A Publication of the Memphis Area Association of REALTORS®
July 25, 2008
Volume 13, Number 29

In this Issue

• MAAR News
• Industry News
• Education & Events
• MLXchange & Technology
• Technology Classes

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for July 24 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending July 20 and change from previous week.

Join MAAR online at:

In the News

MAAR NEWS

MAAR Makes Recommendations in Shelby County General Election
MAAR has been busy over the last month interviewing candidates running in the upcoming Shelby County election.  The election will be held on Thursday, August 7, with early voting from Friday, July 18, to Saturday, August 2.  MAAR invited all candidates running for office to participate in the candidate interview process.  Before voting, download the list of MAAR-recommended and RPAC-supported candidates.

Beware of Insurance Offers that Claim MAAR Endorsement
You may have recently received an e-mail from Morgan Hill with an offer of health insurance for real estate professionals that could appear to be endorsed by MAAR. Be aware that MAAR is not working with any vendor to offer health insurance nor would MAAR ever sell or give out members' e-mail addresses in bulk

Register now for TAR Convention
Register no later than today to take advantage of the early bird registration discount for the TAR Convention (September 17-19, Chattanooga, TN). Members can register online (and save an additional $20). The early bird registration fee is $175 ($155 for online registrations). After July 25, the registration fee goes up to $255.

Semi-Annual MLS Fees Due August 15
MLS fees for the period September 2008 through February 2009 are due by August 15, 2008. You can view your invoice and pay securely online. MLS users whose payments are made online or received in the MAAR office after 5 p.m. on September 2 will be assessed a $50 late fee and individual MLS services could be suspended. Please allow 5 business days for mail delivery and processing.

Fed Seeks Nominees for Consumer Advisory Council
The Federal Reserve Board is seeking nominations for appointments to its Consumer Advisory Council. The Council advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters. The group meets in Washington, D.C., three times a year. Ten new members will be appointed to serve three-year terms beginning in January 2009. You can get more information and apply online.

New TV Show Promotes Local Homes for Sale Through Cooking
This House is Cooking, a new TV program created by MAAR member Karen Moore, will showcase local homes for sale while offering viewers a full cooking demonstration in the home's kitchen. While Karen Moore will provide a tour of the home, her actress/cook daughter, Aryen Moore-Alston will prepare Italian, Asian, American, and Southern cuisines in the home's kitchen. The first episode will air on Saturday, July 26, at 2 p.m. on WPTY-ABC 24.

Save the Date and Wine Down for Habitat!
This year's Habitat Kick-off Party is on Thursday, August 21, at 5:30 p.m. in the MAAR Education Center. Tickets are on sale now for $25 each for the Wine Tasting at 4:30 p.m.  Or, get a team of four together and register for the Wine Race, beginning at 4:30 p.m.  We are also seeking donated items for our silent auction, all proceeds of which go toward the MAAR/Mortgage Bankers Association Habitat house.  If you need more information, would like to purchase a ticket to the Wine Tasting, register for the Wine Race, or contribute an auction item, please contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org.

TAR Accepting 2009 Committee Requests
TAR is now accepting requests for appointment to a 2009 TAR committee or task force. To be considered, complete the request form and submit it no later than August 15.

INDUSTRY NEWS

House Passes Housing Bill July 23, 2008
Legislation includes up to $7,500 tax credit for first-time buyers among other provisions aimed at shoring up the housing market.

What Ever Happened to Piggyback Loans July 23, 2008
The once-popular piggyback loan is toast, nicely browned on both sides according to Realty Times columnist Peter G. Miller.

Small Homes, Cottages Score Big with Buyers July 21, 2008
Homeowners are trading in large homes for quirky cottages, and embracing the concept of community.

Investors with Cash are Kings in Today's Market July 18, 2008
Some are calling this the best market for investors since the early 1980s, especially if you don't require financing.

Agents, Change Your Driving Habits July 18, 2008
12 strategies to cut gasoline consumption.

Upcoming Education and Events

Free Starting Point Class
Are you familiar with MAAR's beneficial research tool helping to establish estimated home values? Starting Point is not a replacement for an appraisal; rather an enhancement to the set of tools available through the MLS and MAARdata. It compares properties based on the type of factors that an appraiser would use to determine price. Starting Point only returns results if there are good, solid, comparable properties. This is an excellent tool for determining home value using real-time, streaming data available exclusively to MAAR members. Robert Stephenson, a well-respected local appraiser teaches this free course offering 2 hours of CE credit. Class meets Monday, July 28, from 9 to 11 a.m. To register, send an e-mail to techsupport@maar.org.

July Member Luncheon: A Conversation with Rep. Steve Cohen
In this pivotal election year you won't want to miss this opportunity to hear an insider's perspective from first-term Rep. Steve Cohen of Tennessee’s 9th Congressional District, who will talk about real estate and what Congress is doing to improve the industry. Prior to his election to the U.S. House of Representatives, Rep. Cohen served 24 years in the Tennessee State Senate and two years as a Shelby County Commissioner. The luncheon will be Monday, July 28, starting at 11:45 a.m. at the University of Memphis Holiday Inn, 3700 Central Avenue. Sponsored by Repair USA. Bring an item for the Aug. 21 silent auction to benefit Habitat for Humanity and you'll be entered into the drawing for a bottle of wine!

Owner/Manager Forum: The U.S. Economy and Emerging Trends in Real Estate
In this exciting session, Dr. John Tuccillo, former NAR chief economist, will review the U.S. economy and how it affects the way we do business today and in the future. He will look at a Memphis-specific market analysis and share some surprising issues that impact our local economy. In addition, he'll cover why the market is changing, where future growth is projected, and how it impacts your real estate business. The program includes enlightening forecasts that may change the way you think about your marketing and prospecting. The forum will be Wednesday, July 30, starting at 8:30 a.m. at the Fogelman Executive Center at the University of Memphis. Call (901) 818-2435 or e-mail katie.shotts@maar.org to register. Sponsored by First American Home Warranty.

WHM: Down Payment Assistance Programs
This course will provide you with the information you need to advise your clients on the City of Memphis' Down Payment Assistance (DPA) products designed for first-time homebuyers, Memphis City School teachers, Memphis police officers, Memphis Housing Authority residents, and Section VIII recipients. Down Payment Assistance will be held Tuesday, August 5, from 2 to 4 p.m. at MAAR for 2 hours CE credit.  The cost is $20.  Register online.

Rookie Resource: Contracts 101, The Purchase & Sale Agreement
This course is the "must-have" contract course and is offered on Wednesday, August 6, from 2 to 5 p.m.  Taught by TAR Forms Committee member Ron Poe, attorney of The Poe Firm, this course will give you an in-depth analysis of the Purchase and Sale Agreement (Form 9), with emphasis on the terms of the Agreement.  This course will also explore the useof the Counter Offer form (Form 8).  To register, please e-mail nicci.lundquist@maar.org or call (901) 685-2100.  This course is designed for new members.  The cost is free and participants will receive 3 hours CE credit.

Commercial Council Hosts Membership & Election Party
The MAAR Commercial Council is hosting its annual member appreciation and election party on Thursday, August 7, from 4:30 to 6 p.m. at Napa Cafe, 5101 Sanderlin Ave. RSVP by e-mail to katie.shotts@maar.org or by calling (901) 818-2435.

Short Sales: A High-Risk Transaction for the Real Estate Agent, Broker, and Their Clients
Short sale transactions afford opportunities to real estate agents but can be very complex transactions with serious implications. A real estate agent needs to become well informed about these transactions and needs to keep the client informed about all the potential risks and implications that could be involved. This course is designed to introduce the process of a short sale, the issues and risks associated, and what you need to tell your buyers and sellers as you guide them through the process.  It is being held Friday, August 8, from 9 to noon for 3 hours CE credit.  The cost is $40.  Register online.

Code of Ethics and Standards of Practice
Article for article - this class will help you understand your REALTOR® Code of Ethics.  No stone will remain unturned in this lively class on your standards of practice. It will really drive the message home! Come ready to learn and ask questions. This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement.  Code of Ethics and Standards of Practice is being held Tuesday, August 12, from 1 to 4pm for 3 hours CE credit.  The cost is $15.  Register online.

MLXchange & Technology

MLXchange 4.3 will arrive in August!
MLXchange will undergo its next upgrade on Wednesday, August 6. While this is not an entire version upgrade, MLXchange 4.3 is a significant enhancement that will correct some existing issues in the systems as well as provide many new features, including broker level Web site capabilities, improved IDX search features, customized reports stationery, and much more. Click here for a complete list of the new features. Also, don't forget to keep your eye on the Weekly REALTOR® for upcoming tips on how to make the most of the MLXchange 4.3 enhancements.

Brokers: Are You Syndicating?
Remember, for no cost you can advertise your MLS inventory on public search sites like CommercialAppeal.com, Google.com, Zillow.com, Trulia.com, FrontDoor.com, and many more. Just create a free account on ListHub.net and simply click the subscribe button next to the sites where you want your listings displayed. If you have any questions, please call MAAR’s Technology Department at (901) 818-2431.

MLXchange FAQ Sessions Every Monday at 10 a.m.
Need some help with MLXchange? Why not attend a question and answer session to quickly address your MLXchange questions. Sessions are offered in the MAAR computer training lab every Monday from 10 to 11 a.m. No appointment necessary, but do come prepared to ask questions! This is not a formal MLXchange class. For questions, call (901) 818-2455 or e-mail TechSupport@MAAR.org.

Donate Your Old Computers
If you have an old, but still functioning, computer in your closet or garage, recycle it! Dave Burns of Crye-Leike, REALTORS® is helping facilitate a computer recycling program offered through Covenant United Methodist Church, 8350 Walnut Grove Road. Simply take your computer to the church and qualified professionals will "flush" the hard drive and recondition the computer for use by organizations that need, but cannot afford, computer equipment (including inner-city churches and after-school programs). You can drop your used computer by the church gymnasium between the hours of 9 a.m. and 5 p.m. Monday through Friday (inquire at the reception desk about computer recycling). If you have a large number of computers, call Dave at (901) 619-2122 to arrange for pickup. Also, if you know of an individual or group in need of a donated computer, please let Dave know. They currently have about 15 computers waiting to be placed and since the project began, they have placed more than 200 computers with local organizations. Thanks to all REALTORS® who have donated computers.

Upcoming Technology Classes