Updates

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The Governor's new order  (EO 20-63) , effective from 11:59 PM on May 31, 2020, states that businesses whose workers qualified for a Critical Sector exemption in  EO 20-48  may continue to operate in the same manner as provided in order 20-48.  REAL ESTATE TRANSACTIONS EXEMPT:  Real estate transactions have remained on the governor’s list of Critical Sector work. This category is limited to workers who facilitate and finance real estate transactions and real estate services, including appraisers and title services. All workers and personnel facilitating and financing real estate transactions are exempt from the prohibition to Stay at Home  if  they cannot ...
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All residential radon mitigation professionals and companies must be licensed by June 1, 2020, and start to use mitigation system tags on June 1, 2020. Licensure requirements for radon measurement and non-residential mitigation went into effect on January 1, 2019, and continue to remain in effect. A real estate professional needs a radon license to test or mitigate a property they don’t own or lease. The MDH radon website has more information, including licensing instructions and lists of professional
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MINNEAPOLIS (May 18, 2020) – Minnesota Realtors has created a set of new Open House considerations for Realtors, in response to Governor Waltz’s new state order EO-20-56. The state’s new order expands the ability for customer-facing businesses to conduct business with provisions to keep the public and workers safe. The new Open House considerations advise Realtors, who believe that an open house is necessary to facilitate a real estate transaction, to adopt a plan that incorporates site-specific best practices. The best practices are focused on health and wellness, social distancing, cleaning, sanitation and protection, and communications that keep the client ...
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Realtors® pivot and rapidly adapt to changing market conditions In an economy battered by a global pandemic and locked down by a state-wide Stay at Home directive, the Minnesota real estate market showed surprising resiliency in key areas. Statewide closed sales were up +1.1% in April compared to a year earlier Days on market fell by -12.7% to 48 —less than seven weeks Median Home Prices increased to $275,000, +9.4% higher than 2019 Average Sale Price increased by +5.3% to $305,539 Sellers received 98.8% of their asking price The Affordability index held steady at 161, the same as the previous year “All in all, the real estate market held ...
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The projected state budget forecast shows $2.4 billion shortfall. Plus updates to the short-term rental property tax provision, and the House passes "COVID-19 Economic Security Act". One of the articles in the “COVID-19 Economic Security Act” addresses housing and provides $100M to be distributed in the form of grants through the Family Homeless Prevention and Assistance Program (within the Minnesota Housing Finance Agency), to qualified, lower income, applicants to pay rent, mortgage payments, homeowner’s insurance, property taxes, and related obligations. These housing assistance grants would go straight to landlords, mortgage debt servicers, utility companies, ...
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State’s Professional Association for Residential Realtors ® Marks 100+ Years with Updated Look MINNEAPOLIS (April 29, 2020) - More than adding curb appeal, Minnesota Realtors newly launched brand identity underscores the relevance and purpose of a century-old association that serves the needs of more than 20,000 certified Realtors across the state. When former retail and hospitality marketing leader Heather Boschke joined Minnesota Realtors as Vice President of Marketing & Communications last fall she was struck by the optimism, professional collaboration and community commitment demonstrated by so many of the Realtors she met. “The Realtor ...
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We’ve got a new logo, a new look, and a renewed commitment to uniting, empowering and inspiring our members. Our easy-to-navigate website puts the real estate intel you need at your fingertips—fast. From quick-reading content to short, super-informative videos, it’s your go-to resource for building and sustaining your real estate business. See our Brand Page for more informatio
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MNR Share Source is a new forum designed to inform, inspire, and help you build a successful real estate business. From insightful video interviews with Realtors® to premiers on the latest tools and technologies, MNR Share Source keeps you up to date and on track to achieving your goals. Visit the MNR Share Source pa
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The MNR Risk Management team covers the latest topics and questions with Covid-19 in this issue of The Legal Download: Securing Your Clients' Data in an Unsecure World Keeping Your Business Healthy & Ethical During COVID-19 Requiring clients to wear a mask during showings Access the The Legal Downloa
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As the virus spreads, sweeping legislative and legal changes follow. Stay up to date on how all of this impacts your real estate practice by regularly visiting MNR’s COVID-19 Updates page. There you will find the latest news, FAQs, and guidance to help you continue doing business during the state-wide lockdow
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March was a very good month for sales and closings in most parts of the state. Even with the emergence of the COVID-19 pandemic and a month capped by Governor Walz’s Stay at Home Order, residential real estate roared to new heights as the strong economy and low interest rates spurred consumer activity. Statewide we experienced a 13.6% increase in new listings. Pending sales grew 11.5% as buyers took advantage of interest rates and inventory. Closed sales increased by 10% over the prior year. Median home prices grew by 7.2% to $268,000. Sellers were receiving 98% of their listing price. Unseasonably warm weather and a robust economic environment ...
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Newly updated forms extend purchase agreement deadlines due to pandemic-related events In an effort to mitigate the spread of the coronavirus, Minnesota Realtors® advises all Realtors® in the state to not hold open houses at this time. “To support our government and health agencies in efforts to stop the spread of COVID-19, we encourage every association member to refrain from holding open houses during this global emergency,” said Minnesota Realtors® CEO Chris Galler. “We recommend leveraging virtual touring options as an alternative to open houses.” NorthstarMLS has disabled the “open house” feature in its online home listing database. NorthstarMLS is ...
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Residential real estate surged in the metro area and southern Minnesota as spring fever hit the markets early. New listings were up +17.3% statewide over last February, and closed sales climbed to +4.1% compared to the 12-month average of +1.4%. Warm weather, low interest rates, and a higher affordability index fueled the trend. But even with the increased number of homes on tap, inventory is low. “Through February, there is only a 63-day supply statewide” observed Chris Galler, CEO of Minnesota Realtors®. “By contrast, a typical housing market has between 120-180-day supply.” He added that although some markets in Greater Minnesota have inventory levels ...
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Although Minnesota’s housing affordability index increased +4.1% compared to a year ago, statewide inventory levels continued to decline. Minnesota now has less than a two-month supply. That’s down -17.4% from January 2019. By comparison, a balanced real estate market typically has a four to five-month supply of homes. Bottom line: More Minnesotans can afford a home, but there are fewer median-priced homes to purchase. “We’ve been fortunate this winter to have both income increases and interest rate reductions,” said Chris Galler, CEO of Minnesota Realtors. “However, the inventory issue makes it difficult for many potential homebuyers to take advantage of ...
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More than 80 Minnesota real estate professionals earned their Graduate, Realtor® Institute (GRI) designation in 2019. That number reflects a 25% increase over 2018. Offered by the National Association of Realtors® (NAR), the curriculum is designed to help agents become more competitive by increasing their professionalism and expertise. In Minnesota, GRI training is administered exclusively through Minnesota Realtors®. “Of the 24 residential real estate designations offered by NAR, the GRI is the most comprehensive, providing a broader scope and depth of training,” said Laurie Ganz, director of Professional Development at Minnesota Realtors®. “Using materials ...
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2019 ended on a strong note for the real estate market in December. Closed transactions increased 12%, while pending sales went up 3.2% and prices continued their climb, jumping 7.3%. Although more listings were entered in the MLS, inventory remained tight and housing affordability did not improve markedly over 2018. The increased sales activity in December was driven by serious buyers taking advantage of low interest rates, steady prices, and mild weather. This further thinned housing inventories, pushing available properties down to 2.0 months statewide, the lowest ever recorded. Closed sales were strongest from April to August; however, the trend shows ...
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To increase awareness about the many contributions Realtors® make to their communities, Minnesota Realtors® (MNR) has launched the We Are Minnesota campaign. Spotlighting Realtors® whose volunteer work makes a difference, the initiative features a website with inspiring stories, plus a fun video calling out what makes Minnesotans unique. “With We Are Minnesota, we’re highlighting stories of Realtors® who embody the spirit of being a Minnesotan,” said Heather Boschke, Minnesota Realtors® vice president of Marketing and Communications. “The goal is to unite Realtors® across the state and celebrate the great work they do in our community.” We Are Minnesota ...
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Inventory Remains Down Across State New listings continued their seasonal retreat in November, dropping 2.4% from last November, from 5,568 to 5,433, reaching the lowest point since December. Across the metro, listing data remained mix, with the southern and eastern suburban counties (Scott, Dakota, and Washington) all providing increases in new listings, year-over-year, while the north, west and urban core counties all posted declines, with Carver and Ramsey posting the largest drops, 14.8% and 9.7%, respectively. While new listings dipped, closings remained relatively even, only dropping 0.5% from November 2018. Hennepin County provided more than 1,500 ...
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A chilly and wet October couldn’t spoil the Halloween spirit for prospective homebuyers, as possible homebuyers found more treats on the market than tricks. New listings surged onto the market last month, surpassing the October 2018 mark by three percent. With more than 8,700 new listings coming to market, with six of the seven metro counties saw positive growth (Carver County listings retreated 16.3%). Strong listing data from the Rochester-area also helped propel statewide statistics higher and pushed Olmsted County to 22.5% growth in October. “We typically see a rapid decline in listings as we enter the fall season. Even with 2019’s wet and cold weather, ...
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The Minnesota REALTORS® (MNR) is pleased to announce the addition of Heather Boschke as its Vice President of Marketing & Communications. This role is a key part of the organization's strategy to increase member engagement while strengthening MNR as the voice of real estate in Minnesota. Boschke will lead all marketing activities including branding, member communications, content development and media relations. “For one hundred years, Minnesota REALTORS® has served its members in building their careers, which means helping more people buy their own homes,” Boschke said. “I look forward to continuing that mission with timely, relevant, and accessible ...
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