Teddy's Topics!

Real Estate & Some Fun Facts

It has been a long time since I wrote one of these and I want to apologize for everyone who has missed them. For the few hundred people that are new, this is my newsletter! Where I write about what's happening in the real estate market in Chicago and pretty much anything else that is on my mind. It used to be a weekly letter, but from here on out it will be once a month so I can be more consistent and deliver more important news. The reality of the situation is not that much happens on a week to week basis in real estate! Ironically, this week about the biggest thing to happen to real estate in a century happened, so you'll read that below.

In other news, the U.S. has just won the most medals for the 4th straight summer olympic games. I honestly don't know how we will ever lose considering our country is made up of people from every other country. But it is still fun to cheer for the U.S. sports. I don't know what it is about the olympics, but every 4 years I become obsessed with swimming and somehow every 4 years, every world record is broken. Humans are evolving at an astounding rate, not me for some reason, but other humans are and I'm proud of them.

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Song of the Week

Jersey Giant - Elle King

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Today in History: A Sad Day for Pete Best

On this date in 1962 Ringo Star replaced Pete Best to be the new drummer of The Beatles and played at his first concert with them 2 days later. The Beatles would go on to become... well, The Beatles. The most famous band in the world. Best would go on to have a not very successful music career with a couple other bands and eventually decided to quit show business and become a civil servant in Liverpool. There are many arguments and different statements as to why The Beatles dropped Best, but the main issue was he simply was not a good enough drummer to rise with the band into stardom.

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A Look at the Market: NAR Settlement

The long awaited NAR settlement is being put into effect this Saturday and it appears that nobody knows what that means. So I am going to try and lay this out for you in layman's terms.

What was the lawsuit about?

The lawsuit basically stated that sellers were not aware the commission they were paying their broker was being split with the buyers broker. Which has been standard practice for about a century now so its kind of hard to believe the sellers never knew. Especially considering in order to own, you have to first buy the property, but hey a woman sued Mcdonalds for her coffee being too hot and won millions of dollars so a lawsuit doesn't have to be logical in order to win.

What is changing?

For sellers, nothing is really changing, they have always had the ability to negotiate commissions, just now in listing agreements there is a section added to show whether the seller will pay the buyers broker as well.

For buyers a couple things are changing. Starting, pretty much now, buyers will have to have representation agreements in order to tour a property with their agent. I started doing this in the spring when first talks of this started with the settlement. It essentially states that you are working with that broker exclusively and in the event the seller isn't paying the buyer brokers commission, you will be responsible for it. Which leads to the next change, buyers may start being responsible for paying their broker a commission! This will obviously vary case by case. Right now nationally its about 99.8% of brokers are still paid by the seller, but that number is likely to go down.

For Realtors, we are no longer able to post what the commission split is on a listing. So moving forward on all contracts there will be an addendum stating what the commission is for the buyers agent. For example before this a buyer would make an offer for $460,000 on a condo and not worry about their agents compensation. Now they will make the same offer but in the addendum state that 2.5% of that will go to their agent at closing.

If you can tell by my tone, I think the whole thing is just pretty annoying. Life as a realtor won't change all too much in my opinion, just a lot more conversations explaining this settlement when negotiating commissions and a LOT more paperwork.

Coming to the Market Soon: 2500 N Francisco ave.

This week we are going to be looking at 2500 N. Francisco ave. A single family home coming to the market this week for $925,000 in Logan Square (if you want to tour let me know)! Something I always look for with single family homes in the city is outdoor space and this home does not dissapoint. The yard is well maintained and completely fenced in with a gorgeous fireplace and patio set up at the end. Along with many homes in this area, it is a workers cottage, but it has been beautifully renovated to become a fully modern home in an older classic. The home feature 3 large bedrooms and 2.5 bathrooms (all incredibly well done), as well as a state of the art kitchen and completely finished basement. Check out the listing here: https://zenlist.com/app/listing/mred:12134599?as=teddy.sutker

For those that don't know, the private market is something that only Realtors have access to. It is a place where Realtors will post their listings before actually going live. This way they can test their market price without actually being on the market which helps their overall "market time". It's also a good way to let people know of a listing coming to the market soon even though the home might not be ready for showings or photos yet.

Interested in Buying or Selling?

Simply inquire on this website and I'll reach out directly!

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Quote of the Week

"When you are five goals ahead and 7,000 french people boo, I don't think there are many other feelings that are better than that." - Kristian Sæverås, Norwegian Handball Player

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Trivia!

Thank you to everyone who replied to my last newsletter (if anyone remembers), but the correct answer was Singapore! Singapore has a ban on the importation and sale of chewing gum.