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Mounds View EDA February 13, 2012 Regular Meeting Page 3 Executive Director Ericson asked if the reduction in home inventory was reducing the time of homes on the market. Mr. Tucker stated there was a correlation depending on the set price and condition of the home. He indicated the metro area was seeing a reduction in the days on the market for homes. Commissioner Mueller commented one-third of the City’s homes were built before 1975. She questioned how residents could best prepare their home for a successful sale, given the state of the housing market. Mr. Tucker explained there was a fair amount of competition in this area and first impressions were crucial. He encouraged homeowners to review mechanicals and apply fresh paint. The home needs to show well and be priced appropriately. Commissioner Mueller questioned the qualifications for first time homebuyers. Mr. Tucker stated there were a number of programs available, even one through the City of Mounds View. He encouraged first time homebuyers to speak with a reputable qualified lender and find an agent that knows the market. President Flaherty questioned how pending assessments get missed at home closings. Mr. Tucker stated realtors may miss these if the liens are not properly recorded. However, when closings are completed at a title company, this should not occur. He explained that gap coverage should address this concern and a resident could speak with the title company if there was a discrepancy. President Flaherty encouraged new homebuyers to speak with City Hall if interested in a property to address pending assessment issues. Mr. Tucker agreed this was a great step stating a great deal of information was available on the internet as well. President Flaherty was pleased with the numbers and how they were trending for the City of Mounds View. Economic Development Specialist Steinmetz questioned the percentage of realtors that were familiar with the Mounds View housing market. Mr. Tucker stated out of the 1,500 members approximately 300-500 realtors would be familiar with the City of Mounds View. Commissioner Mueller questioned how real estate sales have changed over the past 20 years. Mr. Tucker indicated there have been tremendous changes. He stated he has been in real estate since 1978. The pace of change has accelerated as information was more readily available to homebuyers. The realtors no longer controlled all of the information. Realtors now assisted homebuyers navigate the entire home buying process. Mr. Tucker stated the success of the school district greatly impacted housing sales. He encouraged the City to continue to improve its schools and classrooms. He understood that Mounds View had a great school system.