Greater Lakes Association of REALTORS®

Monthly Archive for: ‘June, 2013’

Finding a Home

The best place to search for properties in Central Minnesota or the lakes area is at our Members websites where you will find the most accurate information.  Many sites say that the data is updated, but you will actually find that it is not current.  Why waste time, go directly to our Members sites.  Or try www.REALTOR.com and find our Members websites from there.

Professional Standards

The Code of Ethics

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.
For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times.
A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.
When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estateFor an overview of professional standards, please view this video.


Arbitration

In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, arising out of their relationship as REALTORS®, the REALTORS® shall submit the dispute to arbitration in accordance with the regulations of their Board or Boards rather than litigate the matter.
In the event clients of REALTORS® wish to arbitrate contractual disputes arising out of real estate transactions, REALTORS® shall arbitrate those disputes in accordance with the regulations of their Board, provided the clients agree to be bound by the decision.
The obligation to participate in arbitration contemplated by this Article includes the obligation of REALTORS® (principals) to cause their firms to arbitrate and by bound by any award.

Circumstances under which REALTORS® must submit to arbitration

(a) Every REALTOR® of the Board who is a REALTOR® principal, every REALTOR® principal who participates in a Board’s MLS where they do not hold Board membership and every nonmember broker or licensed or certified appraiser who is a Participant in the Board’s MLS shall have the right to invoke the Board’s arbitration facilities in any dispute arising out of the real estate business with a REALTOR® principal in another real estate firm or with that firm (or both), or nonmember broker/appraiser or their firm or both who is a Participant in the Board’s MLS.(b) A REALTOR® other than a principal or a REALTOR®-Associate® shall have the right to invoke the arbitration facilities of the Board in a business dispute with a REALTOR® or REALTOR®-Associate® in another firm or with their firm (or both), whether in the same or a different Board, provided the REALTOR® principal with whom he is associated joins in the arbitration request, and requests arbitration with the REALTOR® principal of the other firm or with their firm (or both). Arbitration in such cases shall be between the REALTOR® principals or their firms (or both). REALTOR® nonprincipals and REALTOR®-Associate®s who invoke arbitration in this manner, or who are affiliated with a respondent and have a vested financial interest in the outcome, have the right to be present throughout the proceedings and to participate but are not considered to be parties.

(c) A client of a REALTOR® principal may invoke the facilities of the Board in a business dispute with a REALTOR® principal or the REALTOR®’s firm (or both) arising out of an agency relationship, provided the client agrees to be bound by the arbitration. In the event of such request and agreement the Board will arbitrate the dispute subject to the Board’s right to decline arbitration based on the amount involved or the legal complexity of the dispute. A REALTOR® principal may also invoke arbitration against his client but no arbitration may be held without the client’s voluntary agreement to arbitrate and to be bound by the decision.

Circumstances under which arbitration is contingent upon the REALTOR®’s voluntary participation(a) REALTORS® and REALTOR®-Associate®s who are or were affiliated with the same firm shall have the right to invoke the arbitration facilities of the Board, provided each party voluntarily agrees to the arbitration in writing and the Board finds the matter properly subject to arbitration. This privilege as stated applies to disputes arising when the parties are or were affiliated with the same firm, irrespective of the time request is made for such arbitration.

(b) A REALTOR® principal may invoke the arbitration facilities of the Board in a dispute arising out of the real estate business with a nonmember broker, provided each party agrees in writing to the arbitration and provided the Board finds the matter properly subject to arbitration. However, it shall be optional with the member as to whether he will submit to a claim to arbitration by a nonmember broker who is not an MLS Participant. A nonmember broker who is not an MLS Participant or nonmember salesperson shall not be entitled to invoke the arbitration facilities of the Board of REALTORS®.

 (c) Business disputes between a REALTOR® principal and a customer of the REALTOR® principal may be arbitrated by the Board if a written contractual relationship has been created by a REALTOR® principal between a customer and a client and provided all parties to the dispute (i.e., the customer and the REALTOR®) agree in writing to arbitrate the dispute.

GLAR Market Statistics Comparing May 2012-2013

BrainerdMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings5479667593
Pending Sales5356426422
Closed Sales4745409409
Days on Market Until Sale164158147158
Median Sales Price$112,500$138,500$108,250$125,000
Average Sales Price$137,791$148,782$124,822$147,058
Percent of Original Price Received92.90%91.60%89.70%90.90%
Inventory of Homes for Sale298236315244
Months Supply of Homes for Sale8.46.79.706.90
BaxterMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings2128159173
Pending Sales1013128130
Closed Sales1016135116
Days on Market Until Sale174117139147
Median Sales Price$189,500$184,700$149,300$158,750
Average Sales Price$225,600$188,053$162,149$167,294
Percent of Original Price Received94.30%98.60%90.50%95.60%
Inventory of Homes for Sale80587962
Months Supply of Homes for Sale7.505.407.306.20
Aitkin CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings86112698672
Pending Sales2735236285
Closed Sales2725228281
Days on Market Until Sale229275222240
Median Sales Price$201,450$157,500$120,000$155,000
Average Sales Price$216,062$161,592$142,881$168,648
Percent of Original Price Received87.40%90.80%82.60%86.30%
Inventory of Homes for Sale429423388395
Months Supply of Homes for Sale21.8017.8020.4018.20
Cass CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings16919912811086
Pending Sales5475568554
Closed Sales5763564537
Days on Market Until Sale256265189224
Median Sales Price$166,000$195,000$160,000$155,000
Average Sales Price$190,149$233,467$227,086$214,059
Percent of Original Price Received90.40%88.80%87.00%88.90%
Inventory of Homes for Sale779689764642
Months Supply of Homes for Sale16.5014.9016.1014.10
Crow Wing CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings22731921291972
Pending Sales14513312111197
Closed Sales11811611501183
Days on Market Until Sale179178166195
Median Sales Price$150,250$160,000$142,500$157,000
Average Sales Price$214,261$190,541$189,598$207,004
Percent of Original Price Received90.20%92.40%88.10%89.80%
Inventory of Homes for Sale1202101512031000
Months Supply of Homes for Sale11.9010.2013.509.90
Hubbard CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings10495673641
Pending Sales2331261301
Closed Sales1823258288
Days on Market Until Sale288289197157
Median Sales Price$170,000$158,000$154,900$156,000
Average Sales Price$153,499$156,493$168,432$175,916
Percent of Original Price Received84.70%91.20%87.10%88.90%
Inventory of Homes for Sale410391371345
Months Supply of Homes for Sale18.9015.6018.2015.10
Mille Lacs CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings6777661586
Pending Sales4433388395
Closed Sales4327368395
Days on Market Until Sale126131159130
Median Sales Price$85,000$102,900$90,000$97,500
Average Sales Price$100,163$124,888$105,758$111,516
Percent of Original Price Received88.50%92.90%88.90%91.20%
Inventory of Homes for Sale277222273216
Months Supply of Homes for Sale8.606.709.406.40
Morrison CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings6995650606
Pending Sales4331376337
Closed Sales2935357351
Days on Market Until Sale141190176178
Median Sales Price$96,500$147,500$101,000$120,000
Average Sales Price$126,807$175,259$123,020$136,294
Percent of Original Price Received89.30%92.40%87.10%89.20%
Inventory of Homes for Sale336307326283
Months Supply of Homes for Sale10.7010.9011.409.70
Todd CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings6891557504
Pending Sales1923211237
Closed Sales1718229229
Days on Market Until Sale271262196173
Median Sales Price$117,000$104,400$81,500$95,000
Average Sales Price$116,226$120,094$114,011$117,342
Percent of Original Price Received89.00%91.00%86.80%88.30%
Inventory of Homes for Sale228273201205
Months Supply of Homes for Sale13.0013.8010.3011.40
Wadena CountyMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings2634295255
Pending Sales1211144132
Closed Sales1113142125
Days on Market Until Sale84174132194
Median Sales Price$85,000$78,000$78,000$97,500
Average Sales Price$83,454$94,031$104,199$104,367
Percent of Original Price Received91.20%84.10%86.70%87.10%
Inventory of Homes for Sale129158128139
Months Supply of Homes for Sale10.8014.4011.8012.00
Little FallsMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings2536260249
Pending Sales1315146144
Closed Sales1615149148
Days on Market Until Sale103155157188
Median Sales Price$89,900$128,500$93,950$110,000
Average Sales Price$102,920$143,607$107,421$122,724
Percent of Original Price Received89.70%92.90%87.20%89.90%
Inventory of Homes for Sale130123117115
Months Supply of Homes for Sale10.7010.309.609.50
StaplesMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings1416110118
Pending Sales3105258
Closed Sales166452
Days on Market Until Sale0297178225
Median Sales Price$112,000$61,000$67,959$80,000
Average Sales Price$112,000$74,150$84,776$94,711
Percent of Original Price Received81.50%93.20%85.30%88.20%
Inventory of Homes for Sale61615760
Months Supply of Homes for Sale14.1012.609.6014.50
Park RapidsMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings4945344303
Pending Sales1218146149
Closed Sales1014141144
Days on Market Until Sale226160207263
Median Sales Price$120,000$108,500$140,000$134,950
Average Sales Price$121,249$126,482$161,027$164,319
Percent of Original Price Received81.30%91.40%86.30%88.60%
Inventory of Homes for Sale219185214174
Months Supply of Homes for Sale18.0014.9019.8014.80
WalkerMay-12May-13Jun-11 to May-2012Jun-12 to May-13
New Listings3321194146
Pending Sales547874
Closed Sales467876
Days on Market Until Sale324325187208
Median Sales Price$327,500$247,000$184,900$191,500
Average Sales Price$386,000$319,083$274,913$244,052
Percent of Original Price Received92.30%91.20%86.50%87.70%
Inventory of Homes for Sale1189111293
Months Supply of Homes for Sale18.2014.8019.4015.30

Based on data available as of June 6, 2013
Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

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