Biden’s aim to eliminate ‘junk fees’


Big news for Estate Media’s own Josh Flagg!

Top-performing agents need a top-ranking brokerage—and for Josh, now that’s Compass. With this major move from Douglas Elliman, Josh brings with him over $400M in listings, including the former estate of Judy Garland, listed at $11.495M. 

Stay tuned for more details, top-dollar deals, and drama when season 15 of Million Dollar Listing Los Angeles airs soon—launch date to be announced!


🔊 Today’s Top Podcast Rec:

Tracy Tutor has spent nearly 24 years mastering the high-end industry in California, closing multi-million-dollar deals in every market cycle. Listen to the latest episode of Glennda’s Guru to learn how she did it, and why she believes agents aren’t going anywhere.


Good news for buyers

Aiming to trim rising closing costs, President Biden’s housing plan—unveiled in last week’s State of the Union address—takes a swift swing at ‘junk fees’ charged by lenders during the closing process. Biden’s proposal, which includes closing cost cuts and a $10,000 tax credit for first-time buyers and starter-home sellers, was met with mixed reviews, especially from the mortgage industry. 

  • The ‘junk fees’ spotlighted by the Consumer Financial Protection Bureau (CFPB) include costs like title insurance, appraisal fees, credit report fees, and loan origination fees. 

  • While these services are necessary for securing a mortgage and transferring property ownership, the CFPB believes some of these fixed fees are unnecessarily high—jumping 21.8% from 2021 to 2022, to nearly $6,000 per sale. 

  • The Mortgage Bankers Association is already pushing back on the proposal, calling the focus on these fees “illogical,” and arguing that these services keep the market fair and transparent. 


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💡 Starting from scratch. Advice for new industry professionals nervous to get out there.

💡 Breaking news breakdown. Serhant realtor, producer, and host Jeffrey St. Arromand covers the top 5 stories in New York real estate.


New Series: AI Dream Homes

Floating staircases, basketball court swimming pools, and a BBQ-themed living room… If there’s one task AI is not yet ready for, it’s tasteful interior design. In our new YouTube mini-series, AI Dream Homes, watch as real estate expert Samir Mezrahi and content-creator-turned-industry-enthusiast Jonathan Carson test the limits of Chat GPT—and create a one-of-a-kind home that gives Mojo Dojo Casa Mistake. 


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