November 16, 2025 • 40 mins
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Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on the Duncan Duo Real Estate Show. Andrew Duncan
with the Duncan Duo team LPT Realty dropping all the
real estate knowledge today and if you've been paying attention
to politics or real estate, a lot of things happened
this week that have an impact on what is going
on in the real estate market. I want to start
with just a few of the announcements that have come
(00:25):
out of Washington to kind of prepare you for what
is happening. So first and foremost, the federal government has
opened back up again after a nearly six week shutdown,
or actually a little bit over a six week shutdown.
We're back in business. So you know, from a real
estate perspective, we didn't see a whole lot of hangover
(00:46):
from the shutdown. The only issue we were really seeing
was was FEMA and flood insurance. The VA and FAHA
programs were still running, they were just a little bit behind.
It didn't cost too many hiccups for the real estate market.
Where it did cause a hiccup is the military is
a very large employer. There are a lot of buyers
and sellers there are a lot of owners. There are
(01:06):
a lot of people you know that that are looking
to buy that are furloughed or or not working and
can't get employment verifications and not getting income right now.
So there were some hiccups from that standpoint, but from
a regulatory place, the real estate market was moving along
with the exception of flood insurance. So all that should
kind of correct itself over the next few weeks and
(01:27):
smooth out, you know, of course, until they vote again.
Hopefully we don't have a shutdown in January. It looks
like they did a temporary extension of January. So the
hope and expectation is that we should see you know,
a you know, smoothing out of all the problems or
or delays, I guess you could say with the shutdown.
(01:51):
The second thing that got announced this week was the
potential for a fifty year mortgage, and it caused quite
the controversy on social media. And I want to explain
it from a few different perspectives, because I think there's
a lot of misconceptions and misunderstandings out there, first and
foremost until it gets announced, you know, you know, in
(02:11):
terms of the terms and the rates and things. We
don't really know what it's going to look like. We
don't know if the federal government's going to try and
work something to where the fifty year mortgage is at
the same rate as a thirty year mortgage somehow, if
they do some sort of deal with the banks or
offer some sort of incentives, because in reality, a longer
term loan typically requires a higher rate. So if you
had thirty year mortgages and then you changed it to fifty,
(02:33):
and the fifty at a higher rate, the payment difference
is pretty negligible. It was like one hundred bucks a month.
And so are there people that that could make a
difference for Yes, but pretty nominal in the grand scheme
of things that I think it would be a nothing burger.
I don't think very many people would opt for a
fifty year mortgage over one hundred bucks a month. However,
(02:55):
if the rates were comparable between a thirty and a fifty,
you could see more like a three hundred dollars difference
in payment. That is enough to move the needle for
some people. And here's what I mean. When when I
saw the comparisons online, a lot of people are saying
things like, well, hey, they're going to pay you know,
hundreds of thousands of dollars more in interest over the
(03:17):
life of the mortgage. Well, the last time I checked,
I don't know a single person that had a mortgage
for thirty years, okay and paid it off over a
thirty year period. I don't know a single one. Okay,
I've never even seen it. In my entire real estate career.
One of two things happen. Either people refinance when rates
drop or their income goes up and they want to
(03:38):
pay off more, or they want to tap out cash
and they change their rate so then it's a new mortgage, right,
or they pay it off sooner than that, or they
sell it. Okay, So this premise that over a thirty
year period they're going to pay so much more in
interest is kind of irrelevant. So the average person is
staying in a home, you know, seven to ten years.
(04:00):
The average person is also refinancing every few years. So
the fifty year mortgage, if it ends up being a
comparable rate to the thirty year mortgage, could be impactful
in that it could get more people in for a
few year period until they eventually end up refinancing into
a lower rate, or maybe a thirty year mortgage or
maybe even a fifty year mortgage. The point is that
(04:21):
it's comparable to what you're seeing builders do, which is
buying the rate down for two or three years. It's
it's in essence, getting the payment cheaper for a few
years so that you can get into a house, because
that three hundred dollars may make the difference between that
person being able to buy or not being able to buy.
And of course I could do a whole show, and
I did this with my team this week when I
(04:42):
taught I teach my team wealth building Wednesdays, and this
week's chat was about cutting expenses. I'm pretty sure most
Americans could probably cut out two to three hundred dollars
to be able to lower their pay, lower their you know,
lower their expenses to be able to afford the thirty
year mortgage. But that is assumes people have financial discipline
that I think we have learned most people do not have.
(05:04):
So fifty year mortgage could be impactful. A lot of
it is going to depend on what rolls out will
actually bring on. Melissa Rodriguez from Citywide Home Mortgage, our
mortgage partner Citywide Tampa dot Com will get some commentary
from her in next week's show, just to kind of
see what shakes out and what happens on that front
(05:25):
over the next week or so. The other thing that's
come out is portable mortgages. Now, this shouldn't be a
completely unknown concept for people to own real estate here,
because our counties and our state allow people to take
(05:46):
their property taxes and make them portable. What they do
is they basically say, if you sell your home and
then you go buy another, and you pay a certain
property tax at your existing property, and you move to
a higher price property, the assessment of the prior property
that you've owned at the lower tax rate, you keep
(06:06):
that and you only pay the tax on the difference,
so you don't get double deinged when you move on taxes.
So portability exists for homestead properties here. So it's a
similar concept, but not with property taxes. It's a concept
with mortgages. Now, how they can get the banks to
cooperate and how they can fund this and how it
(06:27):
can work, I'm not sure, however, that is a concept
that I think has a very strong runway. The fiftier mortgage,
of course, could have some impact, but pretty minimal. The
porting the portability of an existing mortgage could have massive impact.
And here's why there are millions and millions of homeowners
that are in homes have three percent interest rates, and
(06:50):
they're not going to move, not because they don't want
a new home, not because they don't want a newer, nicer, bigger,
or smaller home, okay, but because they know they're going
to go out and they're going to give up their
three percent mortgage to go get a six percent mortgage.
The difference between the interest rates is the inhibitor of
(07:11):
them going. You know, it's resisting the market. It's keeping
consumers from transacting, it's keeping homes from going on the
market and buyers from buying what they want to buy,
and it is it is slowing down transaction count. So
the federal government is investigating ways to be able to
take your existing mortgage with you and it attaches to
(07:33):
the new property and then somehow finance the difference at
a more prevailing rate. Then you would get more of
a blended rate. Then you would get something that would
make some sense. Now, I'm sure there's going to have
to be some sort of creative solutions with title with appraisals,
with with how to do that. It's not something that's
going to happen overnight. But innovation doesn't happen without without
(07:58):
trying new things. Innovation doesn't happen without thinking outside the box.
So there are some really outside the box things coming
out of Washington for housing, and I think what it
really boils down to is payments. People buy and sell
real estate based on the payment schedule. Okay, they don't
(08:20):
necessarily buy as much on price as you think, and
the interest rate is what controls the payment. Well. Trump
has done everything he can to try and move interest
rates down, firing FED governors, putting pressure on the Fed,
all these things, and interest rates haven't moved to the
extent that he would like. Now we know that there's
(08:40):
going to be a change in the FED governorship next
year and a strong likelihood that we would see some
rate cuts by then. How fast and how much that
could happen may not move the needle fast enough for
President Trump to to move the market like he would like.
So again, whether or not you believe this is capitalism,
a free market by the government getting involved in these
(09:02):
things is completely different conversation. My job here is than
to argue policy. My job is just to simply explain
what's happening and how it can impact the real estate market. So,
you know, I'm not taking a stance pro or con.
I think there's good and bad to all of these things.
But we know that it's payment driven because even with
low interest rates, when we saw insurance and taxes rise here,
(09:24):
there was a lot of resistance to that. So we
know our state is working on abolishing or massively reducing
property taxes because they know and understand that the buyers
and sellers of real estate in our market are very
payment driven. The property taxes come out, they have to
pay them, and there is a there are a lot
of consumers that don't enjoy having to pay for those
(09:49):
you know, pay for that at a rate that maybe
is disproportionate to the benefits that they get. So all
of these things are lining up towards you know, innovation
and you know, a surge in the real estate market.
So whether or not they end up coming to fruition,
the introduction of them, as well as the other things
happening in real estate up north, some political things, a
(10:14):
clean storm season. Look, we made it right, Like, I mean,
I think there's you know, a couple of weeks left
a hurricane season, but our local meteorologists have said it's
cooled off to the point where it doesn't appear we're
going to have much much impact. So I think we've
got a clean hurricane season, which was a thing that
we needed after last year's you know, challenging year. So
(10:35):
combining all those things, as well as the innovation being
talked about in Washington, twenty six and twenty seven are
going to be much better real estate years. However, real
estate is very very slow moving. When I say I
think twenty six and twenty seven are going to be
better real estate years, it's not happening overnight. Are we
starting to see a little pickup in the number of leads? Yes?
(10:55):
Are we starting to see a little pickup in the
number of people coming and look at houses, yes, a
little pickup. Okay, But our market is off, you know,
in some parts of Tampa Bay sixty sixty plus percent
in terms of number of transactions from peak. So that
isn't happening overnight, Okay. It's it's just not And I
think the political landscape right now and some of the
(11:16):
things happening up north are going to move some people here,
but it is going to be very slow moving, Okay,
So I want to talk about that next, because look,
there was an election in New York. You know, mob Donnie,
who is a Democratic Socialist was elected in New York City.
There are a lot of rumblings that people are going
to leave New York, they are going to move down here.
And while I think there's some validity to that, I
(11:36):
want to talk about the timeline of that and the
impact because I mean, we even have clients saying like, oh,
I want to raise my price because all these people
are moving from New York. And you know, I want
people to understand that if you pay attention to the
stock market or crypto and you see these huge swings,
right the stock market rises several percentage points in a day,
(11:57):
or a stock goes up twenty seven percent in a day,
real estate is not that it is the slowest moving
market in the world. Okay, let me repeat that real
estate is the slowest moving market in the world. It
took years for all the impact from the Great Recession
to have impact on prices. Okay. It took years for
(12:17):
those prices to drop, not days, not hours, not weeks. Okay,
If you pay attention to stocks or crypto, and you
see the movement that they make when there's a policy
decision or an announcement from the president or some sort
of trend. Real estate does not work like that. It
is the most unique market in that it is very,
(12:40):
very slow moving. People don't move overnight. They don't just
they can't sell their house overnight. They don't just move overnight.
You can't just click a button and make it happen.
So I want to talk about that after a quick
break here on the Duncan Duo show. So back here
on the Duncan Duo Show talking about the Tampa Bay
real estate mark. I tease this before the break about
the the real estate market and the impact on some
(13:02):
of the political things happening in elections in other parts
of the country, and I want to reiterate the real
estate market is the slowest moving market in the world. Okay.
It does not move like stocks and crypto. The prices
and values of real estate. You're not swinging multiple percentage
points in a day. They might swing multiple percentage points
(13:23):
over months or a year. Okay, is very slow moving.
The geopolitical landscape, tariffs swings, and stock and crypto does
it affect sentiment yes, does it affect buyer activity yes,
does it kill deals yes? Okay. Does it massively move
(13:43):
people or massively move the market quickly? No. Real estate
isn't it like a stock or crypto where you can
click a button and purchase it. It is a long
drawn out process. You're talking about selling your existing home,
you're talking about uprooting your kids, you're talking about hiring movers,
finding a new home. It is a very long process
for these things to happen. We had clients, we literally
(14:05):
had clients this week say that they wanted to raise
the price on their home because of all the New
Yorkers that we're going to move here because Mabdani was electable.
First off, he's not even inaugurated yet. None of his
policies have been attempted to be passed. There's no nothing
has happened. Okay, Like, does it cause some people to
look at stuff down here? Yes, well, it cause if
you random people to move pretty quickly that we're probably
(14:28):
already looking at moving anyway. Yes, But in terms of
this huge swath of the population that's going to move
from New York, even during COVID, it took months and
years before we started to see that impact. It took
a long amount of time. It takes a lot of
pain for people to see to leave an area that
they're used to living in. Will it move people? Yes?
(14:50):
Is it going to massively or quickly move the needle
on prices in Tampa Bay? No? Are we going to
see a huge surge of population next week. No? Could
we see some population growth in Tampa Bay because of
this within the next year. Yes, that's how long it takes.
People are gonna want to see what he's gonna do.
They're gonna want to see the impact on the community.
(15:12):
I think everything that we've learned about politicians, they say
a lot of things when they're campaigning, but they're not dictators.
They regardless of whether what your opinion is, they're not kings.
They don't just get to do whatever they want. There
are checks and balances in New York is just like Washington,
d C. So whatever campaign promises that you think that
he's gonna pass may very well not pass. Okay. There
could be all kinds of you know, challenges to that
(15:35):
in the state, in their state constitution and their state legislators.
So the point is like real estate is slow moving,
So don't have this grandiose idea that prices are going
to skyrocket. Do I think twenty six and twenty seven
will be better real estate years on twenty five? Yes,
But is it so fast moving that's causing prices to
skyrocket right now? Absolutely, not not even close, not even
(15:57):
in unicorn fairytale fantasy land as that happening. You are
one hundred percent seeing a slow moving market because that's
what real estate is. So everyone out there comparing what
you see with you know, stocks, the rise and fall
of stocks, the rise and for the mass rise and
fall of cryptocurrency, so you know, some coin swing five
(16:17):
to ten percent in a day, man. Real estate does
not move like that. It is again, the slowest moving
market in the world. So because you're uprooting your family,
you have to coordinate so many things. There are companies
that would love to make the sale of real estate
just the click of a button, like you're buying on
Amazon Prime, and their companies trying to change it. But
(16:40):
it isn't there yet and isn't going to be there
anytime soon. So these things, while they are bullish for
real estate, they're very bullish over a long period of time.
Could we see some impact after six months or a year, yes,
But the idea that a seller should raise their price
today because of what might happen is insane. It's dumb.
(17:02):
You're going to cause your property not to sell. You're
basically going to say, I'm going to raise my price
for what might happen in the future. It's just it's
terrible thinking. And again the sellers that think that are
simply going to not transact. So in other news, for
(17:22):
sale by owners reach an all time low. More sellers
rely on agents today than they ever have, and I
think it is extremely crucial. We are not in a
market where you should be going it alone. The exposure,
the negotiation experience, the screening of buyers, the qualifying of buyers,
the steps, the things that an agent does to help
(17:43):
a seller are so much more important in a challenged market.
In a hot market, you see Fisbo's you know, crank up.
We get to twenty seven or twenty eight, and the
economy keeps, you know, heading in a better direction. We
could see Fisbo's crank back up again. But right now,
more sellers rely on agents than they ever have, and
(18:05):
they should continue to do that. If you're a seller
right now, even if you have great sales and real
estate experience and you're going it alone, you do not
realize how fickle the average consumer is. Why when you
don't pick up the phone because you're at your day job,
when you don't know the answer to a particular question
that they want to know, when you don't know how
to qualify them to make sure you're not letting someone
(18:26):
get into your house that is casing it to rob it. Okay,
you don't know how to do these things. You've not
been trained like a real estate agent has. And as
much as you might think that you can learn it,
it would be like somebody learning how to do your
job overnight because they stated a holiday in Okay, it
just doesn't work like that. That is why the market
(18:48):
is showing us that more sellers rely on agents than
they ever have. And I also think the other caveat
to that, and I kind of touched on this, is
that there are more homes getting cased and robbed and
people getting assaulted than there ever have been. And real
estate agents have different services and things they can use
(19:09):
to screen perspective buyers to make sure either they're qualified
or that they're not some you know, career criminal. As
a homeowner, you don't have the ability to do that.
You're letting people into your home that you don't have
the ability to screen. You don't have the ability to
use the services that we pay for. You could be
letting some you know, career criminal into your house, is
casing it, or that intends to rob you or assault you,
(19:30):
or some other heinous act. So it is. It is
a complex transaction and I think again that's why the
market is telling us that fewer and fewer people are
are doing it. And it's also taking longer and longer
to sell. I mean home today takes seventy plus days
to sell. Back in the Boom, it took a week.
So of course you could you could handle fizzbo for
(19:53):
a week or two. You could take some time off,
you could make some commitment to it, but it's a
longer term process. Today. You need somebody it's willing to grind,
and I think you need somebody experienced that's done a
lot of sales, that's got a brand behind him. I
see so many brand new agents getting listings today or
agents that haven't done a lot of listings that don't
have the right training and just failing their clients. So
if you're a home seller, I would strongly encourage your
(20:15):
hiring not just a brokerage, but a team and an
agent that what they focus on is home sellers and
they've got a track record that can back them up
and reviews and all those things. So hiring an agent
to sell your home is never it's never been more challenging.
It's never been more important to pick somebody that can
get you exposure. So reaback ringing, can you use this conversation,
(20:37):
But I want to make sure if you're thinking about
selling your home, you hit up Duncan Duo dot com Again,
that's Duncan Duo dot com. I'm going to talk after
the break about our cash offer program are fun. We're
looking to buy more homes and I want to talk
through some things that separate and differentiate us after a
quick break here on the Duncan Duo Show. So back
here on the Duncan Duo Show talking about the Tampa
Bay real estate market. If you're thinking about selling your home,
(21:00):
Canduo dot com get a free home value estimate and
or get an instant cash offer at Duncanduo dot com.
So I want to talk to the group of people
out there that would consider a cash offer, because I
think that there are a lot of home sellers that
want top dollar, that want to go retail, that money
(21:20):
is more important than convenience, and then you have a
segment of the population. If money is more important than convenience,
the cash offer probably isn't going to be the right
path for you, because you're going to get more money
typically in a retail transaction. If the cash offer is
the path that you want to go, whether that's selling
to our fund or someone else, you can certainly you
(21:42):
look around. Convenience is the important thing. You've got a
home that you inherited that needs a lot of work,
and you don't don't want to do work. You've got
a home that maybe can't get financed. You you want
to move fast. Your house has been on the market
and now it's taken too long and you're starting to
run into some financial obstacle. Your your house is you know,
(22:04):
needing work. You're you're frustrated, You've you've worked with a
couple of different agents, the home didn't sell, or simply
convenience matters, and you just don't want the hassle of it.
It doesn't matter that much to you whether you put
the most amount of money. You're in a good financial
position on the house and you can sell it and
move on. And I think or you have an opportunity
(22:25):
for an investment, this is one we had recently. You
have an opportunity for investment with a small window, so
you need somebody to can execute quickly. Those are all
reasons why people come to us and want cash offers
from us. Again at dunkin Duo dot com. Another common
one that I think matters the reason why we will
win some cash offers over other companies. There are large,
(22:49):
enormous institutions that buy homes. There are also wholesalers, of
which we are not. Our goal is to give you
a legitimate cash offer and close on your property, Okay,
and that that is you know, our goal. There are
other investors out there who want to lock up your
property and then sell your property to somebody else before
(23:10):
closing and transfer your contract. They want to assign your
contract to somebody and make a small fee. That is
not the game that we play. When we make an
offer on a property, we're we're showing you that we're
not doing that. We're giving you a cash offer that
we intend on closing on. We plan to renovate the
home and resell it and make a profit. Okay, capitalism
one on one. However, we can be very flexible and
(23:34):
that's where we differentiate. So if you're getting a cash
offer from someone, you want to know if it's a
wholesaler or a legit end user buyer buyer. If it's
a wholesaler, there is a really good chance that that
deal doesn't close, that they ask for extensions, that they
don't really have the money to buy your house. They
simply want to lock it up so that they can
try and shop it to other investors and make a
small fee and move on. And then that person would close.
(23:54):
So you're going to get delayed. The convenience isn't going
to be what you think. You're going to jump through
a bunch of hoops. Okay, so you can look you
can look me up, I got the money to buy
the house. The fund that has the money to buy
your house. Okay, Like there are a lot of people
showing up and so listening that you that you get
an offer from that they offer you something that looks
really good and they're going to renegotiate on you. They
locked your house up with some fantasy land offer only
(24:16):
to come back to you and say, hey, I need
you to lower it or I need more time so
I can find a buyer. Because they don't ever intend
on closing in your house. That's not how we operate.
Another thing that makes our cash offer unique is we
can be more flexible, meaning that if you need a
fast closing date, we can accommodate. If you need to
stay in the home after closing, we can accommodate if
you If there's creative things we can accommodate, we can
(24:38):
we can work through challenges of negotiating leans. There's there's
a lot of different things that we can do that
Some of the larger funds that are more what I call,
you know, kind of vanilla vanilla cookie cutter, you know,
mass marketed home buyers that they just want to turn
and burn. Their their goal is anything that's creative or
(25:00):
you know, they won't let you post occupy the home,
they won't let you stay in it after closing. They
want you out by this date. Very corporate, rigid, structured,
and that money is likely going to fund a hedge
fund in Wall Street. That is not what we do
are We are a local fund that buys homes with
money back into the local community, not supported by Wall Street.
(25:21):
I'm not bringing you an offer or a cash offer
from Wall Street or a hedge fund. Okay. I'm bringing
you a cash offer from a local fund group of
investors that intend to renovate the home and keep the
money local and improve neighborhoods, and of course make a
profit while doing so, which we disclose when we give
you an offer. So if you're someone that's looked at
(25:43):
a cash offer from someone else, you reach out to us.
We can give you a second opinion. We can tell you,
you know, the pros and cons of the one that
you have. We can look at, we can look at
informing you whether it's a wholesale offer or not, and
we can look at you know how flexible they are
or are not. There's also a lot of confusing information
that goes on with some of the cash offer companies.
(26:03):
We like to give a really quick, clean, easy offer,
not loaded with a bunch of fees. So when we
come to you with an offer, we're gonna say here's
our offer. Okay, We're going to cut to the chase.
We're not going to be charging you fees. It's look,
this is our offer, okay, this is what the closing
costs look like. There are a lot of companies that
will make you an offer and then they'll sneak in,
oh and there's an eight percent selling fee, or here's
(26:26):
our offer. But we're giving this offer to you without
ever seeing your house. Okay, So then what are they
gonna do. You're gonna get excited. You're gonna say, man,
I got that two hundred thousand dollars offer for my house. Yeah,
and then they're gonna come out to your house and
they're going to renegotiate that two hundred thousand down lower.
And then you're going to realize that it's not really
(26:47):
two hundred thousand, because when you add up all the fees,
it's probably about one hundred and eighty. So you got
to do math, right, if you're accept if you're looking
at cash offers, do the math. Don't just take the
purchase price. That's the ego number. That that's number you
get to tell your friends a happy hour, I saw
my house for two hundred okay, but he didn't really Okay,
So make sure that you're comparing apples to apples. If
(27:10):
you're not comparing apples to apples, you're you're misunderstanding the
math and you might think, oh, I'm getting two hundred,
but you're putting less money in your pocket than the
straightforward cash offer that isn't loaded with a bunch of fees.
So those are things that we do to get creative.
And I think on that same token, the comparing apples
to apples is very, very, very much important in the
(27:31):
mortgage space. We've had Melissa Rodriguez with Citywide Tampa on
our show Citywide Tampa dot com. There are preferred mortgage
lender if you're looking to purchase, if you want a
local lender that will be competitive on rates and fees,
where you can put a face with a name, you
can talk to a lender. You're not doing everything online.
(27:51):
Of course they can do everything online, but you get
a human interaction piece has all the programs available. Again
Citywide Tampa. And we see this all the time in
mortgages where a buyer will come in and say, oh,
this company's given me this rate and it looks great,
or this payment and it looks great because this company
(28:12):
was given me a much higher rate. Okay, but then
they don't realize they're paying all kinds of origination fees
or their payment looks really good because the lender from
you know, New York or Detroit or wherever the online
farm is of telemarketers they have calling people from doesn't
know what taxes and insurance are like in Florida because
they're used to doing loans all over the country and
(28:33):
taxes and insurance aren't the same everywhere in the country,
so they put taxes and insurance on your good faith estimate.
You look at it, you think they've got the lowest
payment out of all the people, when their principal and
interest payment's the highest. Get a second opinion. You're it's
financial brain surgery. Buying a house one of the most
expensive things, if not the most expensive thing you're ever
going to buy. Get a second opinion. And my recommendation
(28:55):
is citywide Tampa dot Com because they can look at
Melissa Morgan. Our team can look at and tell you
the pros and cons of what you've got, and then
and then help you compare apples to oranges. There is
so much that happens in the mortgage space where we
get clients that don't work with our lender and then
get frustrated because they find out that the lender lie
(29:17):
to them about whether tax and insurance were going to
be to try and get them to commit. Because they
don't control the taxi insurance. Your mortgage company has absolutely
nothing to do with what the property taxes or the
insurance are going to be. They use an estimate and
they low ball the estimate to make the number look
good to trick you to using them, Okay, and then
when they get through the process getting closer to closing,
(29:38):
all of a sudden, those numbers go to a higher
number and people are upset. Okay, do the homework ahead
of time, Okay. If you're not sure, get multiple quotes.
Call Melissa Citywide'll she'll look at it. She'll tell you
it's a good deal or it's not. She'll tell you
if we can beat it or not. She'll tell you
what they're doing with tax insurance, whether or not it's
active or not. She'll get you an actual insurance quote,
an actual real insurance quote from an insurance agent on
(30:02):
the property. She'll get She'll go to the property taxes
and get the actual real estimate from the county that
you're buying the property in. A lot of lenders don't
do that. It's a bait and switch. It's a trick.
Speaking of mortgages. That talked about the streamline mortgage before,
and I think it's this time of year. There are
a lot of people out there struggling. It's been a
(30:22):
challenging year for the economy. It's had a lot of
ups and downs. If you're someone who is struggling to
make payments or your you know you're not in an
equity position. And rates have come down a good bit
and I think we'll see some more rate relief throughout
the end of the year. You can lower your interest
rate on your VA or FHA mortgage, even if you
(30:44):
don't have equity, even if your credit's gotten worse, even
if you may not be employed the same way. Okay, Citywide,
Tampa dot Com, and a lot of times the property
doesn't even need to be appraised. All that's going to
happen the bank and the investor v A and FHA,
they already know that they're on the hook for the
mortgage at that rate. Okay, if you're gonna have problems,
(31:07):
they don't want to lose the mortgage, so they'll lower
the rate to the prevailing rate. It is one of
the simplest and easiest refinances out there. People that have
VA and FHA mortgages miss out every single day. This
is the time of year where you may need a
little bit of financial relief. You can, you know, potentially
reduce your payment. You can potentially miss a payment because
(31:28):
you're depending on how the closing date lines up. But
the best way that I can recommend doing that at
citywide Tampa dot Com. It's not really gonna work for
a conventional loan. It's only going to work if you
have a You can certainly refinance a conventional loan, go
through a traditional refinance process if the rate difference makes sense,
But the streamline is the way to go for a
lot of people who have seen rates drop and are
(31:50):
in a higher rate again, you can do that citywide
Tampa dot Com and melisten to the team. They'll look
at it and they may tell you, you know, I
literally listen to them the other day on a phone
call with a client. I heard them say, like, you
need to wait another month or two. They felt like,
you know, they feel like rates might drop there. They
could have made a sale, okay, but this person was
in a financial position where they could wait. If you're
not in a financial position to wait, and you're gonna
(32:12):
you know, then don't wait for that extra potential one
eighth or a quarter of a point if you've got
a big enough spread and you can lower your payment now.
If you can't and miss a payment during the holidays,
that could be a game changer for a lot of
people that are either working on getting employed, working on
getting a raise, working on clearing out some debt. So again,
streamline refinance is something that there are a lot of
(32:34):
people out there don't that don't realize it's available to them,
and it is one of the least intrusive loan products.
You need a second opinion, just hit up Citywide Tampa
dot Com again, that is Citywide Tampa dot Com. When
we aren't on air, just make sure to follow all
of our socials. We've got some cool giveaways that we
regularly do with Tampa Bay Lightning Tickets is the official
(32:56):
real estate agents of the Lightning. You can hit us
up at at the dunkin Doo again, that is at
the Duncan Duo, and we are hiring if you are
a real estate agent that's got some listing experience, or
you've done a lot of transactions on the buy side
and you want to get you want to become a
listing agent. We are, for the first time ever, looking
to hire listing agents from outside of our company. We've
(33:18):
always promoted that position from within, but we have such
a considerable need because our marketing is working wonderfully and
we need to We're in growth mode. We believe twenty
six and twenty seven are going to be better years,
and we're wanting to get ahead of that. So we're
creating more leads than we can keep up with. That
doesn't mean don't keep calling us. We're solving that. We're
fixing it consumers. But we are looking to add some
(33:40):
more agents to our team. And we've got leads and
availability for agents to get coached by me personally, to
get trained and onboarded and work with sellers from the start.
If you're interested in that, just go to join the
duo dot com or message us on any one of
our social channels. So I talk about this before the
(34:02):
back back our last break. We are hiring listing agents.
If you're a real estate agent that hasn't ever gotten
great at listings, or haven't had the right coaching or training,
or you see the amount of marketing my company does
and you say, hey, man, I want to be focused
on doing listings. Or you've got some listing experience and
you want to be coached how to be you know
(34:23):
a great listing agent. I've had listing agents that that
have coached up through my company, go start their own company,
start renovation companies. We've got multiple listing agents now that
are partnered with us on our our rehab and renovation
and flip business. If you're a real estate agent looking
to get great at listings, we are looking to add
a few more to our team. We've never hired listing
(34:44):
agents from the outside. We've always promoted from within. But
the time has come where we have promoted the right
people from within and now we need some new some
new energy. So just hit us up at join the duo.
Share this with your friends and family. If you're a
real estate agent and you've looked at my company in
the past, you've said, oh, I don't I don't want
to just work with buyers, I want to be a
(35:05):
listing agent. And we had told you in the past,
we don't do that well. That has changed, so again
you can go to Join the Duo dot com or
message just on any one of our social channels again
at join the Duo and it is a really good
thing because we're growing, We're we're doing more advertising and
marketing and it's just time for us to find some
(35:26):
people from outside that can help grow, you know, our
our listing business and help them become experts at listing
homes and our listing agents their their main purpose. We
take most of the things off of the listing agent's
played administratively. We don't they don't have to enter listings
on mls or take photos or pay for things like
(35:47):
We We have staff that does pretty much everything throughout
the process. Our listing agent's main responsibility is setting list
setting listing appointments, going on listing appointments that are set
by our inside sales team, getting great at presenting and
listing appointments, negotiating contracts. We have transaction management staff and
(36:09):
listing assistant staff that do the majority of the administrative work.
A lot of the things that bog real estate agents down,
but you're going to be focused on doing dollar productive
activities and if that is you, If that's something you're
interested in again, please hit us up at Jointhduo dot
com again that is Joinedduo dot Com or messages on
any one of our social channels. So again you're listening
(36:32):
to the Dunk Can Do a Real Estate show. This
is our last segment. I'm excited also to announce that
we're starting a program with Realtor dot Com called market Vip,
something we're rolling out to our team that allows us
to grow our business both with sellers and with buyers.
So that's something we're rolling out presently and it is
(36:53):
going to be something that's going to give our sellers
as well as our agents more opportunities, more at bats,
get our listings in front of more people, help our
listings generate buyers, help our agents get more clients through
a direct connect program with Realtor dot Com. So those
are all things that we have going on as it
(37:13):
relates to growing agents and adding more agents into the company,
because it's it's just time for that. And I've hined
at this before, but but I'll say it again. I
think twenty six and twenty seven are going to be
better real estate years. I think all the things are
lining up for our our real estate market to improve
in twenty six and twenty seven. But there's still going
to be, you know, some some drawbacks. There's going to
(37:36):
be some obstacles to get through. Some of these new
programs aren't going to just simply roll out. They're going
to They're going to take some time. But pending home sales,
the activity that I'm seeing in my business, the number
of leads that we're that we're seeing coming through, uh,
you know, are giving me some some growing confidence that
that that you know, our our real estate market is
(37:57):
is rebounding and heading in a you know, in a
in a really strong direction. So and I tease this.
I talked about this in the first segment. I talked
about the you know, all of the things that are
happening with real estate, the fifty year mortgage discussion, the
the the portable mortgage discussion, the FED rate cuts, the
(38:19):
Mamdani election and how it might move people here and again,
I'm bullish about twenty six and twenty seven being better
real estate heres, the government shutdown being over all these
things I think point towards real estate improving, but it
does not happen overnight. Okay, real estate is the and
I'll repeat it, the slowest, the slowest moving market in
(38:42):
the world. Right. It does not move like tech stocks
and crypto Okay. You don't see five to ten percent
swings on real estate values overnight. Okay. It takes a
long time, it is. It is a slow moving process.
The election in New York will have a positive impact
on our real estate market, I believe so. A year
(39:04):
or two down the line. People that are moving from
New York are gonna wait. They're gonna see what happens. Politicians.
They've learned, We've all learned politicians make a lot of
promises and a lot of it doesn't happen. Okay, So
they're gonna wait for a lot of them are gonna
wait for the inauguration. I'm gonna wait to see what happens.
They're gonna wait to see checks and balances. Those those
(39:24):
things take time. People can't just up and move their families.
They got kids in school, the holidays, like all of
these things. Of course, do I think over the long
term it'll be positive for our market, Yes, okay, it will,
I believe so. But it doesn't happen overnight. Okay. If
you're a home seller, and you now all of a
sudden think that your home is worth a bunch more
money because of an election in New York City. I'm sorry,
(39:46):
but you are sadly mistaken. It just doesn't work that way.
So if you do want the best home value estimate,
to know everything that's going on in your neighborhood, you
want to know, you know, maybe you're the nose neighbor.
You want to know is our neighbor and foreclosure? What
they sell their house for? Okay, how long was it
on the market? How many homes have sold in our neighborhood?
(40:08):
What's the trend for values in our neighborhood? Just go
to duncanduo dot com again, that is duncanduo dot com.
You can get all the data going on in your
neighborhood at dunkindo dot com. We appreciate you tuning in
and I hope you have an awesome rest of your Sunday.
See you next weekend.
Happy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on the Duncan Duo Real Estate Show. Andrew Duncan
with the Duncan Duo team LPT Realty dropping all the
real estate knowledge today and if you've been paying attention
to politics or real estate, a lot of things happened
this week that have an impact on what is going
on in the real estate market. I want to start
with just a few of the announcements that have come
(00:25):
out of Washington to kind of prepare you for what
is happening. So first and foremost, the federal government has
opened back up again after a nearly six week shutdown,
or actually a little bit over a six week shutdown.
We're back in business. So you know, from a real
estate perspective, we didn't see a whole lot of hangover
(00:46):
from the shutdown. The only issue we were really seeing
was was FEMA and flood insurance. The VA and FAHA
programs were still running, they were just a little bit behind.
It didn't cost too many hiccups for the real estate market.
Where it did cause a hiccup is the military is
a very large employer. There are a lot of buyers
and sellers there are a lot of owners. There are
(01:06):
a lot of people you know that that are looking
to buy that are furloughed or or not working and
can't get employment verifications and not getting income right now.
So there were some hiccups from that standpoint, but from
a regulatory place, the real estate market was moving along
with the exception of flood insurance. So all that should
kind of correct itself over the next few weeks and
(01:27):
smooth out, you know, of course, until they vote again.
Hopefully we don't have a shutdown in January. It looks
like they did a temporary extension of January. So the
hope and expectation is that we should see you know,
a you know, smoothing out of all the problems or
or delays, I guess you could say with the shutdown.
(01:51):
The second thing that got announced this week was the
potential for a fifty year mortgage, and it caused quite
the controversy on social media. And I want to explain
it from a few different perspectives, because I think there's
a lot of misconceptions and misunderstandings out there, first and
foremost until it gets announced, you know, you know, in
(02:11):
terms of the terms and the rates and things. We
don't really know what it's going to look like. We
don't know if the federal government's going to try and
work something to where the fifty year mortgage is at
the same rate as a thirty year mortgage somehow, if
they do some sort of deal with the banks or
offer some sort of incentives, because in reality, a longer
term loan typically requires a higher rate. So if you
had thirty year mortgages and then you changed it to fifty,
(02:33):
and the fifty at a higher rate, the payment difference
is pretty negligible. It was like one hundred bucks a month.
And so are there people that that could make a
difference for Yes, but pretty nominal in the grand scheme
of things that I think it would be a nothing burger.
I don't think very many people would opt for a
fifty year mortgage over one hundred bucks a month. However,
(02:55):
if the rates were comparable between a thirty and a fifty,
you could see more like a three hundred dollars difference
in payment. That is enough to move the needle for
some people. And here's what I mean. When when I
saw the comparisons online, a lot of people are saying
things like, well, hey, they're going to pay you know,
hundreds of thousands of dollars more in interest over the
(03:17):
life of the mortgage. Well, the last time I checked,
I don't know a single person that had a mortgage
for thirty years, okay and paid it off over a
thirty year period. I don't know a single one. Okay,
I've never even seen it. In my entire real estate career.
One of two things happen. Either people refinance when rates
drop or their income goes up and they want to
(03:38):
pay off more, or they want to tap out cash
and they change their rate so then it's a new mortgage, right,
or they pay it off sooner than that, or they
sell it. Okay, So this premise that over a thirty
year period they're going to pay so much more in
interest is kind of irrelevant. So the average person is
staying in a home, you know, seven to ten years.
(04:00):
The average person is also refinancing every few years. So
the fifty year mortgage, if it ends up being a
comparable rate to the thirty year mortgage, could be impactful
in that it could get more people in for a
few year period until they eventually end up refinancing into
a lower rate, or maybe a thirty year mortgage or
maybe even a fifty year mortgage. The point is that
(04:21):
it's comparable to what you're seeing builders do, which is
buying the rate down for two or three years. It's
it's in essence, getting the payment cheaper for a few
years so that you can get into a house, because
that three hundred dollars may make the difference between that
person being able to buy or not being able to buy.
And of course I could do a whole show, and
I did this with my team this week when I
(04:42):
taught I teach my team wealth building Wednesdays, and this
week's chat was about cutting expenses. I'm pretty sure most
Americans could probably cut out two to three hundred dollars
to be able to lower their pay, lower their you know,
lower their expenses to be able to afford the thirty
year mortgage. But that is assumes people have financial discipline
that I think we have learned most people do not have.
(05:04):
So fifty year mortgage could be impactful. A lot of
it is going to depend on what rolls out will
actually bring on. Melissa Rodriguez from Citywide Home Mortgage, our
mortgage partner Citywide Tampa dot Com will get some commentary
from her in next week's show, just to kind of
see what shakes out and what happens on that front
(05:25):
over the next week or so. The other thing that's
come out is portable mortgages. Now, this shouldn't be a
completely unknown concept for people to own real estate here,
because our counties and our state allow people to take
(05:46):
their property taxes and make them portable. What they do
is they basically say, if you sell your home and
then you go buy another, and you pay a certain
property tax at your existing property, and you move to
a higher price property, the assessment of the prior property
that you've owned at the lower tax rate, you keep
(06:06):
that and you only pay the tax on the difference,
so you don't get double deinged when you move on taxes.
So portability exists for homestead properties here. So it's a
similar concept, but not with property taxes. It's a concept
with mortgages. Now, how they can get the banks to
cooperate and how they can fund this and how it
(06:27):
can work, I'm not sure, however, that is a concept
that I think has a very strong runway. The fiftier mortgage,
of course, could have some impact, but pretty minimal. The
porting the portability of an existing mortgage could have massive impact.
And here's why there are millions and millions of homeowners
that are in homes have three percent interest rates, and
(06:50):
they're not going to move, not because they don't want
a new home, not because they don't want a newer, nicer, bigger,
or smaller home, okay, but because they know they're going
to go out and they're going to give up their
three percent mortgage to go get a six percent mortgage.
The difference between the interest rates is the inhibitor of
(07:11):
them going. You know, it's resisting the market. It's keeping
consumers from transacting, it's keeping homes from going on the
market and buyers from buying what they want to buy,
and it is it is slowing down transaction count. So
the federal government is investigating ways to be able to
take your existing mortgage with you and it attaches to
(07:33):
the new property and then somehow finance the difference at
a more prevailing rate. Then you would get more of
a blended rate. Then you would get something that would
make some sense. Now, I'm sure there's going to have
to be some sort of creative solutions with title with appraisals,
with with how to do that. It's not something that's
going to happen overnight. But innovation doesn't happen without without
(07:58):
trying new things. Innovation doesn't happen without thinking outside the box.
So there are some really outside the box things coming
out of Washington for housing, and I think what it
really boils down to is payments. People buy and sell
real estate based on the payment schedule. Okay, they don't
(08:20):
necessarily buy as much on price as you think, and
the interest rate is what controls the payment. Well. Trump
has done everything he can to try and move interest
rates down, firing FED governors, putting pressure on the Fed,
all these things, and interest rates haven't moved to the
extent that he would like. Now we know that there's
(08:40):
going to be a change in the FED governorship next
year and a strong likelihood that we would see some
rate cuts by then. How fast and how much that
could happen may not move the needle fast enough for
President Trump to to move the market like he would like.
So again, whether or not you believe this is capitalism,
a free market by the government getting involved in these
(09:02):
things is completely different conversation. My job here is than
to argue policy. My job is just to simply explain
what's happening and how it can impact the real estate market. So,
you know, I'm not taking a stance pro or con.
I think there's good and bad to all of these things.
But we know that it's payment driven because even with
low interest rates, when we saw insurance and taxes rise here,
(09:24):
there was a lot of resistance to that. So we
know our state is working on abolishing or massively reducing
property taxes because they know and understand that the buyers
and sellers of real estate in our market are very
payment driven. The property taxes come out, they have to
pay them, and there is a there are a lot
of consumers that don't enjoy having to pay for those
(09:49):
you know, pay for that at a rate that maybe
is disproportionate to the benefits that they get. So all
of these things are lining up towards you know, innovation
and you know, a surge in the real estate market.
So whether or not they end up coming to fruition,
the introduction of them, as well as the other things
happening in real estate up north, some political things, a
(10:14):
clean storm season. Look, we made it right, Like, I mean,
I think there's you know, a couple of weeks left
a hurricane season, but our local meteorologists have said it's
cooled off to the point where it doesn't appear we're
going to have much much impact. So I think we've
got a clean hurricane season, which was a thing that
we needed after last year's you know, challenging year. So
(10:35):
combining all those things, as well as the innovation being
talked about in Washington, twenty six and twenty seven are
going to be much better real estate years. However, real
estate is very very slow moving. When I say I
think twenty six and twenty seven are going to be
better real estate years, it's not happening overnight. Are we
starting to see a little pickup in the number of leads? Yes?
(10:55):
Are we starting to see a little pickup in the
number of people coming and look at houses, yes, a
little pickup. Okay, But our market is off, you know,
in some parts of Tampa Bay sixty sixty plus percent
in terms of number of transactions from peak. So that
isn't happening overnight, Okay. It's it's just not And I
think the political landscape right now and some of the
(11:16):
things happening up north are going to move some people here,
but it is going to be very slow moving, Okay,
So I want to talk about that next, because look,
there was an election in New York. You know, mob Donnie,
who is a Democratic Socialist was elected in New York City.
There are a lot of rumblings that people are going
to leave New York, they are going to move down here.
And while I think there's some validity to that, I
(11:36):
want to talk about the timeline of that and the
impact because I mean, we even have clients saying like, oh,
I want to raise my price because all these people
are moving from New York. And you know, I want
people to understand that if you pay attention to the
stock market or crypto and you see these huge swings,
right the stock market rises several percentage points in a day,
(11:57):
or a stock goes up twenty seven percent in a day,
real estate is not that it is the slowest moving
market in the world. Okay, let me repeat that real
estate is the slowest moving market in the world. It
took years for all the impact from the Great Recession
to have impact on prices. Okay. It took years for
(12:17):
those prices to drop, not days, not hours, not weeks. Okay,
If you pay attention to stocks or crypto, and you
see the movement that they make when there's a policy
decision or an announcement from the president or some sort
of trend. Real estate does not work like that. It
is the most unique market in that it is very,
(12:40):
very slow moving. People don't move overnight. They don't just
they can't sell their house overnight. They don't just move overnight.
You can't just click a button and make it happen.
So I want to talk about that after a quick
break here on the Duncan Duo show. So back here
on the Duncan Duo Show talking about the Tampa Bay
real estate mark. I tease this before the break about
the the real estate market and the impact on some
(13:02):
of the political things happening in elections in other parts
of the country, and I want to reiterate the real
estate market is the slowest moving market in the world. Okay.
It does not move like stocks and crypto. The prices
and values of real estate. You're not swinging multiple percentage
points in a day. They might swing multiple percentage points
(13:23):
over months or a year. Okay, is very slow moving.
The geopolitical landscape, tariffs swings, and stock and crypto does
it affect sentiment yes, does it affect buyer activity yes,
does it kill deals yes? Okay. Does it massively move
(13:43):
people or massively move the market quickly? No. Real estate
isn't it like a stock or crypto where you can
click a button and purchase it. It is a long
drawn out process. You're talking about selling your existing home,
you're talking about uprooting your kids, you're talking about hiring movers,
finding a new home. It is a very long process
for these things to happen. We had clients, we literally
(14:05):
had clients this week say that they wanted to raise
the price on their home because of all the New
Yorkers that we're going to move here because Mabdani was electable.
First off, he's not even inaugurated yet. None of his
policies have been attempted to be passed. There's no nothing
has happened. Okay, Like, does it cause some people to
look at stuff down here? Yes, well, it cause if
you random people to move pretty quickly that we're probably
(14:28):
already looking at moving anyway. Yes, But in terms of
this huge swath of the population that's going to move
from New York, even during COVID, it took months and
years before we started to see that impact. It took
a long amount of time. It takes a lot of
pain for people to see to leave an area that
they're used to living in. Will it move people? Yes?
(14:50):
Is it going to massively or quickly move the needle
on prices in Tampa Bay? No? Are we going to
see a huge surge of population next week. No? Could
we see some population growth in Tampa Bay because of
this within the next year. Yes, that's how long it takes.
People are gonna want to see what he's gonna do.
They're gonna want to see the impact on the community.
(15:12):
I think everything that we've learned about politicians, they say
a lot of things when they're campaigning, but they're not dictators.
They regardless of whether what your opinion is, they're not kings.
They don't just get to do whatever they want. There
are checks and balances in New York is just like Washington,
d C. So whatever campaign promises that you think that
he's gonna pass may very well not pass. Okay. There
could be all kinds of you know, challenges to that
(15:35):
in the state, in their state constitution and their state legislators.
So the point is like real estate is slow moving,
So don't have this grandiose idea that prices are going
to skyrocket. Do I think twenty six and twenty seven
will be better real estate years on twenty five? Yes,
But is it so fast moving that's causing prices to
skyrocket right now? Absolutely, not not even close, not even
(15:57):
in unicorn fairytale fantasy land as that happening. You are
one hundred percent seeing a slow moving market because that's
what real estate is. So everyone out there comparing what
you see with you know, stocks, the rise and fall
of stocks, the rise and for the mass rise and
fall of cryptocurrency, so you know, some coin swing five
(16:17):
to ten percent in a day, man. Real estate does
not move like that. It is again, the slowest moving
market in the world. So because you're uprooting your family,
you have to coordinate so many things. There are companies
that would love to make the sale of real estate
just the click of a button, like you're buying on
Amazon Prime, and their companies trying to change it. But
(16:40):
it isn't there yet and isn't going to be there
anytime soon. So these things, while they are bullish for
real estate, they're very bullish over a long period of time.
Could we see some impact after six months or a year, yes,
But the idea that a seller should raise their price
today because of what might happen is insane. It's dumb.
(17:02):
You're going to cause your property not to sell. You're
basically going to say, I'm going to raise my price
for what might happen in the future. It's just it's
terrible thinking. And again the sellers that think that are
simply going to not transact. So in other news, for
(17:22):
sale by owners reach an all time low. More sellers
rely on agents today than they ever have, and I
think it is extremely crucial. We are not in a
market where you should be going it alone. The exposure,
the negotiation experience, the screening of buyers, the qualifying of buyers,
the steps, the things that an agent does to help
(17:43):
a seller are so much more important in a challenged market.
In a hot market, you see Fisbo's you know, crank up.
We get to twenty seven or twenty eight, and the
economy keeps, you know, heading in a better direction. We
could see Fisbo's crank back up again. But right now,
more sellers rely on agents than they ever have, and
(18:05):
they should continue to do that. If you're a seller
right now, even if you have great sales and real
estate experience and you're going it alone, you do not
realize how fickle the average consumer is. Why when you
don't pick up the phone because you're at your day job,
when you don't know the answer to a particular question
that they want to know, when you don't know how
to qualify them to make sure you're not letting someone
(18:26):
get into your house that is casing it to rob it. Okay,
you don't know how to do these things. You've not
been trained like a real estate agent has. And as
much as you might think that you can learn it,
it would be like somebody learning how to do your
job overnight because they stated a holiday in Okay, it
just doesn't work like that. That is why the market
(18:48):
is showing us that more sellers rely on agents than
they ever have. And I also think the other caveat
to that, and I kind of touched on this, is
that there are more homes getting cased and robbed and
people getting assaulted than there ever have been. And real
estate agents have different services and things they can use
(19:09):
to screen perspective buyers to make sure either they're qualified
or that they're not some you know, career criminal. As
a homeowner, you don't have the ability to do that.
You're letting people into your home that you don't have
the ability to screen. You don't have the ability to
use the services that we pay for. You could be
letting some you know, career criminal into your house, is
casing it, or that intends to rob you or assault you,
(19:30):
or some other heinous act. So it is. It is
a complex transaction and I think again that's why the
market is telling us that fewer and fewer people are
are doing it. And it's also taking longer and longer
to sell. I mean home today takes seventy plus days
to sell. Back in the Boom, it took a week.
So of course you could you could handle fizzbo for
(19:53):
a week or two. You could take some time off,
you could make some commitment to it, but it's a
longer term process. Today. You need somebody it's willing to grind,
and I think you need somebody experienced that's done a
lot of sales, that's got a brand behind him. I
see so many brand new agents getting listings today or
agents that haven't done a lot of listings that don't
have the right training and just failing their clients. So
if you're a home seller, I would strongly encourage your
(20:15):
hiring not just a brokerage, but a team and an
agent that what they focus on is home sellers and
they've got a track record that can back them up
and reviews and all those things. So hiring an agent
to sell your home is never it's never been more challenging.
It's never been more important to pick somebody that can
get you exposure. So reaback ringing, can you use this conversation,
(20:37):
But I want to make sure if you're thinking about
selling your home, you hit up Duncan Duo dot com Again,
that's Duncan Duo dot com. I'm going to talk after
the break about our cash offer program are fun. We're
looking to buy more homes and I want to talk
through some things that separate and differentiate us after a
quick break here on the Duncan Duo Show. So back
here on the Duncan Duo Show talking about the Tampa
Bay real estate market. If you're thinking about selling your home,
(21:00):
Canduo dot com get a free home value estimate and
or get an instant cash offer at Duncanduo dot com.
So I want to talk to the group of people
out there that would consider a cash offer, because I
think that there are a lot of home sellers that
want top dollar, that want to go retail, that money
(21:20):
is more important than convenience, and then you have a
segment of the population. If money is more important than convenience,
the cash offer probably isn't going to be the right
path for you, because you're going to get more money
typically in a retail transaction. If the cash offer is
the path that you want to go, whether that's selling
to our fund or someone else, you can certainly you
(21:42):
look around. Convenience is the important thing. You've got a
home that you inherited that needs a lot of work,
and you don't don't want to do work. You've got
a home that maybe can't get financed. You you want
to move fast. Your house has been on the market
and now it's taken too long and you're starting to
run into some financial obstacle. Your your house is you know,
(22:04):
needing work. You're you're frustrated, You've you've worked with a
couple of different agents, the home didn't sell, or simply
convenience matters, and you just don't want the hassle of it.
It doesn't matter that much to you whether you put
the most amount of money. You're in a good financial
position on the house and you can sell it and
move on. And I think or you have an opportunity
(22:25):
for an investment, this is one we had recently. You
have an opportunity for investment with a small window, so
you need somebody to can execute quickly. Those are all
reasons why people come to us and want cash offers
from us. Again at dunkin Duo dot com. Another common
one that I think matters the reason why we will
win some cash offers over other companies. There are large,
(22:49):
enormous institutions that buy homes. There are also wholesalers, of
which we are not. Our goal is to give you
a legitimate cash offer and close on your property, Okay,
and that that is you know, our goal. There are
other investors out there who want to lock up your
property and then sell your property to somebody else before
(23:10):
closing and transfer your contract. They want to assign your
contract to somebody and make a small fee. That is
not the game that we play. When we make an
offer on a property, we're we're showing you that we're
not doing that. We're giving you a cash offer that
we intend on closing on. We plan to renovate the
home and resell it and make a profit. Okay, capitalism
one on one. However, we can be very flexible and
(23:34):
that's where we differentiate. So if you're getting a cash
offer from someone, you want to know if it's a
wholesaler or a legit end user buyer buyer. If it's
a wholesaler, there is a really good chance that that
deal doesn't close, that they ask for extensions, that they
don't really have the money to buy your house. They
simply want to lock it up so that they can
try and shop it to other investors and make a
small fee and move on. And then that person would close.
(23:54):
So you're going to get delayed. The convenience isn't going
to be what you think. You're going to jump through
a bunch of hoops. Okay, so you can look you
can look me up, I got the money to buy
the house. The fund that has the money to buy
your house. Okay, Like there are a lot of people
showing up and so listening that you that you get
an offer from that they offer you something that looks
really good and they're going to renegotiate on you. They
locked your house up with some fantasy land offer only
(24:16):
to come back to you and say, hey, I need
you to lower it or I need more time so
I can find a buyer. Because they don't ever intend
on closing in your house. That's not how we operate.
Another thing that makes our cash offer unique is we
can be more flexible, meaning that if you need a
fast closing date, we can accommodate. If you need to
stay in the home after closing, we can accommodate if
you If there's creative things we can accommodate, we can
(24:38):
we can work through challenges of negotiating leans. There's there's
a lot of different things that we can do that
Some of the larger funds that are more what I call,
you know, kind of vanilla vanilla cookie cutter, you know,
mass marketed home buyers that they just want to turn
and burn. Their their goal is anything that's creative or
(25:00):
you know, they won't let you post occupy the home,
they won't let you stay in it after closing. They
want you out by this date. Very corporate, rigid, structured,
and that money is likely going to fund a hedge
fund in Wall Street. That is not what we do
are We are a local fund that buys homes with
money back into the local community, not supported by Wall Street.
(25:21):
I'm not bringing you an offer or a cash offer
from Wall Street or a hedge fund. Okay. I'm bringing
you a cash offer from a local fund group of
investors that intend to renovate the home and keep the
money local and improve neighborhoods, and of course make a
profit while doing so, which we disclose when we give
you an offer. So if you're someone that's looked at
(25:43):
a cash offer from someone else, you reach out to us.
We can give you a second opinion. We can tell you,
you know, the pros and cons of the one that
you have. We can look at, we can look at
informing you whether it's a wholesale offer or not, and
we can look at you know how flexible they are
or are not. There's also a lot of confusing information
that goes on with some of the cash offer companies.
(26:03):
We like to give a really quick, clean, easy offer,
not loaded with a bunch of fees. So when we
come to you with an offer, we're gonna say here's
our offer. Okay, We're going to cut to the chase.
We're not going to be charging you fees. It's look,
this is our offer, okay, this is what the closing
costs look like. There are a lot of companies that
will make you an offer and then they'll sneak in,
oh and there's an eight percent selling fee, or here's
(26:26):
our offer. But we're giving this offer to you without
ever seeing your house. Okay, So then what are they
gonna do. You're gonna get excited. You're gonna say, man,
I got that two hundred thousand dollars offer for my house. Yeah,
and then they're gonna come out to your house and
they're going to renegotiate that two hundred thousand down lower.
And then you're going to realize that it's not really
(26:47):
two hundred thousand, because when you add up all the fees,
it's probably about one hundred and eighty. So you got
to do math, right, if you're accept if you're looking
at cash offers, do the math. Don't just take the
purchase price. That's the ego number. That that's number you
get to tell your friends a happy hour, I saw
my house for two hundred okay, but he didn't really Okay,
So make sure that you're comparing apples to apples. If
(27:10):
you're not comparing apples to apples, you're you're misunderstanding the
math and you might think, oh, I'm getting two hundred,
but you're putting less money in your pocket than the
straightforward cash offer that isn't loaded with a bunch of fees.
So those are things that we do to get creative.
And I think on that same token, the comparing apples
to apples is very, very, very much important in the
(27:31):
mortgage space. We've had Melissa Rodriguez with Citywide Tampa on
our show Citywide Tampa dot com. There are preferred mortgage
lender if you're looking to purchase, if you want a
local lender that will be competitive on rates and fees,
where you can put a face with a name, you
can talk to a lender. You're not doing everything online.
(27:51):
Of course they can do everything online, but you get
a human interaction piece has all the programs available. Again
Citywide Tampa. And we see this all the time in
mortgages where a buyer will come in and say, oh,
this company's given me this rate and it looks great,
or this payment and it looks great because this company
(28:12):
was given me a much higher rate. Okay, but then
they don't realize they're paying all kinds of origination fees
or their payment looks really good because the lender from
you know, New York or Detroit or wherever the online
farm is of telemarketers they have calling people from doesn't
know what taxes and insurance are like in Florida because
they're used to doing loans all over the country and
(28:33):
taxes and insurance aren't the same everywhere in the country,
so they put taxes and insurance on your good faith estimate.
You look at it, you think they've got the lowest
payment out of all the people, when their principal and
interest payment's the highest. Get a second opinion. You're it's
financial brain surgery. Buying a house one of the most
expensive things, if not the most expensive thing you're ever
going to buy. Get a second opinion. And my recommendation
(28:55):
is citywide Tampa dot Com because they can look at
Melissa Morgan. Our team can look at and tell you
the pros and cons of what you've got, and then
and then help you compare apples to oranges. There is
so much that happens in the mortgage space where we
get clients that don't work with our lender and then
get frustrated because they find out that the lender lie
(29:17):
to them about whether tax and insurance were going to
be to try and get them to commit. Because they
don't control the taxi insurance. Your mortgage company has absolutely
nothing to do with what the property taxes or the
insurance are going to be. They use an estimate and
they low ball the estimate to make the number look
good to trick you to using them, Okay, and then
when they get through the process getting closer to closing,
(29:38):
all of a sudden, those numbers go to a higher
number and people are upset. Okay, do the homework ahead
of time, Okay. If you're not sure, get multiple quotes.
Call Melissa Citywide'll she'll look at it. She'll tell you
it's a good deal or it's not. She'll tell you
if we can beat it or not. She'll tell you
what they're doing with tax insurance, whether or not it's
active or not. She'll get you an actual insurance quote,
an actual real insurance quote from an insurance agent on
(30:02):
the property. She'll get She'll go to the property taxes
and get the actual real estimate from the county that
you're buying the property in. A lot of lenders don't
do that. It's a bait and switch. It's a trick.
Speaking of mortgages. That talked about the streamline mortgage before,
and I think it's this time of year. There are
a lot of people out there struggling. It's been a
(30:22):
challenging year for the economy. It's had a lot of
ups and downs. If you're someone who is struggling to
make payments or your you know you're not in an
equity position. And rates have come down a good bit
and I think we'll see some more rate relief throughout
the end of the year. You can lower your interest
rate on your VA or FHA mortgage, even if you
(30:44):
don't have equity, even if your credit's gotten worse, even
if you may not be employed the same way. Okay, Citywide,
Tampa dot Com, and a lot of times the property
doesn't even need to be appraised. All that's going to
happen the bank and the investor v A and FHA,
they already know that they're on the hook for the
mortgage at that rate. Okay, if you're gonna have problems,
(31:07):
they don't want to lose the mortgage, so they'll lower
the rate to the prevailing rate. It is one of
the simplest and easiest refinances out there. People that have
VA and FHA mortgages miss out every single day. This
is the time of year where you may need a
little bit of financial relief. You can, you know, potentially
reduce your payment. You can potentially miss a payment because
(31:28):
you're depending on how the closing date lines up. But
the best way that I can recommend doing that at
citywide Tampa dot Com. It's not really gonna work for
a conventional loan. It's only going to work if you
have a You can certainly refinance a conventional loan, go
through a traditional refinance process if the rate difference makes sense,
But the streamline is the way to go for a
lot of people who have seen rates drop and are
(31:50):
in a higher rate again, you can do that citywide
Tampa dot Com and melisten to the team. They'll look
at it and they may tell you, you know, I
literally listen to them the other day on a phone
call with a client. I heard them say, like, you
need to wait another month or two. They felt like,
you know, they feel like rates might drop there. They
could have made a sale, okay, but this person was
in a financial position where they could wait. If you're
not in a financial position to wait, and you're gonna
(32:12):
you know, then don't wait for that extra potential one
eighth or a quarter of a point if you've got
a big enough spread and you can lower your payment now.
If you can't and miss a payment during the holidays,
that could be a game changer for a lot of
people that are either working on getting employed, working on
getting a raise, working on clearing out some debt. So again,
streamline refinance is something that there are a lot of
(32:34):
people out there don't that don't realize it's available to them,
and it is one of the least intrusive loan products.
You need a second opinion, just hit up Citywide Tampa
dot Com again, that is Citywide Tampa dot Com. When
we aren't on air, just make sure to follow all
of our socials. We've got some cool giveaways that we
regularly do with Tampa Bay Lightning Tickets is the official
(32:56):
real estate agents of the Lightning. You can hit us
up at at the dunkin Doo again, that is at
the Duncan Duo, and we are hiring if you are
a real estate agent that's got some listing experience, or
you've done a lot of transactions on the buy side
and you want to get you want to become a
listing agent. We are, for the first time ever, looking
to hire listing agents from outside of our company. We've
(33:18):
always promoted that position from within, but we have such
a considerable need because our marketing is working wonderfully and
we need to We're in growth mode. We believe twenty
six and twenty seven are going to be better years,
and we're wanting to get ahead of that. So we're
creating more leads than we can keep up with. That
doesn't mean don't keep calling us. We're solving that. We're
fixing it consumers. But we are looking to add some
(33:40):
more agents to our team. And we've got leads and
availability for agents to get coached by me personally, to
get trained and onboarded and work with sellers from the start.
If you're interested in that, just go to join the
duo dot com or message us on any one of
our social channels. So I talk about this before the
(34:02):
back back our last break. We are hiring listing agents.
If you're a real estate agent that hasn't ever gotten
great at listings, or haven't had the right coaching or training,
or you see the amount of marketing my company does
and you say, hey, man, I want to be focused
on doing listings. Or you've got some listing experience and
you want to be coached how to be you know
(34:23):
a great listing agent. I've had listing agents that that
have coached up through my company, go start their own company,
start renovation companies. We've got multiple listing agents now that
are partnered with us on our our rehab and renovation
and flip business. If you're a real estate agent looking
to get great at listings, we are looking to add
a few more to our team. We've never hired listing
(34:44):
agents from the outside. We've always promoted from within. But
the time has come where we have promoted the right
people from within and now we need some new some
new energy. So just hit us up at join the duo.
Share this with your friends and family. If you're a
real estate agent and you've looked at my company in
the past, you've said, oh, I don't I don't want
to just work with buyers, I want to be a
(35:05):
listing agent. And we had told you in the past,
we don't do that well. That has changed, so again
you can go to Join the Duo dot com or
message just on any one of our social channels again
at join the Duo and it is a really good
thing because we're growing, We're we're doing more advertising and
marketing and it's just time for us to find some
(35:26):
people from outside that can help grow, you know, our
our listing business and help them become experts at listing
homes and our listing agents their their main purpose. We
take most of the things off of the listing agent's
played administratively. We don't they don't have to enter listings
on mls or take photos or pay for things like
(35:47):
We We have staff that does pretty much everything throughout
the process. Our listing agent's main responsibility is setting list
setting listing appointments, going on listing appointments that are set
by our inside sales team, getting great at presenting and
listing appointments, negotiating contracts. We have transaction management staff and
(36:09):
listing assistant staff that do the majority of the administrative work.
A lot of the things that bog real estate agents down,
but you're going to be focused on doing dollar productive
activities and if that is you, If that's something you're
interested in again, please hit us up at Jointhduo dot
com again that is Joinedduo dot Com or messages on
any one of our social channels. So again you're listening
(36:32):
to the Dunk Can Do a Real Estate show. This
is our last segment. I'm excited also to announce that
we're starting a program with Realtor dot Com called market Vip,
something we're rolling out to our team that allows us
to grow our business both with sellers and with buyers.
So that's something we're rolling out presently and it is
(36:53):
going to be something that's going to give our sellers
as well as our agents more opportunities, more at bats,
get our listings in front of more people, help our
listings generate buyers, help our agents get more clients through
a direct connect program with Realtor dot Com. So those
are all things that we have going on as it
(37:13):
relates to growing agents and adding more agents into the company,
because it's it's just time for that. And I've hined
at this before, but but I'll say it again. I
think twenty six and twenty seven are going to be
better real estate years. I think all the things are
lining up for our our real estate market to improve
in twenty six and twenty seven. But there's still going
to be, you know, some some drawbacks. There's going to
(37:36):
be some obstacles to get through. Some of these new
programs aren't going to just simply roll out. They're going
to They're going to take some time. But pending home sales,
the activity that I'm seeing in my business, the number
of leads that we're that we're seeing coming through, uh,
you know, are giving me some some growing confidence that
that that you know, our our real estate market is
(37:57):
is rebounding and heading in a you know, in a
in a really strong direction. So and I tease this.
I talked about this in the first segment. I talked
about the you know, all of the things that are
happening with real estate, the fifty year mortgage discussion, the
the the portable mortgage discussion, the FED rate cuts, the
(38:19):
Mamdani election and how it might move people here and again,
I'm bullish about twenty six and twenty seven being better
real estate heres, the government shutdown being over all these
things I think point towards real estate improving, but it
does not happen overnight. Okay, real estate is the and
I'll repeat it, the slowest, the slowest moving market in
(38:42):
the world. Right. It does not move like tech stocks
and crypto Okay. You don't see five to ten percent
swings on real estate values overnight. Okay. It takes a
long time, it is. It is a slow moving process.
The election in New York will have a positive impact
on our real estate market, I believe so. A year
(39:04):
or two down the line. People that are moving from
New York are gonna wait. They're gonna see what happens. Politicians.
They've learned, We've all learned politicians make a lot of
promises and a lot of it doesn't happen. Okay, So
they're gonna wait for a lot of them are gonna
wait for the inauguration. I'm gonna wait to see what happens.
They're gonna wait to see checks and balances. Those those
(39:24):
things take time. People can't just up and move their families.
They got kids in school, the holidays, like all of
these things. Of course, do I think over the long
term it'll be positive for our market, Yes, okay, it will,
I believe so. But it doesn't happen overnight. Okay. If
you're a home seller, and you now all of a
sudden think that your home is worth a bunch more
money because of an election in New York City. I'm sorry,
(39:46):
but you are sadly mistaken. It just doesn't work that way.
So if you do want the best home value estimate,
to know everything that's going on in your neighborhood, you
want to know, you know, maybe you're the nose neighbor.
You want to know is our neighbor and foreclosure? What
they sell their house for? Okay, how long was it
on the market? How many homes have sold in our neighborhood?
(40:08):
What's the trend for values in our neighborhood? Just go
to duncanduo dot com again, that is duncanduo dot com.
You can get all the data going on in your
neighborhood at dunkindo dot com. We appreciate you tuning in
and I hope you have an awesome rest of your Sunday.
See you next weekend.
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