “open house” feature in its online home listing database. 

Realtors® are encouraged to use other methods to show a home, including virtual showings, detailed smart phone videos or live video chats. 

MAR Changes Physical Office Hours 

Effective Tuesday, March 24, 2020, MAR will reduce the hours of operation at our physical location to Thursdays from 9am to 1pm. MAR staff will continue to serve members via phone at 952-933-9020 and email at info@mplsrealtor.com during our normal work hours of Monday through Friday 8am – 4:30pm.  

Read the full update here.

Booties Needed!


As health care providers scramble for the supplies they need to protect themselves against the coronavirus, Realtors can do their part by donating new/unused booties they have on hand. MAR is contributing 570 pairs!
 
Please bag or box up your donations with the words "ATTN: Savanna Kyle" on the label and take them to M Health Fairview Midway Campus at 1700 University Ave. W., St. Paul, MN 55104 anytime between 7am and 5pm Monday - Friday. Security officers at the front door will direct you to the drop-off spot. Thank you!

 

Measuring the Impact of COVID-19 on Twin Cities Residential Housing Market

The novel Coronavirus is having a noticeable impact on several housing indicators. New listings have declined along with showings over the last few weeks. Purchase agreements were holding steady but finally started decreasing over the last several days. As always, various price ranges can behave quite differently. Read more

 

Showings decline in Twin Cities amid coronavirus concerns

(March 19, 2020) – According to new data from the Saint Paul Area Association of REALTORS® and the Minneapolis Area REALTORS®, the number of Twin Cities residential real estate showings declined in most price ranges during the week ending March 17 compared to the previous week. The declines, which come amid the coronavirus pandemic, were most prominent in the higher price brackets. Read more
 

Advocacy Update

MN Legislature Closed until April 14

NAR to Deliver Virtual Mid-Year DC Meetings

Due to recent restrictions and recommendations implemented by the federal and Washington, D.C. governments, the National Association of Realtors® announced Wednesday that it will deliver previously-planned programming and committee meetings virtually. Read more

HUD Provides Immediate Relief for Homeowners 

U.S. Department of Housing and Urban Development annouced last Wednesday the authorization of the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days. Read more
 

COVID-19 MN Form Addendum

Addendum or Amendment to Purchase Agreement: Coronavirus Disease of 2019 (COVID-19)

Minnesota Realtors Association has released this new form for its members, now available in TransactionDesk/Instanet (MNAR-2020 Forms folder).

This addendum or amendment to the Purchase Agreement is to assist you and your clients in creating an extension of the Purchase Agreement deadlines for those circumstances where there is a COVID-19 related event that inhibits a party's ability to perform under their current purchase agreement.

If you utilize this new form as an addendum to the current Purchase Agreement, please make sure to add a reference in the Purchase Agreement that the Addendum or Amendment to Purchase Agreement: Coronavirus Disease of 2019 (COVID-19) is attached and made a part of the Purchase Agreement.

Full letter from Minnesota Realtors Association regarding this form

Video from Minnesota Realtors Association regarding this form

Minnesota Realtors Main Site for COVID-19 Updates
 

2020 Scholarship Recipients

Congratulations to our 2020 Scholarship Recipients! Anthony Dew and Lasha Raddatz received the Jean Leake Emerging Markets Scholarship and Bill Adams was awarded the Ann Brockhouse Future Leader Scholarship. 

MAR provides these scholarships so the members can attend the National Association of REALTORS® Legislative Meetings and Trade Expo in Washington D.C. With this year's meetings being held virtually because of COVID-19, the scholarship recipients can elect to use those funds in 2021. 
 

In-person Classes Cancelled 

Due to the latest guidelines from the CDC, we will be cancelling all classes and events through May 10, 2020. Although in-person classes are cancelled, you can still find classes through The CE Shop.

Upcoming Webinar
April 29 | Golden Handoff – Tips on Succession Planning
 

MAR Corporate Sponsor: Royal Credit Union

We want to thank one of our corporate sponsors, Royal Credit Union. They are a great partner and supporter of MAR's realtor members.
 

Market Reports

After hitting a record low last week, rates on 30-year fixed-rate mortgages rose slightly this week according to Freddie Mac. A combination of an increase in rates in the bond market and high demand for refinancing and purchase mortgages contributed to the uptick. 
More info

See our website for all market stats. 
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