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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 88 homes on the market. Mr. Tucker stated there was a correlation depending on the set price and 89 condition of the home. He indicated the metro area was seeing a reduction in the days on the 90 market for homes. 91 92 Commissioner Mueller commented one-third of the City’s homes were built before 1975. She 93 questioned how residents could best prepare their home for a successful sale, given the state of 94 the housing market. Mr. Tucker explained there was a fair amount of competition in this area 95 and first impressions were crucial. He encouraged homeowners to review mechanicals and apply 96 fresh paint. The home needs to show well and be priced appropriately. 97 98 Commissioner Mueller questioned the qualifications for first time homebuyers. Mr. Tucker 99 stated there were a number of programs available, even one through the City of Mounds View. 100 He encouraged first time homebuyers to speak with a reputable qualified lender and find an agent 101 that knows the market. 102 103 President Flaherty questioned how pending assessments get missed at home closings. Mr. 104 Tucker stated realtors may miss these if the liens are not properly recorded. However, when 105 closings are completed at a title company, this should not occur. He explained that gap coverage 106 should address this concern and a resident could speak with the title company if there was a 107 discrepancy. 108 109 President Flaherty encouraged new homebuyers to speak with City Hall if interested in a property 110 to address pending assessment issues. Mr. Tucker agreed this was a great step stating a great 111 deal of information was available on the internet as well. 112 113 President Flaherty was pleased with the numbers and how they were trending for the City of 114 Mounds View. 115 116 Economic Development Specialist Steinmetz questioned the percentage of realtors that were 117 familiar with the Mounds View housing market. Mr. Tucker stated out of the 1,500 members 118 approximately 300-500 realtors would be familiar with the City of Mounds View. 119 120 Commissioner Mueller questioned how real estate sales have changed over the past 20 years. 121 Mr. Tucker indicated there have been tremendous changes. He stated he has been in real estate 122 since 1978. The pace of change has accelerated as information was more readily available to 123 homebuyers. The realtors no longer controlled all of the information. Realtors now assisted 124 homebuyers navigate the entire home buying process. 125 126 Mr. Tucker stated the success of the school district greatly impacted housing sales. He 127 encouraged the City to continue to improve its schools and classrooms. He understood that 128 Mounds View had a great school system. 129