Episode Transcript
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Speaker 1 (00:00):
A'dy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on WFLA News Andrew Duncan with the Duncan Duo
team on the Duncan Duo Real Estate Show here every
Sunday at ten dropping all of the local Tampa Bay
real estate knowledge on you. And today is the first
day I think we're gonna we're gonna be out of
the thirties today. Obviously, we've had a winter you know,
our our market. We've had a bad winter week. We've
(00:24):
been in the thirties, even reports of some people believing
they had snow in Tampa Bay, although I think it
was probably just some rain. Nonetheless, a rough weather week.
We've obviously had some rough weather weeks that hurt our
real estate market. The hurricanes, for example, are still causing challenges,
but certainly it seems like we're past the worst of
(00:48):
our our winter storms quote unquote here on this Sunday.
So when we aren't on air, make sure to fall
us on all of our socials. We are at the
Duncan Duo Twitter, Instagram, YouTube, Facebook, and TikTok. Maybe if
it's all the way back or not, we're there when
it comes back. When we can get apps again. I
know there are some people on it and then people
(01:09):
that uninstalled the app that can't reinstall the app. So
either way, look for us at the Duncan Duo. You
can follow me personally the Andrew Duncan and I share
stuff about more about my personal life and my car
collection and certainly some real estate things as well. So
I want to talk today about getting top dollar for
the sale of your home. There are so many real
(01:32):
estate agents that have gotten into the business the last
few years that really don't know how to give clients
the best advice in a challenging market. They are used
to markets that keep rising. They're not used to having
grit and grind to get a sale done. They're not
used to having uncomfortable conversations with their clients. And that
(01:52):
is one thing that we bring to the table for
realtors that aren't strong enough to tell their client the
truth or the things they need to do and have
homes that fail. I have some really strong agents that
have been with me a long time, that have a
great background in sales that can help give you the
advice to help you get to your next step and
get your home sold. So what I want to talk
about today is just some added value for our listeners
(02:13):
that are thinking about selling their home on some things
that they can do now. Look a year and two
years ago, and even more so three or four years ago,
during the COVID market, when our demand was just skyrocketing
and our supply was super low, you didn't have to
do these things. You could probably sell your home and
still get top dollar and then make the buyer take
(02:34):
care of these things post closing. But unfortunately, with what
we're happening in our real estate market today, sellers have
to stay in front of these more so. And let
me explain that really click quickly what I mean. So,
you had the hurricanes which caused a lot of homes
to be damaged, had some of those homes get sell
while damaged, which unfortunately pulls down average sale prices and
(02:58):
depreciates neighborhoods. Then you have some people that will have
financial damages from said storms to where their home ends
up becoming a short sell foreclosure, also depressing prices a
little bit. While at the same time the storms being
nationally advertised and broadcast zapps are population growth. There is
no question that people from up north and Canada and
(03:19):
other countries don't see sunshine and rainbows on the news
every day, but you can bet your bottom dollars that
when there is a hurricane, it's all over the news.
So unfortunately, that stigma attaches and it makes people a
little bit afraid of taking a move to Tampa Bay
when they hear two back to back hurricanes and they
saw all the disaster on TV. While most of that
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has been cleaned up, there's still remnants of it out
there and the stigma is still there. It has caused
us to see a slow down in population growth. Well,
the population growth was the biggest thing fueling are our
home demand, so now that that slows at the same
time as prices depress a little bit because of the storms,
and you have sellers that went through both storms and
(04:03):
either moved here recently so they hadn't been through one
before and got shocked and now they're ready to leave again,
or that have been here a long time and just
don't want to go through it again and now they're selling.
So at the same time that we're losing some buyers
and we're having some things put down red pressure on price,
we're having sellers jump out of the market and say
(04:23):
I want to sell. Well, those two things working against
themselves or those two things working together harms are market.
It causes a kind of an inverse supply and demand
curve which will cause prices to soften. So in a
market like that, you have to think as a seller.
You have to think very entrepreneurial. You have to think
like a business owner. You have to separate your emotional
(04:45):
attachment to what you think about your house, because here's
what most sellers think about their house. Most sellers think
that their home is the best market the best home
in the market, the best home in the neighborhood. It's
the best. That's why they bought it. People have, unfortunately,
have a narcissistic or not narcissistic, an egotistical view about
(05:07):
their home and its relative ranking in the marketplace. Okay,
so you have to separate yourself from your emotional attachment
to the home. You also have to separate yourself from
what the value used to be. There's never been more
data for consumers and home sellers to know what their
home is quote unquote worth. There's all kinds of different
(05:27):
websites that track it. People can log in and look
at it, and it's good from a standpoint of keeping
you up to date with what is going on in
the market, so you can see trends, but oftentimes they're
pretty far off. But nonetheless it allows a homeowner to
establish an opinion of value. Well, the opinion of value
from the past. You kind of have to leave it
in the past because there's a lot that's changed and
(05:49):
looking backward to value today's real estate market isn't as
effective as looking forward with everything that we know is
going to trickle down and affect our market. So as
a home seller, what is that mean? That means if
you're going to be one of the homes that sells.
And this applies to condos too, but probably even more
so to condos because that market is worse than the
single family home market in terms of the supply and
(06:11):
demand curve. So you have to have your home in
the best condition and be the best priced to be
one of the ones that's selected. In a market where
inventory is rising, you now have more competition. Okay, you
now have more chance that someone's going to undercut you
on price and you and you now have more chance
that someone's going to come on and maybe they don't
(06:32):
have a mortgage, so they don't need to get a number.
The market doesn't care what you quote unquote need. It
does not care. The buyer does not care what you
need or want. It cares what can you justifiably prove
that it's worth. So, as a seller you want to sell,
you've got a price aggressive. You have to price ahead
of the downward trend on price. If we expect prices
(06:54):
to drop, and I fully do the first six months
of this year, we're going to see some depreciation. Now
again not massive, not great recession depreciation, but we're going
to see some And because of that, a home seller
has to price in front of that to impress a buyer.
Buyers have the same data that sellers do about home values.
They get to see the same trends. They get to
(07:14):
see that chart pointing in a negative direction. When they
see that, they say, okay, well, if this house is
five hundred today, maybe it's four fifty by the end
of the year. I don't want to pay five hundred, okay,
So they're going to negotiate. You're going to get a
lower offer. So you've got to be aggressive with your
price for two reasons. One because it's what the buyer
is going to expect and two because you have a
(07:35):
lot more competition. And the last reason you need to
be aggressive with the price is because what you're trying
to do is create a seller's market for your house. Okay, So,
for example, if you have a five hundred thousand dollars
house that could potentially sell for four to seventy five,
if you put it at five hundred, you're and it
takes a few months to sell and it sells for
(07:58):
four to seventy five. Now you have a greater chance
of getting more money for that house by creating multiple
offers on it, so pricing it ahead of the pricing trend.
So if we think pricing is going to be four
to fifty by the end of the year, price it
at four fifty out and here's what ends up happening.
A lot of the time, the market delivers more opportunities
(08:18):
and you negotiate up. If you've ever watched an auction,
and look, I'm a car junkie, so I watch Barrett
Jackson and Meekham and all these different things, and I
see cars go for stupid money sometimes because you get
two people bitting against each other. Okay, and then emotion
kicks in on the buyer side and the seller wins.
So you have to think like that. As a home seller,
(08:38):
you have to think strategically to price ahead of the
trend and trying to get people to chase your house.
If you try and sell your home like you would
sell it in a traditional market, in a market where
prices are dropping, people are gonna drop below you. They're
gonna have a different financial need. There's gonna be people
undercut you. Your home's gonna sit. It's not gonna sell.
You're gonna lose more money. By the time you finally
get to the right price, it's worth even less than
(08:59):
you could have gotten two or three months ago. In
addition to that, condition becomes super important, so price the
number one variable. The next part of it is condition
looking at potentially staging your home, spending some money and
investing in it. No different than someone that owns a
business and making capital investments into the business. Home staging
is a capital investment for the home seller to invest
(09:19):
into the property. If you want your equity, you invest
into the property, and then ultimately you have the opportunity
to increase the value or increase the chances of a
sale or a quicker sale. So staging your home becomes
valuable condition addressing any condition items. I call it a
price war and a beauty contest at the same time. Okay,
(09:41):
you're obviously up against all the other active listings and
competing on price, so you have to price your home
super aggressively. But then you're also looking at condition. How
can you beat the other homes that are priced aggressively
on condition? What can you do for the best ROI
for remodeling? Well, interestingly enough, in twenty twenty three, the project,
(10:02):
according to recent studies, that reap the highest ROI was
HVAC work. So make sure that you have your ac
working properly now this time of year. Probably not as
important as the heat working properly the way it's been
lately in Tampa Bay, but you want to make sure
to give to look into those things, whether it's addressing things,
(10:25):
upgrading things. Talk to your agent. The best agents in
the market nowhere to spend your money based on your neighborhood. Last,
but not least, give your curb appeal a boost. I've
seen plenty of homes that didn't sell with another agent
come to us. We tell the client to pick up
the curb appeal and then again, and then it ends
up selling. So curb appeal is another thing that can
(10:45):
help you get your home sold for top dollar. Last,
but not least, when it comes to the price. I
see a lot of real estate agents and sellers make
this mistake. Okay, everything about home search today is online.
We're not selling gas at a gas station. You're selling
real estate. You want to optimize the number of eyes
(11:06):
that get on your property. So you shouldn't price your
home at five oh five or four ninety five. You
should price it right at four hundred or five hundred.
You should price it right at four hundred or four
fifty fifty twenty five one hundred thousand dollars increments. You
want to be on that number, not on the other
side of it. So four ninety nine nine mistake, five
(11:27):
oh one mistake, four to seventy four nine mistake. Those
are mistakes. And let me explain why. Because with a
company like there, like ours, will we pay for advertising
when we pay to enhance our listings. On some of
these websites, our listings are shown at the top, But
if someone's looking up to five hundred and more priced
at five oh five. They never see us. We're not there,
(11:48):
we don't get the eyes on it. Okay, you're more
likely to get five oh five listing at a five
hundred and getting a bitding war than you are listening
at five oh five because the thousands of people you
miss by being on the other side of that strategy
search number of five hundred, you were gonna miss way
more people than it's worth. The second part of that
is you get both sides of the search. Let's say
someone says, you know what, I could spend up to
(12:09):
seven hundred, but I'm looking and I don't see quality
below five hundreds that I really like, So I'm gonna
search five hundred to seven hundred. Okay, Well, two things happen.
If you're four ninety five you miss that search, you're
not in it at all. If you're right on the
number of five hundred, you're in. If you're five oh five,
you might be on the second page if they sort
by lowest priced. So again, optimizing the number of eyes
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that could look at your property. The more page views
you get, the more clickthroughs of your pictures, the more
chance it has to turn into a showing and then
an offer. So stress. Strategically pricing your home makes a
big difference as well, and way too many home sellers
make that mistake. So if lease these tips for selling
your home were helpful, the last tip I'll give you
is hire us Duncan Duo dot com. We can get
(12:51):
you a cash offer, we can give you a home
value estimate, and we can sell your home traditionally to
get you more than what the cash offer is going
to offer you. You can do all that and more
a dunkin We're not just telling you all this. We're
applying for a job. We want the opportunity and we'd
love to help you get to your next step. And
I'm going to be back on the other side. I
want to talk about those cash offers after a quick
break here on the Dunk and Duo Show. So we're
back here on the other side talking about cash offers. Now. Look,
(13:14):
if you've been living under a rock, you don't see
all of the advertisements and companies offering cash for your
home today. I'm one of those firms. I do a
lot of it, and we've worked with the big name,
the other big names, and I'm sure you've seen them.
They have TV commercials and you go on their website
and they spit out a cash offer. Well, a couple
of years ago, those offers used to be pretty aggressive
in terms of being well private, pretty good offers based
(13:37):
on market value. Today, the offers keep getting lower and lower.
The convenience you pay for when you get that cash
offer has never been less or has never cost more
than it does. Now that convenience is very expensive. So
we're finding a lot of times the customers go out
and get these offers from those companies and the amount
(13:58):
of money they're going to lose is just too stantial
for them to be willing to take. So what we
have done, we've developed a relationship with a fund that
wants to grow and not really a fund, but I
would call it a group of investors. It's actually a
lot of real estate agents to put together a company,
and they've targeted markets throughout the country and ours is
one of them. And this company has a really unique
(14:19):
proposition for home sellers. That is netting home sellers ninety
three percent of market value, okay, pretty much unheard of
now minus fees and commissions. Okay, so you still got
to pay fees and commissions. But cash offers that are
paying ninety three percent and then again there'll be commissions
involved that's unheard of, like it's hard to compete with that.
(14:40):
And they want turn key property. So if you have
a turn key home and you want a cash offer,
and look, this can't be a home. It's on the market.
It's homes on the market. They've they've already seen it, okay,
so already they've already looked at This needs to be
something that isn't out, There isn't available. Duncan Duo dot com,
request your cash offer. We are presenting all the homes
that come through that too, this group, and we are
(15:01):
seeing some pretty incredible offers making a lot of clients
happy getting some of these offers. So if you want
one of those cash offers, just go to Duncan Duo
dot com and again ninety three percent minus fees and commissioned.
So again it's no different than if you listed it
traditionally and got a seven percent dropping your price. But
this is cash quick, clean. They want turnkey properties. Certainly,
(15:22):
can we get you more money in a lot of situations, yes,
but there are plenty of consumers that want convenience. If
you've got a turn key home, up to one point
five million dollars. Okay, a lot of the funds won't
touch that. Okay, a lot of the funds will not
buy up to that price point. Okay, if you've got
a turnkey single family home, we would love the opportunity
to plug you and connect you with them so that
(15:43):
you can get onto your next step super quick, clean,
easy transaction and paying incredible prices compared to what a
lot of the other funds are doing. So if you
want that again, duncan Duo dot com request cash offer.
One of my team members will reach out. We'll end
up needing to see the property and go through some
steps and help you through it. But we're really excited
about unveiling this because we are the first agent's, first team,
(16:07):
first company in the market to really kind of partner
with them, and they're buying a lot of I mean
billions and billions and billions of dollars throughout the country.
And the company was started by a real estate broker
friend of mine that I've known for over a decade,
doing incredibly well for consumers, and I would love the
opportunity to present offers to them, so again, you can
do that at dunkin Duo dot com. And look, a
(16:28):
cash offer isn't for everyone. It can be quick and
clean and convenient, but again you are seven percent off
if you want to get one hundred percent of market value.
Going on the market traditionally is a way to go.
But if you want to quick, cash clean offer, they're
beating all the other companies out there right now, and
they're very flexible. So if you've got to close fast,
(16:48):
if you've got a close slow, if you need a
lease back, if you need to stay for a little bit,
But again, turnkey. They're not buying flood damaged stuff. They're
not buying anything above one point five. They're not buying
with a bunch of acres. But if you've got to
turn key home in a in a in a community
that really doesn't need much. I mean it can need
pain and some few cosmetics, but it can't need massive renovation,
(17:10):
It can't need any of the big four. You know,
if the roof is shot, they don't want it. I
mean they want turnkey. So if you've got that and
you just want to move on again, go to dunkin
duo dot com get your cash offer, and we would
love to help you but again, the cash offer isn't
for everyone. If you want max dollar, if your equity
is tight, if you don't have a lot of equity,
you know, the situation may not work. You know, if if,
(17:33):
if you if you expect to get top dollar, that's
where you have to go. Traditionally, and outside of this
group that we're partnered with, I've seen some of the
offers from these other funds and they're they're often laughable.
I mean, I'm really amazed at how how low some
of these offers are. So, you know, seller beware, if
(17:55):
you're out there shopping for cash offers, give us a shot.
Go to our website. Compare Our group can can offer
you to what you might have gotten by one of
the national advertising companies that are spending a lot of
that money on those TV commercials. So they've got to
get a lot better deal on your home than this
group that we're paying that does not advertise direct to consumers.
This group that we're working with only works with top
(18:17):
real estate agents in the market, and that's their business model.
They do not advertise direct to consumers, so you can't
directly get to them. You have to go through you
know us, you have to go to an agent, and
the reality of that is we're finding that they're able
to they're able to generate better offers because of that scenario.
(18:37):
So hopefully that makes sense. And again, Dunkinduo dot com,
get your cash offer or you know what, if the
cash offer isn't for you, if we present it you
don't like it, then we can roll forward with the
traditional listing to maybe put some more money in your pocket.
So convenience is it right for everyone, but it is
right for a lot of people. So when we aren't
on there again, follow us on all of our socials
at the Dunkin Duo Twitter, Instagram, YouTube, Facebook, and someday
(18:59):
again TikTok. Someday we'll have it all back. We think
it's coming, but we'll be back after a quick break,
continuing our conversation here on the Dunkin du a real
estate show. So we're back here on the Duncan Duo
Show talking about the Tampa Bay real estate market. I
saw a study recently that talked about how canceled sales
hit a record in December, and I want to talk
(19:20):
about that a little bit again. This is Andrew Duncan
with the Dunkin duo talking about the Tampa Bay real
Estate mark here on the dunkin do a real estate show.
Canceled sales oftentimes are mistakes, and I want to kind
of help walk you through some potential pitfalls and reasons
why consumers are canceling real estate sales that are mistakes.
(19:42):
So let me talk about that. The first one, the
first red flag of why sales get canceled is because
you start taking advice from somebody that doesn't know what
they're talking about. Can I tell you how many times
people are talking to non homeowners to get advice about
buying real estate, especially like parents. Like, you know, it
was interesting, like not long ago, we had a client
(20:04):
who was like, well, my dad says this, and my
dad says that. It's like, well, you know, what's your
dad's real estate experience? Oh, he lives in an apartment.
He hasn't owned a home in twenty years. So I
want to make sure that if you are getting advice
about buying real estate, that you listen to someone that
has bought real estate. Okay, if you're gonna get advice
outside of your real estate professional or the mortgage professional,
(20:26):
make sure it's somebody that has some experience in the space.
It's kind of like the blind leading the blind. It's
like people on Instagram and TikTok giving people financial advice
when they're broke as a joke. Okay, if you're going
to take advice from people, make sure they're a proper professional,
make sure they understand, make sure they're successful, make sure
they have money, make sure they've bought a house, make
sure they've owned real estate. Again, it sounds so so,
(20:47):
you know, obvious, but I can't tell you how often
that's not the case. You know, well, I'm just gonna
not move forward. You know, my boyfriend that's forty seven
and never owned a home before thinks it's a bad idea. Okay,
So get device from the professionals. Get advice from people
that have accomplished that same thing before. Don't get advice
from people that have been fear mongered their whole life
(21:08):
and not done certain things and aren't successful and aren't
accomplishing things. Get advice from the right professionals. That's tip
number one for the people that are canceling deals. The
second thing is is, as we poll people that end
up buying the second or third home after they've canceled
the first two. A lot of times they end up settling.
The first house was the right house, it was the
one Okay, they canceled it for some silly reason because
(21:30):
they expected a perfect inspection report. And in the last
few years cancelations have surged because consumer sentiment has changed.
We've never as a society been more concerned about what
other people think. Okay, just look at Instagram or Facebook
and hear people talk about how many likes they did
or didn't get. Well, an inspection report is the same thing.
(21:52):
Consumers have been led to this belief that they can
just filter things, they can just change what they look like.
They can just do this, they can put a filter
over it. Well, you can't put a filter over a
home inspection. There's gonna be stuff that's found wrong, and
a lot of people are too soft to accept it.
So they get an inspection report that they think is bad.
Then in reality, it's just a normal inspection report for
a home that costs four hundred thousand dollars in Tampa.
(22:14):
It's got stuff that you're gonna have to do as maintenance.
It's not perfect, no house apport. There's no such thing
as a clean inspection report. That's unfortunately the expectation of
a lot of consumers. They think they're just gonna get
this report back and it's gonna say a plus on
it and sunshine and rainbows and a bunch of little
emojis and they can click a filter button then make
it all go away, all right, because that's what society
has trained people to do with social media. It's just
(22:35):
not reality with buying homes. So you have to separate
this attachment to this instant gratification social world with buying
a house in the real world, and buying a house
in a real world, no matter the price point, it's
gonna have stuff wrong with it that you're gonna have
to take care of as a homeowner. Okay, so what
ends up happening is they cancel for reasons a lot
of the time, not every cancelation. Look if if there's
(22:57):
a sinkhole, there's massive termite damage, if there's massive mold like,
there are reasons to cancel a deal. The roof is shot,
the ac is shot, the seller won't pay for it. Okay,
there's always going to be some deals canceled, But when
you see numbers that are hitting record you know, it's
because a lot of consumers are canceling houses for things
that are not right. They're bad advice, bad decisions. So
we've talked to consumers that have bought the second or
(23:19):
third home, and most of the time they don't like
it as much as they liked the first one. And
guess what, ends up having the same issues. They just
finally spend the money on the multiple inspections, on the
multiple appraisals, on the chance that interest rates go up,
driving all over, creation spending their Saturday and Sunday, driving
all over, spending money on gas. They've gotten tired of
it and they give up, and they just end up
(23:40):
closing on a home that probably wasn't the best one
because the first one they got bad advice. They couldn't
get out of their own way, and it cost them.
So a lot of times the cancelations, that's how that happened.
The people end up buying other homes and they end
up regretting it. So again, be very conscientious if you're
thinking about canceling. A lot of times it's fear. It's
(24:01):
your own fear in the way. It's bad advice, and
it's not logical advice. It's not mathematic advice. So I'll
give you an example. We had one recently that wanted
to cancel because it was about fifteen hundred dollars in
repairs and some of it was deferred maintenance. If you
become a homeowner, so if this is your first time
buying a home, okay, you have to expect that you're
(24:22):
gonna have to spend some money. Okay, You're gonna have
to make some repairs, You're gonna have to deal with
some deferred maintenance. That's the but you get the upside.
You make those improvements, the home value goes up, right,
you get the upside. Okay. So most homes, again, unless
your budget is unlimited, all right, you're gonna have issues.
You're gonna have stuff on that Inspectra report that isn't
(24:43):
done or needs to be taken care of. And so
so you have this. We had this one where it
was a fifteen hundred dollars in repairs and the buyer
walks on the deal. The buyer goes to the next house,
and here's what happens. Okay, And this is this is
what led to a lot of people in the Great
Recession losing everything. And I still remember selling realist in
the Great Recession and dealing with this. Somebody goes under
(25:03):
contract on a house and let's just say it needs
fifteen hundred dollars in repairs. Oh no, I want to
clean inspection reports. So why don't I raise my budget
from four hundred to four to fifty. Guess what they
find at four fifty. It needs just as many, if
not more, repairs and deferred maintenance. Now they've extended themselves
even more and they still have the same problem. You're
gonna have inspection issues, You're gonna have things that you're
(25:25):
gonna need to address. What you want to make sure
of is the roof isn't shot. When I say shot,
I mean like it needs to be replaced now, not
seven years left. Okay, Like I see people being like, oh,
we need a new roof because it's gonna be gone
in seven years. You ain't gonna be in that house
in seven years. Nobody stays in their house seven years
and more. It's rare. Okay, You're not gonna be there,
you know. So you know, if something is shot right now,
(25:47):
not then, it may be shot someday. Look, we might
get hit with some huge storm. We got no idea.
But if it's shot right now, roof, ac, structural, electric plumbing,
if any of those are shot right now, and I
mean shot, like the whole thing needs blown up and redone,
not like it needs a new pipe here or it
needs a patch here. So they'll cancel. And then they
(26:09):
get to the next home. So then they've wasted money
again on an inspection and an appraisal, and the same same
thing happens, and it's a cycle that ends up costing
them thousands of dollars when they factor in their time
and gas and all these things. And the house really
wasn't their first pick. It's the one that they just
finally got tired and settled on. Don't get tired and
settle on the house that you want. Don't quit, don't
(26:29):
let feary getting away, don't take advice from broke people
like move forward with the purchase. If you can understand
that it's logical that the same thing is going to
happen on the next house. Get this idea out of
your head that you're gonna get an inspection report, it's
gonna have a bunch of cool emojis, it's gonna have
a little a plus in the corner, it's gonna you know,
it's gonna make you feel warm. You know that you
(26:50):
can press a button and you get a filter over
and it makes everything go away. That's not real life, Okay.
Real life is you're buying a house. It's gonna have
some stuff you're gonna have to do, but you get
the upside, you get the you get the appreciation, you
get the right offs. Okay. So that's the biggest issue.
And I think again, when the market corrects and it's
a little tougher in the market and you've had a
lot of real estate agents get into the business that
(27:11):
don't have any business in the business and don't know
how to handle these obstacles, deals get canceled because they're
not strong enough to tell the client they're making a
mistake that the second or third home isn't going to
be as good as this one, and that they're getting
end up paying more and wasting more time. So way
too many deals get canceled for silly stuff, Way too many.
So if that's you, if you're in that position, or
(27:34):
you get in that position, really take a deep breath.
Maybe seek some people outside of your circle of broke
friends for advice. About moving forward with the purchase, and
I understand. Look, if you don't trust your agent or
the mortgage leunder because you think they're biased, go find
someone else that's experienced to give you advice. Go find
someone else that's been through it, that knows that, you
know what, that's pretty nominal stuff like you're going to
(27:55):
have that on any house of that price range. Get
out of listening to people that don't have experience on it.
Everyone today has a microphone. Everyone can be on social
media and act like an expert, but there's a lot
of them that aren't. And there's a lot of times
people get bad advice and make financial decisions from taking
advice from broke people that don't have any business giving
them financial advice. So hopefully that helps, but again, try
(28:17):
and work through the stuff. One other thing that I
would say about canceled deals that I think is really
important that can help prevent it. I think a lot
of buyers want the sellers to make repairs, and I
think that a lot of time, in a lot of
situations is a bad idea. I unless it has to
(28:38):
be cured to make the insurance or lender you pass
the deal, or you know, check mark the deal, move forward.
I would ask for monetary compensation and you do address
fixing it. Here's why, because the seller is going to
look for the cheapest way out. They don't have to
live with that house after they sell it to you.
They're going to look to cut a corner. They're going
to look to find the cheapest guy, and they may
(28:58):
not do it to the standards that you want. I
would rather take the financial you know, discount credit, whatever
you want to call it, and then get it done
myself to make sure it's done the right way, the
way that I want it done. The other thing is
when the seller does it out of their pocket, you
have more obstacles pursuing it if it's not done right,
(29:19):
or if there's a warranty issue or the repair fails. Okay,
if you do it, you have a much easier chance
to work that out with the contractor because you paid them.
You're the person on the invoice. When someone else is
the person on the invoice, makes it a lot harder
to work with that contractor because you're not their client technically.
So I'm a big believer in solving inspection items financially
(29:40):
versus solving them by having sellers make repairs and again
when it can be there are times where the repair
is so substantial that the owner that the current seller
has to do it, but in lieu of it needing
to be done for insurance or lending standards. I am
a big fan of getting a credit and then the
buyer just having to address it post closing. And there
(30:02):
are some carriers and lenders that will even allow you
to do that'll that won't that will allow you to
take the credit, and then they just need proof that
you do the work, even on some of the things
that cause red flags with insurance and lending. So hopefully
these hips are helpful to help you understand how to
avoid cancelations if you're a home seller and you want
an experienced agent to help navigate through this, to help
(30:24):
navigate through fighting back against these cancelations. If your house
has been on the market and you've had a lot
of cancelations, you know we'd love to apply for the
job again. You can do that on any of our
social channels at the Duncan Duo or you can hit
us up at Duncan Duo dot com, where we gladly
look at the situation help give you the right advice
to decide whether or not you need to fix those
(30:46):
things if they've been an ongoing thing, whether you can,
or whether the price needs to be adjusted, or whether
it's just poor negotiation on the agent's part, which is
unfortunately common. Room me back, we're continue our conversation. We're
going to wrap up our last segment after a quick
break here on the Dunk and du A real Estate Show.
So back here on the Dunk and Duo real Estate Show,
talking about the Tampa Bay real estate market. And we're
(31:07):
here every Sunday. And one of the things I'm excited
about this week, and it's interesting because we we've you know,
it's early, it's January. There's a lot of people, you know, optimistic,
there's some people pessimistic about what's going to happen in
Tampa Bay real estate. My team got off to a
great start this year. And one of the things I've
noticed is that our luxury production has really picked up.
I think we've put five homes above one point five
(31:30):
million under or five properties above one point five million
under contract in the last week or so. So if
you're someone who's maybe struggled your home didn't sell in
twenty twenty four. You've got a luxury property, you want
a different opinion, you want a different approach. We would
love the opportunity to apply for the job. And the
thing is, the thing that I want you to know
is that on our team, we don't just give those
(31:52):
opportunities to anybody. You know, kind of like if you
look at a law firm, you know you've got, like,
you know, junior associate attorneys, new attorneys. Parently, you've got
kind of a chart where it kind of rises until
you get people at the top that are working with
the highest in clients. It's the same thing for us.
My top top agents, including myself sometimes personally, will interact
and help with my top agents on some of the
(32:12):
higher end stuff that requires some unique marketing. So if
you are someone that is you know, that was frustrated,
you want a team approach, you want an experienced agent
that sells a lot of luxury, we would love that opportunity. Again,
you can do that at duncandoo dot com. Just fill
out the form and basically our system evaluates the home
and determines the price range using you know, data and AI.
(32:34):
It's certainly not exactly accurate in terms of the value
it spits out, but it tells us the price range
that it's likely within, which has us assign the property
to a particular agent on our team that handles that
area and that luxury price points. There's a lot of
things that go on behind the background, So I want
you to be aware that if you are someone looking
to buy or sell a luxury, high end home, you're
(32:55):
going to get my agents that are the best at that,
that have experience, the ones that are pending those sales
right now. You're going to get somebody that's you know,
a better agent, a higher end agent that sold luxury properties,
that sold multi million dollar properties that you're that's what
you're gonna get. So if that if you are that
person again, Dunkin Duo dot com, we've seen a nice
pickup in our own business this year, and I think
I think several of them were people whose homes failed
(33:16):
to sell with other agents in twenty twenty four. They
just didn't get the right negotiating the didn't get the
price dialed in right, they didn't get the right you know,
aggressive marketing plan. So if that was you, if you're
frustrated if your home didn't sell, if you're looking for
a difference of opinion, We're probably we're gonna be a
lot different. I want to I want you to understand
that if you've met with real estate agents and done
business before and you've not worked with us, you may
(33:39):
have this preconceived notion about what an agent does or
you know what, We're drastically different. We've got a whole
bunch of different programs. It's it's pretty uh. There's a
lot of opportunity for you as a you know, as
a seller to decide some things and have some say
in different plans that we do. So it's much more interactive.
(33:59):
We view it like a partnership where we want to
accomplish the same goal that you do. We want to
get your home sold. So if that is you, please
go to Duncan Duo dot com. We've really, like I said,
we've really picked it up. And I think that's a
segment of the market that's probably not getting talked about
right now as we talk about US people buying real estate.
I think our luxury market is ripe for some more
(34:21):
international infusion of cash. We saw a drop off the
last couple of years in our market from people outside
of the country deciding to buy cash and look, now,
there are some countries where there's limitations on certain countries
buying real estate. In Florida right now, Governor DeSantis put
some things in place to prevent some of our quote
(34:42):
unquote enemies from being able to buy real estate close
to bases and close to different things. So there are
some limitations in some countries, but there's plenty of them
in Europe that come here and buy here. There's Canada,
there's a lot of places that still buy Florida real estate.
It's been really slow. Well, the reason is because we
have an expectation or belief that a lot of Trump's
(35:03):
economic policies are going to be very pro dollar. So
if we expect the dollar currency to improve, there are
wealthy people all over the country that might look to
park money in Florida real estate and Tampa Bay real
estate simply from a standpoint of of you know, hedging
that and benefiting from that. So if we believe the
dollar is going to improve, I over throughout Trump's term,
(35:25):
I think there are a lot of international people that
will start looking at our market, and I think our
market is one of the desirable ones. Look, we've got
a great hockey team. We've got we've got you know,
storms that are now several months past and a lot
of that's cleaned up and getting better. But that also
provides some good deals. It also provides affordability when you
compare us to a Miami for example. So I think
we're going to see some influx of outside the country
(35:48):
cash and that that's specifically and typically in the higher
end markets. We intend on tapping into that. Our company
LPT is launching in some of those other areas as
we expand, uh, you know, international only. So if that's
something that you that you believe your home needs exposure to,
it's something we're very much focused on. So again, same
(36:08):
website as always, dunkin Duo dot com. Fill out a form.
Our team of luxury agents will reach out to you.
If you have a higher end home to sell, We'd
love the opportunity to talk you through about how we're
going to get that exposure and why we believe that
we are going to see more international purchases in Florida
from that, you know, likely improvement in our in our dollars.
So we appreciate you tuning in. We hope that hope
(36:30):
that you're recovering from our winter week and recovering from
a successful Gas Marilla, and we're gonna be back next
week like we are every Sunday when we aren't on
air again. Always check us out on socials. We're always
posting stuff. We're giving away tickets to Lightning games. We
give away sign jerseys. You can do all that and
so much more on all of our socials at the
Dunkin Duo and have an awesome rest of your weekend,
(36:52):
Tampa Bay
A'dy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on WFLA News Andrew Duncan with the Duncan Duo
team on the Duncan Duo Real Estate Show here every
Sunday at ten dropping all of the local Tampa Bay
real estate knowledge on you. And today is the first
day I think we're gonna we're gonna be out of
the thirties today. Obviously, we've had a winter you know,
our our market. We've had a bad winter week. We've
(00:24):
been in the thirties, even reports of some people believing
they had snow in Tampa Bay, although I think it
was probably just some rain. Nonetheless, a rough weather week.
We've obviously had some rough weather weeks that hurt our
real estate market. The hurricanes, for example, are still causing challenges,
but certainly it seems like we're past the worst of
(00:48):
our our winter storms quote unquote here on this Sunday.
So when we aren't on air, make sure to fall
us on all of our socials. We are at the
Duncan Duo Twitter, Instagram, YouTube, Facebook, and TikTok. Maybe if
it's all the way back or not, we're there when
it comes back. When we can get apps again. I
know there are some people on it and then people
(01:09):
that uninstalled the app that can't reinstall the app. So
either way, look for us at the Duncan Duo. You
can follow me personally the Andrew Duncan and I share
stuff about more about my personal life and my car
collection and certainly some real estate things as well. So
I want to talk today about getting top dollar for
the sale of your home. There are so many real
(01:32):
estate agents that have gotten into the business the last
few years that really don't know how to give clients
the best advice in a challenging market. They are used
to markets that keep rising. They're not used to having
grit and grind to get a sale done. They're not
used to having uncomfortable conversations with their clients. And that
(01:52):
is one thing that we bring to the table for
realtors that aren't strong enough to tell their client the
truth or the things they need to do and have
homes that fail. I have some really strong agents that
have been with me a long time, that have a
great background in sales that can help give you the
advice to help you get to your next step and
get your home sold. So what I want to talk
about today is just some added value for our listeners
(02:13):
that are thinking about selling their home on some things
that they can do now. Look a year and two
years ago, and even more so three or four years ago,
during the COVID market, when our demand was just skyrocketing
and our supply was super low, you didn't have to
do these things. You could probably sell your home and
still get top dollar and then make the buyer take
(02:34):
care of these things post closing. But unfortunately, with what
we're happening in our real estate market today, sellers have
to stay in front of these more so. And let
me explain that really click quickly what I mean. So,
you had the hurricanes which caused a lot of homes
to be damaged, had some of those homes get sell
while damaged, which unfortunately pulls down average sale prices and
(02:58):
depreciates neighborhoods. Then you have some people that will have
financial damages from said storms to where their home ends
up becoming a short sell foreclosure, also depressing prices a
little bit. While at the same time the storms being
nationally advertised and broadcast zapps are population growth. There is
no question that people from up north and Canada and
(03:19):
other countries don't see sunshine and rainbows on the news
every day, but you can bet your bottom dollars that
when there is a hurricane, it's all over the news.
So unfortunately, that stigma attaches and it makes people a
little bit afraid of taking a move to Tampa Bay
when they hear two back to back hurricanes and they
saw all the disaster on TV. While most of that
(03:40):
has been cleaned up, there's still remnants of it out
there and the stigma is still there. It has caused
us to see a slow down in population growth. Well,
the population growth was the biggest thing fueling are our
home demand, so now that that slows at the same
time as prices depress a little bit because of the storms,
and you have sellers that went through both storms and
(04:03):
either moved here recently so they hadn't been through one
before and got shocked and now they're ready to leave again,
or that have been here a long time and just
don't want to go through it again and now they're selling.
So at the same time that we're losing some buyers
and we're having some things put down red pressure on price,
we're having sellers jump out of the market and say
(04:23):
I want to sell. Well, those two things working against
themselves or those two things working together harms are market.
It causes a kind of an inverse supply and demand
curve which will cause prices to soften. So in a
market like that, you have to think as a seller.
You have to think very entrepreneurial. You have to think
like a business owner. You have to separate your emotional
(04:45):
attachment to what you think about your house, because here's
what most sellers think about their house. Most sellers think
that their home is the best market the best home
in the market, the best home in the neighborhood. It's
the best. That's why they bought it. People have, unfortunately,
have a narcissistic or not narcissistic, an egotistical view about
(05:07):
their home and its relative ranking in the marketplace. Okay,
so you have to separate yourself from your emotional attachment
to the home. You also have to separate yourself from
what the value used to be. There's never been more
data for consumers and home sellers to know what their
home is quote unquote worth. There's all kinds of different
(05:27):
websites that track it. People can log in and look
at it, and it's good from a standpoint of keeping
you up to date with what is going on in
the market, so you can see trends, but oftentimes they're
pretty far off. But nonetheless it allows a homeowner to
establish an opinion of value. Well, the opinion of value
from the past. You kind of have to leave it
in the past because there's a lot that's changed and
(05:49):
looking backward to value today's real estate market isn't as
effective as looking forward with everything that we know is
going to trickle down and affect our market. So as
a home seller, what is that mean? That means if
you're going to be one of the homes that sells.
And this applies to condos too, but probably even more
so to condos because that market is worse than the
single family home market in terms of the supply and
(06:11):
demand curve. So you have to have your home in
the best condition and be the best priced to be
one of the ones that's selected. In a market where
inventory is rising, you now have more competition. Okay, you
now have more chance that someone's going to undercut you
on price and you and you now have more chance
that someone's going to come on and maybe they don't
(06:32):
have a mortgage, so they don't need to get a number.
The market doesn't care what you quote unquote need. It
does not care. The buyer does not care what you
need or want. It cares what can you justifiably prove
that it's worth. So, as a seller you want to sell,
you've got a price aggressive. You have to price ahead
of the downward trend on price. If we expect prices
(06:54):
to drop, and I fully do the first six months
of this year, we're going to see some depreciation. Now
again not massive, not great recession depreciation, but we're going
to see some And because of that, a home seller
has to price in front of that to impress a buyer.
Buyers have the same data that sellers do about home values.
They get to see the same trends. They get to
(07:14):
see that chart pointing in a negative direction. When they
see that, they say, okay, well, if this house is
five hundred today, maybe it's four fifty by the end
of the year. I don't want to pay five hundred, okay,
So they're going to negotiate. You're going to get a
lower offer. So you've got to be aggressive with your
price for two reasons. One because it's what the buyer
is going to expect and two because you have a
(07:35):
lot more competition. And the last reason you need to
be aggressive with the price is because what you're trying
to do is create a seller's market for your house. Okay, So,
for example, if you have a five hundred thousand dollars
house that could potentially sell for four to seventy five,
if you put it at five hundred, you're and it
takes a few months to sell and it sells for
(07:58):
four to seventy five. Now you have a greater chance
of getting more money for that house by creating multiple
offers on it, so pricing it ahead of the pricing trend.
So if we think pricing is going to be four
to fifty by the end of the year, price it
at four fifty out and here's what ends up happening.
A lot of the time, the market delivers more opportunities
(08:18):
and you negotiate up. If you've ever watched an auction,
and look, I'm a car junkie, so I watch Barrett
Jackson and Meekham and all these different things, and I
see cars go for stupid money sometimes because you get
two people bitting against each other. Okay, and then emotion
kicks in on the buyer side and the seller wins.
So you have to think like that. As a home seller,
(08:38):
you have to think strategically to price ahead of the
trend and trying to get people to chase your house.
If you try and sell your home like you would
sell it in a traditional market, in a market where
prices are dropping, people are gonna drop below you. They're
gonna have a different financial need. There's gonna be people
undercut you. Your home's gonna sit. It's not gonna sell.
You're gonna lose more money. By the time you finally
get to the right price, it's worth even less than
(08:59):
you could have gotten two or three months ago. In
addition to that, condition becomes super important, so price the
number one variable. The next part of it is condition
looking at potentially staging your home, spending some money and
investing in it. No different than someone that owns a
business and making capital investments into the business. Home staging
is a capital investment for the home seller to invest
(09:19):
into the property. If you want your equity, you invest
into the property, and then ultimately you have the opportunity
to increase the value or increase the chances of a
sale or a quicker sale. So staging your home becomes
valuable condition addressing any condition items. I call it a
price war and a beauty contest at the same time. Okay,
(09:41):
you're obviously up against all the other active listings and
competing on price, so you have to price your home
super aggressively. But then you're also looking at condition. How
can you beat the other homes that are priced aggressively
on condition? What can you do for the best ROI
for remodeling? Well, interestingly enough, in twenty twenty three, the project,
(10:02):
according to recent studies, that reap the highest ROI was
HVAC work. So make sure that you have your ac
working properly now this time of year. Probably not as
important as the heat working properly the way it's been
lately in Tampa Bay, but you want to make sure
to give to look into those things, whether it's addressing things,
(10:25):
upgrading things. Talk to your agent. The best agents in
the market nowhere to spend your money based on your neighborhood. Last,
but not least, give your curb appeal a boost. I've
seen plenty of homes that didn't sell with another agent
come to us. We tell the client to pick up
the curb appeal and then again, and then it ends
up selling. So curb appeal is another thing that can
(10:45):
help you get your home sold for top dollar. Last,
but not least, when it comes to the price. I
see a lot of real estate agents and sellers make
this mistake. Okay, everything about home search today is online.
We're not selling gas at a gas station. You're selling
real estate. You want to optimize the number of eyes
(11:06):
that get on your property. So you shouldn't price your
home at five oh five or four ninety five. You
should price it right at four hundred or five hundred.
You should price it right at four hundred or four
fifty fifty twenty five one hundred thousand dollars increments. You
want to be on that number, not on the other
side of it. So four ninety nine nine mistake, five
(11:27):
oh one mistake, four to seventy four nine mistake. Those
are mistakes. And let me explain why. Because with a
company like there, like ours, will we pay for advertising
when we pay to enhance our listings. On some of
these websites, our listings are shown at the top, But
if someone's looking up to five hundred and more priced
at five oh five. They never see us. We're not there,
(11:48):
we don't get the eyes on it. Okay, you're more
likely to get five oh five listing at a five
hundred and getting a bitding war than you are listening
at five oh five because the thousands of people you
miss by being on the other side of that strategy
search number of five hundred, you were gonna miss way
more people than it's worth. The second part of that
is you get both sides of the search. Let's say
someone says, you know what, I could spend up to
(12:09):
seven hundred, but I'm looking and I don't see quality
below five hundreds that I really like, So I'm gonna
search five hundred to seven hundred. Okay, Well, two things happen.
If you're four ninety five you miss that search, you're
not in it at all. If you're right on the
number of five hundred, you're in. If you're five oh five,
you might be on the second page if they sort
by lowest priced. So again, optimizing the number of eyes
(12:30):
that could look at your property. The more page views
you get, the more clickthroughs of your pictures, the more
chance it has to turn into a showing and then
an offer. So stress. Strategically pricing your home makes a
big difference as well, and way too many home sellers
make that mistake. So if lease these tips for selling
your home were helpful, the last tip I'll give you
is hire us Duncan Duo dot com. We can get
(12:51):
you a cash offer, we can give you a home
value estimate, and we can sell your home traditionally to
get you more than what the cash offer is going
to offer you. You can do all that and more
a dunkin We're not just telling you all this. We're
applying for a job. We want the opportunity and we'd
love to help you get to your next step. And
I'm going to be back on the other side. I
want to talk about those cash offers after a quick
break here on the Dunk and Duo Show. So we're
back here on the other side talking about cash offers. Now. Look,
(13:14):
if you've been living under a rock, you don't see
all of the advertisements and companies offering cash for your
home today. I'm one of those firms. I do a
lot of it, and we've worked with the big name,
the other big names, and I'm sure you've seen them.
They have TV commercials and you go on their website
and they spit out a cash offer. Well, a couple
of years ago, those offers used to be pretty aggressive
in terms of being well private, pretty good offers based
(13:37):
on market value. Today, the offers keep getting lower and lower.
The convenience you pay for when you get that cash
offer has never been less or has never cost more
than it does. Now that convenience is very expensive. So
we're finding a lot of times the customers go out
and get these offers from those companies and the amount
(13:58):
of money they're going to lose is just too stantial
for them to be willing to take. So what we
have done, we've developed a relationship with a fund that
wants to grow and not really a fund, but I
would call it a group of investors. It's actually a
lot of real estate agents to put together a company,
and they've targeted markets throughout the country and ours is
one of them. And this company has a really unique
(14:19):
proposition for home sellers. That is netting home sellers ninety
three percent of market value, okay, pretty much unheard of
now minus fees and commissions. Okay, so you still got
to pay fees and commissions. But cash offers that are
paying ninety three percent and then again there'll be commissions
involved that's unheard of, like it's hard to compete with that.
(14:40):
And they want turn key property. So if you have
a turn key home and you want a cash offer,
and look, this can't be a home. It's on the market.
It's homes on the market. They've they've already seen it, okay,
so already they've already looked at This needs to be
something that isn't out, There isn't available. Duncan Duo dot com,
request your cash offer. We are presenting all the homes
that come through that too, this group, and we are
(15:01):
seeing some pretty incredible offers making a lot of clients
happy getting some of these offers. So if you want
one of those cash offers, just go to Duncan Duo
dot com and again ninety three percent minus fees and commissioned.
So again it's no different than if you listed it
traditionally and got a seven percent dropping your price. But
this is cash quick, clean. They want turnkey properties. Certainly,
(15:22):
can we get you more money in a lot of situations, yes,
but there are plenty of consumers that want convenience. If
you've got a turn key home, up to one point
five million dollars. Okay, a lot of the funds won't
touch that. Okay, a lot of the funds will not
buy up to that price point. Okay, if you've got
a turnkey single family home, we would love the opportunity
to plug you and connect you with them so that
(15:43):
you can get onto your next step super quick, clean,
easy transaction and paying incredible prices compared to what a
lot of the other funds are doing. So if you
want that again, duncan Duo dot com request cash offer.
One of my team members will reach out. We'll end
up needing to see the property and go through some
steps and help you through it. But we're really excited
about unveiling this because we are the first agent's, first team,
(16:07):
first company in the market to really kind of partner
with them, and they're buying a lot of I mean
billions and billions and billions of dollars throughout the country.
And the company was started by a real estate broker
friend of mine that I've known for over a decade,
doing incredibly well for consumers, and I would love the
opportunity to present offers to them, so again, you can
do that at dunkin Duo dot com. And look, a
(16:28):
cash offer isn't for everyone. It can be quick and
clean and convenient, but again you are seven percent off
if you want to get one hundred percent of market value.
Going on the market traditionally is a way to go.
But if you want to quick, cash clean offer, they're
beating all the other companies out there right now, and
they're very flexible. So if you've got to close fast,
(16:48):
if you've got a close slow, if you need a
lease back, if you need to stay for a little bit,
But again, turnkey. They're not buying flood damaged stuff. They're
not buying anything above one point five. They're not buying
with a bunch of acres. But if you've got to
turn key home in a in a in a community
that really doesn't need much. I mean it can need
pain and some few cosmetics, but it can't need massive renovation,
(17:10):
It can't need any of the big four. You know,
if the roof is shot, they don't want it. I
mean they want turnkey. So if you've got that and
you just want to move on again, go to dunkin
duo dot com get your cash offer, and we would
love to help you but again, the cash offer isn't
for everyone. If you want max dollar, if your equity
is tight, if you don't have a lot of equity,
you know, the situation may not work. You know, if if,
(17:33):
if you if you expect to get top dollar, that's
where you have to go. Traditionally, and outside of this
group that we're partnered with, I've seen some of the
offers from these other funds and they're they're often laughable.
I mean, I'm really amazed at how how low some
of these offers are. So, you know, seller beware, if
(17:55):
you're out there shopping for cash offers, give us a shot.
Go to our website. Compare Our group can can offer
you to what you might have gotten by one of
the national advertising companies that are spending a lot of
that money on those TV commercials. So they've got to
get a lot better deal on your home than this
group that we're paying that does not advertise direct to consumers.
This group that we're working with only works with top
(18:17):
real estate agents in the market, and that's their business model.
They do not advertise direct to consumers, so you can't
directly get to them. You have to go through you
know us, you have to go to an agent, and
the reality of that is we're finding that they're able
to they're able to generate better offers because of that scenario.
(18:37):
So hopefully that makes sense. And again, Dunkinduo dot com,
get your cash offer or you know what, if the
cash offer isn't for you, if we present it you
don't like it, then we can roll forward with the
traditional listing to maybe put some more money in your pocket.
So convenience is it right for everyone, but it is
right for a lot of people. So when we aren't
on there again, follow us on all of our socials
at the Dunkin Duo Twitter, Instagram, YouTube, Facebook, and someday
(18:59):
again TikTok. Someday we'll have it all back. We think
it's coming, but we'll be back after a quick break,
continuing our conversation here on the Dunkin du a real
estate show. So we're back here on the Duncan Duo
Show talking about the Tampa Bay real estate market. I
saw a study recently that talked about how canceled sales
hit a record in December, and I want to talk
(19:20):
about that a little bit again. This is Andrew Duncan
with the Dunkin duo talking about the Tampa Bay real
Estate mark here on the dunkin do a real estate show.
Canceled sales oftentimes are mistakes, and I want to kind
of help walk you through some potential pitfalls and reasons
why consumers are canceling real estate sales that are mistakes.
(19:42):
So let me talk about that. The first one, the
first red flag of why sales get canceled is because
you start taking advice from somebody that doesn't know what
they're talking about. Can I tell you how many times
people are talking to non homeowners to get advice about
buying real estate, especially like parents. Like, you know, it
was interesting, like not long ago, we had a client
(20:04):
who was like, well, my dad says this, and my
dad says that. It's like, well, you know, what's your
dad's real estate experience? Oh, he lives in an apartment.
He hasn't owned a home in twenty years. So I
want to make sure that if you are getting advice
about buying real estate, that you listen to someone that
has bought real estate. Okay, if you're gonna get advice
outside of your real estate professional or the mortgage professional,
(20:26):
make sure it's somebody that has some experience in the space.
It's kind of like the blind leading the blind. It's
like people on Instagram and TikTok giving people financial advice
when they're broke as a joke. Okay, if you're going
to take advice from people, make sure they're a proper professional,
make sure they understand, make sure they're successful, make sure
they have money, make sure they've bought a house, make
sure they've owned real estate. Again, it sounds so so,
(20:47):
you know, obvious, but I can't tell you how often
that's not the case. You know, well, I'm just gonna
not move forward. You know, my boyfriend that's forty seven
and never owned a home before thinks it's a bad idea. Okay,
So get device from the professionals. Get advice from people
that have accomplished that same thing before. Don't get advice
from people that have been fear mongered their whole life
(21:08):
and not done certain things and aren't successful and aren't
accomplishing things. Get advice from the right professionals. That's tip
number one for the people that are canceling deals. The
second thing is is, as we poll people that end
up buying the second or third home after they've canceled
the first two. A lot of times they end up settling.
The first house was the right house, it was the
one Okay, they canceled it for some silly reason because
(21:30):
they expected a perfect inspection report. And in the last
few years cancelations have surged because consumer sentiment has changed.
We've never as a society been more concerned about what
other people think. Okay, just look at Instagram or Facebook
and hear people talk about how many likes they did
or didn't get. Well, an inspection report is the same thing.
(21:52):
Consumers have been led to this belief that they can
just filter things, they can just change what they look like.
They can just do this, they can put a filter
over it. Well, you can't put a filter over a
home inspection. There's gonna be stuff that's found wrong, and
a lot of people are too soft to accept it.
So they get an inspection report that they think is bad.
Then in reality, it's just a normal inspection report for
a home that costs four hundred thousand dollars in Tampa.
(22:14):
It's got stuff that you're gonna have to do as maintenance.
It's not perfect, no house apport. There's no such thing
as a clean inspection report. That's unfortunately the expectation of
a lot of consumers. They think they're just gonna get
this report back and it's gonna say a plus on
it and sunshine and rainbows and a bunch of little
emojis and they can click a filter button then make
it all go away, all right, because that's what society
has trained people to do with social media. It's just
(22:35):
not reality with buying homes. So you have to separate
this attachment to this instant gratification social world with buying
a house in the real world, and buying a house
in a real world, no matter the price point, it's
gonna have stuff wrong with it that you're gonna have
to take care of as a homeowner. Okay, so what
ends up happening is they cancel for reasons a lot
of the time, not every cancelation. Look if if there's
(22:57):
a sinkhole, there's massive termite damage, if there's massive mold like,
there are reasons to cancel a deal. The roof is shot,
the ac is shot, the seller won't pay for it. Okay,
there's always going to be some deals canceled, But when
you see numbers that are hitting record you know, it's
because a lot of consumers are canceling houses for things
that are not right. They're bad advice, bad decisions. So
we've talked to consumers that have bought the second or
(23:19):
third home, and most of the time they don't like
it as much as they liked the first one. And
guess what, ends up having the same issues. They just
finally spend the money on the multiple inspections, on the
multiple appraisals, on the chance that interest rates go up,
driving all over, creation spending their Saturday and Sunday, driving
all over, spending money on gas. They've gotten tired of
it and they give up, and they just end up
(23:40):
closing on a home that probably wasn't the best one
because the first one they got bad advice. They couldn't
get out of their own way, and it cost them.
So a lot of times the cancelations, that's how that happened.
The people end up buying other homes and they end
up regretting it. So again, be very conscientious if you're
thinking about canceling. A lot of times it's fear. It's
(24:01):
your own fear in the way. It's bad advice, and
it's not logical advice. It's not mathematic advice. So I'll
give you an example. We had one recently that wanted
to cancel because it was about fifteen hundred dollars in
repairs and some of it was deferred maintenance. If you
become a homeowner, so if this is your first time
buying a home, okay, you have to expect that you're
(24:22):
gonna have to spend some money. Okay, You're gonna have
to make some repairs, You're gonna have to deal with
some deferred maintenance. That's the but you get the upside.
You make those improvements, the home value goes up, right,
you get the upside. Okay. So most homes, again, unless
your budget is unlimited, all right, you're gonna have issues.
You're gonna have stuff on that Inspectra report that isn't
(24:43):
done or needs to be taken care of. And so
so you have this. We had this one where it
was a fifteen hundred dollars in repairs and the buyer
walks on the deal. The buyer goes to the next house,
and here's what happens. Okay, And this is this is
what led to a lot of people in the Great
Recession losing everything. And I still remember selling realist in
the Great Recession and dealing with this. Somebody goes under
(25:03):
contract on a house and let's just say it needs
fifteen hundred dollars in repairs. Oh no, I want to
clean inspection reports. So why don't I raise my budget
from four hundred to four to fifty. Guess what they
find at four fifty. It needs just as many, if
not more, repairs and deferred maintenance. Now they've extended themselves
even more and they still have the same problem. You're
gonna have inspection issues, You're gonna have things that you're
(25:25):
gonna need to address. What you want to make sure
of is the roof isn't shot. When I say shot,
I mean like it needs to be replaced now, not
seven years left. Okay, Like I see people being like, oh,
we need a new roof because it's gonna be gone
in seven years. You ain't gonna be in that house
in seven years. Nobody stays in their house seven years
and more. It's rare. Okay, You're not gonna be there,
you know. So you know, if something is shot right now,
(25:47):
not then, it may be shot someday. Look, we might
get hit with some huge storm. We got no idea.
But if it's shot right now, roof, ac, structural, electric plumbing,
if any of those are shot right now, and I
mean shot, like the whole thing needs blown up and redone,
not like it needs a new pipe here or it
needs a patch here. So they'll cancel. And then they
(26:09):
get to the next home. So then they've wasted money
again on an inspection and an appraisal, and the same same
thing happens, and it's a cycle that ends up costing
them thousands of dollars when they factor in their time
and gas and all these things. And the house really
wasn't their first pick. It's the one that they just
finally got tired and settled on. Don't get tired and
settle on the house that you want. Don't quit, don't
(26:29):
let feary getting away, don't take advice from broke people
like move forward with the purchase. If you can understand
that it's logical that the same thing is going to
happen on the next house. Get this idea out of
your head that you're gonna get an inspection report, it's
gonna have a bunch of cool emojis, it's gonna have
a little a plus in the corner, it's gonna you know,
it's gonna make you feel warm. You know that you
(26:50):
can press a button and you get a filter over
and it makes everything go away. That's not real life, Okay.
Real life is you're buying a house. It's gonna have
some stuff you're gonna have to do, but you get
the upside, you get the you get the appreciation, you
get the right offs. Okay. So that's the biggest issue.
And I think again, when the market corrects and it's
a little tougher in the market and you've had a
lot of real estate agents get into the business that
(27:11):
don't have any business in the business and don't know
how to handle these obstacles, deals get canceled because they're
not strong enough to tell the client they're making a
mistake that the second or third home isn't going to
be as good as this one, and that they're getting
end up paying more and wasting more time. So way
too many deals get canceled for silly stuff, Way too many.
So if that's you, if you're in that position, or
(27:34):
you get in that position, really take a deep breath.
Maybe seek some people outside of your circle of broke
friends for advice. About moving forward with the purchase, and
I understand. Look, if you don't trust your agent or
the mortgage leunder because you think they're biased, go find
someone else that's experienced to give you advice. Go find
someone else that's been through it, that knows that, you
know what, that's pretty nominal stuff like you're going to
(27:55):
have that on any house of that price range. Get
out of listening to people that don't have experience on it.
Everyone today has a microphone. Everyone can be on social
media and act like an expert, but there's a lot
of them that aren't. And there's a lot of times
people get bad advice and make financial decisions from taking
advice from broke people that don't have any business giving
them financial advice. So hopefully that helps, but again, try
(28:17):
and work through the stuff. One other thing that I
would say about canceled deals that I think is really
important that can help prevent it. I think a lot
of buyers want the sellers to make repairs, and I
think that a lot of time, in a lot of
situations is a bad idea. I unless it has to
(28:38):
be cured to make the insurance or lender you pass
the deal, or you know, check mark the deal, move forward.
I would ask for monetary compensation and you do address
fixing it. Here's why, because the seller is going to
look for the cheapest way out. They don't have to
live with that house after they sell it to you.
They're going to look to cut a corner. They're going
to look to find the cheapest guy, and they may
(28:58):
not do it to the standards that you want. I
would rather take the financial you know, discount credit, whatever
you want to call it, and then get it done
myself to make sure it's done the right way, the
way that I want it done. The other thing is
when the seller does it out of their pocket, you
have more obstacles pursuing it if it's not done right,
(29:19):
or if there's a warranty issue or the repair fails. Okay,
if you do it, you have a much easier chance
to work that out with the contractor because you paid them.
You're the person on the invoice. When someone else is
the person on the invoice, makes it a lot harder
to work with that contractor because you're not their client technically.
So I'm a big believer in solving inspection items financially
(29:40):
versus solving them by having sellers make repairs and again
when it can be there are times where the repair
is so substantial that the owner that the current seller
has to do it, but in lieu of it needing
to be done for insurance or lending standards. I am
a big fan of getting a credit and then the
buyer just having to address it post closing. And there
(30:02):
are some carriers and lenders that will even allow you
to do that'll that won't that will allow you to
take the credit, and then they just need proof that
you do the work, even on some of the things
that cause red flags with insurance and lending. So hopefully
these hips are helpful to help you understand how to
avoid cancelations if you're a home seller and you want
an experienced agent to help navigate through this, to help
(30:24):
navigate through fighting back against these cancelations. If your house
has been on the market and you've had a lot
of cancelations, you know we'd love to apply for the
job again. You can do that on any of our
social channels at the Duncan Duo or you can hit
us up at Duncan Duo dot com, where we gladly
look at the situation help give you the right advice
to decide whether or not you need to fix those
(30:46):
things if they've been an ongoing thing, whether you can,
or whether the price needs to be adjusted, or whether
it's just poor negotiation on the agent's part, which is
unfortunately common. Room me back, we're continue our conversation. We're
going to wrap up our last segment after a quick
break here on the Dunk and du A real Estate Show.
So back here on the Dunk and Duo real Estate Show,
talking about the Tampa Bay real estate market. And we're
(31:07):
here every Sunday. And one of the things I'm excited
about this week, and it's interesting because we we've you know,
it's early, it's January. There's a lot of people, you know, optimistic,
there's some people pessimistic about what's going to happen in
Tampa Bay real estate. My team got off to a
great start this year. And one of the things I've
noticed is that our luxury production has really picked up.
I think we've put five homes above one point five
(31:30):
million under or five properties above one point five million
under contract in the last week or so. So if
you're someone who's maybe struggled your home didn't sell in
twenty twenty four. You've got a luxury property, you want
a different opinion, you want a different approach. We would
love the opportunity to apply for the job. And the
thing is, the thing that I want you to know
is that on our team, we don't just give those
(31:52):
opportunities to anybody. You know, kind of like if you
look at a law firm, you know you've got, like,
you know, junior associate attorneys, new attorneys. Parently, you've got
kind of a chart where it kind of rises until
you get people at the top that are working with
the highest in clients. It's the same thing for us.
My top top agents, including myself sometimes personally, will interact
and help with my top agents on some of the
(32:12):
higher end stuff that requires some unique marketing. So if
you are someone that is you know, that was frustrated,
you want a team approach, you want an experienced agent
that sells a lot of luxury, we would love that opportunity. Again,
you can do that at duncandoo dot com. Just fill
out the form and basically our system evaluates the home
and determines the price range using you know, data and AI.
(32:34):
It's certainly not exactly accurate in terms of the value
it spits out, but it tells us the price range
that it's likely within, which has us assign the property
to a particular agent on our team that handles that
area and that luxury price points. There's a lot of
things that go on behind the background, So I want
you to be aware that if you are someone looking
to buy or sell a luxury, high end home, you're
(32:55):
going to get my agents that are the best at that,
that have experience, the ones that are pending those sales
right now. You're going to get somebody that's you know,
a better agent, a higher end agent that sold luxury properties,
that sold multi million dollar properties that you're that's what
you're gonna get. So if that if you are that
person again, Dunkin Duo dot com, we've seen a nice
pickup in our own business this year, and I think
I think several of them were people whose homes failed
(33:16):
to sell with other agents in twenty twenty four. They
just didn't get the right negotiating the didn't get the
price dialed in right, they didn't get the right you know,
aggressive marketing plan. So if that was you, if you're
frustrated if your home didn't sell, if you're looking for
a difference of opinion, We're probably we're gonna be a
lot different. I want to I want you to understand
that if you've met with real estate agents and done
business before and you've not worked with us, you may
(33:39):
have this preconceived notion about what an agent does or
you know what, We're drastically different. We've got a whole
bunch of different programs. It's it's pretty uh. There's a
lot of opportunity for you as a you know, as
a seller to decide some things and have some say
in different plans that we do. So it's much more interactive.
(33:59):
We view it like a partnership where we want to
accomplish the same goal that you do. We want to
get your home sold. So if that is you, please
go to Duncan Duo dot com. We've really, like I said,
we've really picked it up. And I think that's a
segment of the market that's probably not getting talked about
right now as we talk about US people buying real estate.
I think our luxury market is ripe for some more
(34:21):
international infusion of cash. We saw a drop off the
last couple of years in our market from people outside
of the country deciding to buy cash and look, now,
there are some countries where there's limitations on certain countries
buying real estate. In Florida right now, Governor DeSantis put
some things in place to prevent some of our quote
(34:42):
unquote enemies from being able to buy real estate close
to bases and close to different things. So there are
some limitations in some countries, but there's plenty of them
in Europe that come here and buy here. There's Canada,
there's a lot of places that still buy Florida real estate.
It's been really slow. Well, the reason is because we
have an expectation or belief that a lot of Trump's
(35:03):
economic policies are going to be very pro dollar. So
if we expect the dollar currency to improve, there are
wealthy people all over the country that might look to
park money in Florida real estate and Tampa Bay real
estate simply from a standpoint of of you know, hedging
that and benefiting from that. So if we believe the
dollar is going to improve, I over throughout Trump's term,
(35:25):
I think there are a lot of international people that
will start looking at our market, and I think our
market is one of the desirable ones. Look, we've got
a great hockey team. We've got we've got you know,
storms that are now several months past and a lot
of that's cleaned up and getting better. But that also
provides some good deals. It also provides affordability when you
compare us to a Miami for example. So I think
we're going to see some influx of outside the country
(35:48):
cash and that that's specifically and typically in the higher
end markets. We intend on tapping into that. Our company
LPT is launching in some of those other areas as
we expand, uh, you know, international only. So if that's
something that you that you believe your home needs exposure to,
it's something we're very much focused on. So again, same
(36:08):
website as always, dunkin Duo dot com. Fill out a form.
Our team of luxury agents will reach out to you.
If you have a higher end home to sell, We'd
love the opportunity to talk you through about how we're
going to get that exposure and why we believe that
we are going to see more international purchases in Florida
from that, you know, likely improvement in our in our dollars.
So we appreciate you tuning in. We hope that hope
(36:30):
that you're recovering from our winter week and recovering from
a successful Gas Marilla, and we're gonna be back next
week like we are every Sunday when we aren't on
air again. Always check us out on socials. We're always
posting stuff. We're giving away tickets to Lightning games. We
give away sign jerseys. You can do all that and
so much more on all of our socials at the
Dunkin Duo and have an awesome rest of your weekend,
(36:52):
Tampa Bay
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