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Real Estate and Some Fun Facts
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A lot of people these days are lactose intolerant. Growing up I believed I was lactose intolerant because I had a bad stomach. My doctor recommended I stop eating/drinking dairy. As someone who was obsessed with eating cereal, giving up milk was seemed like a tragedy, but it was easily replaceable with almond milk. However, I did not give up on pizza, cheeseburgers, charcuterie, or any other cheese based product. And because my stomach problems eventually stopped, I coined a new term for myself: I am lactose and not that tolerant.
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Today in History: The Washing Machine
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On this date in 1797 the first ever U.S. patent for a washing machine was given out to Nathaniel Briggs of New Hampshire. This machine was very different from the modern washing machines we see and use today. But it laid the ground work for all future generation of washing machines. Before this machine people would wash their clothes in bathtubs with house soap and it would take a very long time. This machine, however, was far from easy. It required two people to use and pull the levers to move the heavy box back and forth over the rollers. On top of the heavy labor, it was also large and expensive. Over the next 100 years, many more patents and styles of washing machines would be created.
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What's Happening This Week: Mansions Tax
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This will hopefully be the last time I ever have to write about this in my newsletter. But in a massive win for renters, owners, and investors alike, the proposed "Bring Chicago Home Tax" was rejected by voters last week. 53% of voters voted 'no' bringing an end to the months long fight with the real estate community and the Mayor. More than just homes or investment properties, this proposed tax would have killed an already struggling commercial real estate sector in Chicago. I personally believe this is a big win for the city which is already one of the most taxed cities in the country.
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Learning Time: NAR Settlement
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If anyone pays attention to real estate or the news at all, you have probably recently read about the National Association of Realtor's proposed settlement. I have had a lot of people ask me about it and a lot of people confused about it. Many people seem to think that the result will mean commission for realtors will be a lot less. The truth of the matter is, the lawsuit has not been settled, and this is merely a proposal to settle it, so we do not know what will actually happen. But, if the proposal is accepted, here is how buying a home will change:
Sellers have always had the option to pay the listing agent the commission they deem fit. In the majority of cases that is 5-6%. The lawsuit alleges that sellers didn't know that half of that was going to the buyers agent. Personally, I think thats BS, but someone also made millions off of suing McDonalds because they spilled their own hot coffee on themselves, so anything is possible in a lawsuit. Moving forward I am sure there will be sellers who will tell listing agents that they will only pay 2.5%. And I am sure some agents will agree to that. So what happens if all of a sudden there is no more buyer agent compensation? Easy, buyers agents will now have to start having their clients sign "exclusive buyer agent" agreements that states they will pay their agent in the event the list side does not. This cost will likely come in the form of closing costs and will protect buyers agents from working for free. I can talk about this for hours, so if you have more questions, feel free to call me, my number is below!
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Schedule a free buyers consultation with me by simply replying to this email!
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"Value is derived from what someone is willing to pay for something." - Stanley Johnston, The Gentlemen
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Thank you to everyone who replied to my last newsletter (a ways back!). The correct answer is Nepal! Nepal has a festival called Kukur Tihal which is dedicated to the loyalty of mans best friend, Dogs!
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Known as one of the slowest animals on the planet, snails are also big sleepers. How long can a snail sleep for?
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Licensed Real Estate Broker
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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