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October 12, 2020
Today's Real Estate Weekly Newsletter
Recognize your fellow REALTORS® who are always going above and beyond! Nominations are open for the Good Neighbor Award, REALTOR of the Year, Rising Star and Affiliate of the Year. Nominate your colleagues who show outstanding dedication to the real estate industry - involved, enthusiastic, and committed to their organizations and communities. Take a few minutes to submit a nomination for the oustanding professionals in your life! 
Thank you to everyone who generously donated to the MN Realtors Rebuilding Community campaign, which surpassed our goal of $250,000! All funds raised will support the rebuilding of local businesses and will be distributed to the Upper Northside Business Association, Longfellow Community Council, Minneapolis Foundation Fund for Safe Communities, and Twin Cities Rebuild for the Future Fund. 

The deadline to apply has been extended to this Friday, October 16! Members who volunteer to serve on committees and advisory groups play a significant role in shaping MAR programs, developing public policy, planning great events and advancing the real estate industry. Active members may apply for up to three committees, and will be notified of their appointment in December. Click here to apply!

Here is a look at the most recent Twin Cities Weekly Housing Market Charts
Join MAR's Director of Research and Economics, David Arbit, for a free monthly presentation and discussion on the Twin Cities real estate market Wednesday, October 21 from 9-10 AM. Register here

"Always appreciate David's insights on the market. His data has been instrumental in keeping our sellers apprised of the market, prices, etc. so we can make changes as needed." - Webinar Attendee 

CALL FOR ACTION: REALTORS® Request Delay to Improve Commercial Advanced Notice of Sale

The Minneapolis City Council has proposed a new property sale ordinance requiring a commercial property owner to notify the City 60 days prior to commercial property being listed for sale, delaying transactions. The owner is also required to notify each commercial tenant of the intent to list the property, which is not always possible in some transaction types. READ MORE HERE

The ordinance was heard in the Business, Inspections Housing & Zoning Committee on September 22 and was passed without recommendation. No input was sought from stakeholders including MAR or MNCAR. The ordinance moves on to the full City Council and will be heard Friday, October 16, 2020 at 9:30 AM for final passage. REALTORS® should contact their city council members, include the talking points (here) and urge delaying the vote and improving the ordinance!

Contact the Minneapolis City Council – Delay Vote on Commercial Advance Notice of Sale

Conversation with U.S. Rep. Dean Phillips

MAR staff and members presented a certificate of thanks to U.S. Representative Dean Phillips, lead author of the Paycheck Protection Program, benefitting 102,000 Minnesota businesses, with $5.2M distributed in loans across the country. Members also had an opportunity to share industry concerns, such as landlord assistance, COVID 19 student loan forbearance and the impact of a potential loss of 1031 exchanges.
View photos!
Your DisplayKEY will be deactivated on November 10!
  
Schedule your virtual appointment TODAY to make the move to Supra eKEY App or new XpressKEY. Download the guide or continue reading!
Join us for this FREE virtual event on Tuesday, October 27 from 1-2PM!

Energy efficiency scoring is here, with over 4,000 homes receiving scores in Minneapolis since January. The addition of energy disclosure to Minneapolis’s Truth in Sale of Housing (TISH) policy brings about new challenges and opportunities for REALTORS®, and it is increasingly important for REALTORS® to speak knowledgeably about this policy. During this session you will learn more about how this policy works, how homes are scoring, and the resources available to you and your clients.

Market Reports

As the weather continues to cool, real estate activity slowly cools along with it. While buyer activity is following its normal seasonal trend lower, it remains substantially higher than the same time last year, continuing a months-long trend. Strong buyer demand continues to draw down the available inventory of homes for sale at a rapid pace, leaving buyers with fewer homes to choose from and many sellers with multiple offers. Click here to read more