December 7, 2025 • 38 mins
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Speaker 1 (00:00):
Happy Sunday, Tampa Bay.
Speaker 2 (00:01):
We're with you for another week here on the Duncan
Duo Real Estate show like we are every Sunday at
ten for almost fifteen years. I think now been been
been at this a long time, and I've talked about
the topic I want to lead with today. This is
Andrew Duncan, the Duncan Duo Team LPT Realty at The
Duncan Duo Twitter, Instagram, YouTube, TikTok Facebook. The topic I'm
(00:24):
going to talk about today, I have talked about it before,
but it's fresh on my mind because I showed property
to two different celebrities this week. And it's interesting because
you know, you see the reality TV shows that sometimes
they're very staged, that sometimes kind of incorporate, you know,
what happens in a real estate transaction with celebrities. And
(00:47):
the second caveat to that is that you see things
on social media and then you know it's what happens
in reality is different than what happens in reality TV.
But I do want to kind of talk our audience
a little bit because I want to explain some of
the differences and the things that are unique and when
you're working with really good agents, and both the properties
(01:08):
I showed this week, you know that the other agent,
the agents on the other side were awesome. But but
I kind of want to give you a little bit
of insight into how things operate a little bit differently.
So typically in luxury real estate, a lot of the times,
you know, you're requiring a proof of funds. You know,
so if you're going to show a five million dollar house,
(01:29):
the seller may very well want to know that the
buyer has the capability of qualifying, so you know, it
may say things like, you know, pre approval or proof
of funds required before showing is approved. And so when
you're dealing with celebrities and people that are you know,
pretty commonly known to have the money, there's a resistance
because they obviously don't want that information being leaked or
(01:52):
they don't want that financial statement somehow getting copied or
put online. The average normal person probably maybe doesn't really
care if, you know, if I send a proof of
funds to someone to buy a property, because I do
it all the time. You know, we're constantly buying stuff,
and you know, someone leaks that, I'm you know, I'm
I'm not really worried about it. I'm I'm proud that
that that I've built, you know what I've built. But
(02:14):
but celebrities, on the other hand, are much more private.
They don't want that business out in out in the street.
So typically you're having to disclose maybe the name of
the person or at least some sort of hint about
who the person is to the other agent to get
them to say, Okay, yeah, you're right, I don't need
a proof of funds. So generally speaking, that's one unique
(02:35):
caveat to working with celebrities that are known to have
the money that it's not hard to verify that they
have the capability of buying the property, is that they're
not going to want to provide that that document. They're there,
and there's a little there can be a little bit
of an ego involvement too, where if if their name
doesn't work, then then that can bother them. You know,
if if, for example, if someone's famous and known and
(02:58):
on TV, or or a professional athlete and it's not
hard to figure out what their contract was and somebody's
trying to, you know, force a proof of funds, that
that person could get very offended. It can it can
bother them because it just it just can. There's there's
a certain element of involved with you know, I've been
in the public eye. You know, it's not hard to
figure out that I have the capability of doing this.
(03:19):
So so that's one unique caveat. I think a second
unique thing is that there's more hands involved than the
process with some celebrities. Now, there are some celebrities and
athletes that are very much involved with their money. They
they control their money, they still write their checks, they
still look at their statements, they're they're very much involved
(03:40):
in it, especially if there's some sort of financial celebrity
or someone in business that's a known, you know, entrepreneur.
But in other instances, like like it's probably more than
norm for professional athletes. They're not going to be involved
in a real estate transaction that doesn't have some of
(04:00):
their people. They're gonna have attorneys and agents and oftentimes
spouses that may manage that and and you know, so
you've got a little bit more people involved in the process.
In a typical real estate transaction, the buyer and seller
are the ones that are going to be kind of
involved with negotiating and making the decisions and answering things.
And sometimes if they're younger, or first time home buyer,
(04:21):
a parent or relative maybe assisting them, a spouse, those
types of things. When you're dealing with the higher net
worth celebrity that isn't involved in their money, a lot
of times you're going to be communicating with other people
that the celebrity or athlete may go and look at
the house and they may thumb it up. But then
you're dealing with their their business people, their attorneys, their agents,
(04:45):
you know, spouses in some instances. So it's just a
lot it's it's a much different process because you've got
extra people looking at things. So it can cause things
to sometimes take a little bit of extra time. It
can cause things to be a little bit more complicated,
you know, some of the legalities and terms and privacy
protections and so you know, I remember at one point,
(05:07):
and and we've worked with you know, athletes and celebrities,
you know, on numerous occasions, and I've had the instance
where the attorney or the agent is asked that the
original contract be you know, destroyed or not copied or duplicated,
simply because they didn't want that turning into an eBay auction,
you know, And they and they definitely didn't want the
knowledge slipping out about what it is that they're that
(05:29):
they're buying. You know, they didn't want you know, someone
knowing that they were thinking about buying a particular property,
or they had an offer on it, or that it
was even theirs. The other thing that you often see,
and it's a little less common in Florida, but you'll
often see celebrities or athletes buy homes either in land
(05:49):
trusts or LLCs that don't put their name on it.
They want to try and hide or set up a layer,
whether it's an out of state LLC where you can't
figure out who the managing member is is, or you
know that they want to set a layer up so
their privacy can be protected for at least a period
of time. Much more common in Los Angeles and York
(06:09):
with the privacy protections than here. But one of the
reasons why you don't see it as often here is
because we have a homestead exemption. And our homestead exemption
is unique for for a couple of reasons. One, it
lowers and reduces property taxes and puts caps on them.
And certainly now that there's a chance of abolishment of
(06:30):
property taxes, uh, you know, potentially a year or two
down the line in our state. The second reason that
you know, again, if it's a primary residence, uh, you know,
it's protected from creditors, a lot of creditors. If it's
an investment property, then it can be penetrated. So you'll
sometimes see you know, individual names like for example, when
(06:52):
Derek Cheater owned his home on Davis Island, it was
it was in his individual name. Part of the again,
it was part of a protection because you're you're you know,
your domicile, your homestead residence has property tax benefits, but
then it can't be penetrated by anyone but the I
R S.
Speaker 1 (07:08):
So if so, for.
Speaker 2 (07:09):
Example, if you have a really expensive home and you
put it in an LLC, that could potentially be pierced
by a creditor. If you have a primary residence, the
I R S is about the only of course it
got to pay a property taxes, but the I R
S is about the only place it can come after
your primary residence. So there are a lot of people
that use that it you know, use those two things
(07:29):
specifically in our state, so that that's generally unless they
can do there are ways to do a trust where
it can be done that way, but generally you're seeing
those individual names because it is a protection on money,
so they value. They have to debate the tax treatment
or the asset protection versus the and the property tax
(07:53):
benefits versus the privacy. So those are a couple of
other things I think. You know, again, the higher profile,
the more higher profile the celebrity, the more you know,
the more intricate you have to be in terms of
coordinating the showing. So for example, if someone is you know,
relatively well known, but but not something that you know
(08:15):
is gonna hit TMZ, it's a little bit different than
if you're, you know, someone so highly famous that uh,
just you walking a property and being seen in a
neighborhood can turn into a you know, a social media
post or a new or a news story or a
TMZ post. So when you're a you know, when you're
(08:36):
really high level celebrity, similar to going to a restaurant,
you're trying to go in the back door, You're trying
to go at certain times, you're you know, there are
periods of time where you're trying to avoid being seen.
You know, So the higher the profile, the more you
you you have to try and set up a showing
process that doesn't you know, that that keeps it private,
(08:58):
that doesn't allow as many people and notice or see.
In Tampa Bay, we're fortunate that a lot of our
luxury stuff is in single family homes. So it's relative.
It's a lot easier to shelter that right you're you're
pulling up to a driveway, you walk out, you go inside.
Places like New York City, Uh, it's it's more challenging
because a lot of times, especially if they're in Manhattan
(09:19):
and they're looking at apartments, you know they're gonna they're
gonna walk into a They're gonna walk into a place
and could run into seven people before they get to
there they get to the unit that they want to see.
So so in places like New York City, it's not
uncommon to have somebody that wants to see an apartment
at an at an odd hour. Uh, if they're a
celebrity or famous, because they want to control or minimize
(09:41):
the number of people that could see them. So last,
but not least. Again, depending on how high profile the
celebrity is, there are plenty of them that buy vacation
properties and very expensive homes that they don't even go
and see in person. They're simply relying on their people
and professionals. Uh, they're relying on video or FaceTime. And
(10:03):
and they they simply own many homes and they simply
buy one, and you know, even even choosing not to
go and visit it until after they've bought it.
Speaker 1 (10:12):
So so those are.
Speaker 2 (10:13):
Some caveats to to how you work with celebrities professional athletes.
A lot more about confidentiality, more privacy protections, some extra
hands kind of in that process, some extra people watching
out for liability and privacy. And and I think again
it's it's it's just unique and and I have run into.
Speaker 1 (10:35):
It over the years.
Speaker 2 (10:36):
You know, where you have an agent on the other
side that isn't as experienced with you know, working in
that space, and you know, or or a seller that
tries to force a pre approval or a proof of
funds on somebody that you know, look, you can look
up their contract and know that they have plenty enough
money to buy this property. You know, it's it's clear
(10:56):
how much they made on their last movie, or you
know they they signed a three year, fifty million dollar
contract two years ago. So but either they didn't know
the person or didn't do their research, or they still
try and hold the line on their rule of a
pre approval of proof of funds, and that can, unfortunately
with certain people, blow up the deal or cause them
(11:18):
not to want to see it because now they're offended
that you're going to make them call their financial advisor
for a statement when you know, it's not hard to
figure out that they have the money. So hopefully that's
a unique insight and helpful for people out there wanting
to know what it's like working with celebrities. But the
one thing that the last thing that I'll say is
all of the celebrities and athletes that we've ever worked
(11:39):
with have been incredible. Like there's always a stigma attached
sometimes with people to get to a certain level that
they're a certain way, and I've just not experienced that
with the ones that we've worked with. They've they just
they just have more money, they're more successful, or they're
in the public eye, but they're genuinely every single one
that I've ever worked with has been just an awesome, nice,
(12:02):
you know, respectful person. And that goes from NBA players,
NHL players, movie stars, you know, pretty much you name it.
We've you know, a lot of athletes in Tampa, a lot,
you know the wrestling crowd. We we've come across all
of that through the years and really never never had
one single bad experience. So hopefully that's helpful for you
(12:22):
and room to be back when continue talking about the
Tampa Bay real estate market. After a quick break here
on the Duncan Duo Show. So we're back here on
the Duncan Duo Real Estate Show talking about the Tampa
Bay real estate market. Andrew Duncan, the Duncan Duo team
LPT Realty at the Duncan Dubo. I want to talk
next about one of the most challenging real estate processes
(12:45):
or transactions that that we deal with and talk to
the people out there that could potentially be going through this,
and it's it's divorce. And unfortunately, divorcing while selling real
estate can be problematic for both the real estate agent
and the customers. But I want to I want to
preface this by explaining that at the same time, a
(13:06):
lot of times it makes sense to sell the property.
We have we have sold multiple properties recently where when
the when the couple's divorced it was explained in a
divorce document that the one spouse or the other spouse
got the property and had the had the had all
of the control, but they didn't actually take it out
of tight out of that person's title, or they didn't
(13:26):
pay out the mortgage because they couldn't. That still is
going to require the other person to have to be
involved in selling it if they're still on the title,
even if that court decree says that they have to
do it. They you know, it's causing problems. So when
you're divorcing, the one thing that I want you to
take a step back and think about with the property
is think of it more like a business decision. There's
(13:47):
obviously a motion that gets involved. A lot of times
we see it happen where the spouse that's staying in
the home and then the spouse that leaves and there's
this disdain for each other. Right, I mean, look, there's
a reason why they're not still married, and it causes
a lot of problems because problems that get in the
way of money. We've had homes where a couple is
going through divorce where one spouse is simply making emotional
(14:10):
decisions because they want to hurt the other spouse that's
also hurting their pocketbook, but they let the emotion get
in a way. So you know, the first piece of
advice that I have to every couple out there that's
going through divorce while trying to sell a property is
understand that you have to set aside your disinterest in
the other spouse and figure out a way to work
(14:30):
together to get the best outcome for you financially. And
I have seen far too many times where the divorcing
couples and they're disdained for each other causes sales to
fall apart or sales not to happen, and it caused
them both to lose money because they can't figure out
how to get along or get past the pain of
whatever the is being caused in the divorce. So so again,
(14:52):
best advice, do your best to think of it as
a business decision and cut the core and move on. Secondly,
if you do get divorced, makes sure that you understand
how real estate title works. Your spouse even with a
document recording for your divorce and a settlement and an
agreement that they're not going to financially benefit in the sale. Okay,
(15:16):
you're going to maintain the property. They're still on the title.
That divorce decree doesn't take them off the title. Okay,
they still have to sign. You're still gonna have to
deal with them. You're still gonna have to get them
to sign. And unfortunately, if it's that broken, they can
resist and then you've got to go through a legal
process and then guess what your buyer might walk and
then you lose your sale. So the best in every
(15:39):
possible scenario, my recommendation is refi the spouse off, pay
off the mortgage, do a quick claim deed, completely get
them off of the property somehow. Okay, that's the best
advice I can give you. If that isn't possible financially, okay,
you've got to do what you can to understand to
try and mend the fence. Not going to be able
(16:00):
to wave your divorce decree at the title agent and
say but it says here that it's my house. Okay,
that doesn't change the title scenario. And if they were
on the original mortgage and you know so, so again,
make sure you understand that that you're going to have
to still have that spouse, that X spouse you know,
assist you in selling the next thing I would say
(16:21):
is if you are an agent working with a divorcing couple.
Divorcing couples need to understand that the broker and the
agent represent both of you, okay, meaning that both of
you have a say so. For example, spouse A says
(16:42):
lower the price, spouse B has to agree. If spouse
B doesn't agree, the only thing that can get us
to lower that price is if either they agree or
a court proceeding. So again, the best advice I can
give you with selling your home while going through divorce
or post divorce is get on the same page. Do
(17:03):
what you can to financially, get on the same page,
bite your lip, mend the fence. You know, if you
want to light into them on text messages, wait until
after the house is sold, because they can cause a
lot of problems if you bother them and you know,
you know, send them a nasty gram text and then
they're ticked and then they don't sign, and then the
week or two that they wait cause you to lose
(17:24):
the buyer, and then you want to like it's just
a domino effect. You You've got to try and find
a way to cooperate to get through the sale. To home,
and you have to understand that the real estate broker
represents both of you, okay, meaning that you're both If
you're both on title, you both have to agree and
approve to everything that happens. So if you say, if
(17:44):
one spouse says I want you to do this and
the other spouse says I want you to do this,
we don't have an agreement by both sellers, meaning that
we can't move forward. So if spouse A says lower
the price, spouse B says no, or spouse A says
raise the price, spouse B says no, we can't do anything.
And it doesn't matter that you're the one that made
the money, or it doesn't matter that you're the one
(18:06):
living in the house. It matters who's on the title
of the property. That's who has the authority to take action.
And we have to get a commitment from both parties.
When both are there, we represent both, so we're stuck
in the middle. It's why you'll hear real estate agents
regularly joke that in addition to selling real estate, we're
also therapists. Because we're in the middle between spouse ay
(18:26):
and spouse me to hate each other, and we've got
to try and find a way to get you to
cooperate in order to move the house and get.
Speaker 1 (18:34):
The home sold.
Speaker 2 (18:35):
So hopefully that's helpful information for you if you are
going through divorce.
Speaker 1 (18:38):
I pray for you. I'm sorry.
Speaker 2 (18:39):
It sucks and it sucks selling real estate when you're
going through it. But hopefully those tips help you as
you navigate that process. And we're gonna be that continuous
conversation after a quick break here on the Duncan Duo Show.
So back here on The Duncan Duo Show, Andrew Duncan,
the Duncan Duo team, LPT Realty at the Duncan Duo
all social channels.
Speaker 1 (18:58):
My team is hiring. Look, we're growing.
Speaker 2 (19:00):
We just launched a realtor dot com market VIP program,
increased our advertising for home sellers. We are looking to
hire agents. We're looking to hire both agents to work
with buyers and agents to work directly with sellers. We've
never hired agents to work with sellers from the outside before,
and we are opening that up because we have more
opportunities than we can keep up with. So if you
(19:21):
are interested, you can go to Jointhduo dot com. You
can set up a career Consultation on our calendar link.
You can't apply at any of the open positions on there.
You can also send us a DM and say hey,
I'm interested in your team. I'd love to learn more,
and we'll set up a confidential consultation to disclose to
you what agents aren't, what the expectations are, how our
(19:43):
agents are performing, and what we expect to happen in
twenty twenty six. Speaking of twenty twenty six, I believe
twenty twenty six is going to be a really good
real estate year. And I've talked about this before on
the show, and I want to give you kind of
a forecast if you're a buyer or you're a seller
that's going to buy or move up. Okay, I really
(20:07):
want you to listen to this. Waiting is going to
hurt you. Okay, it's going to hurt you. Now, I
may not agree with everything that's happening in monetary policy
here in politics, but we have a pretty clear indication
of what is going to happen in twenty six for
a few things. Number one, we're going to get property
(20:27):
tax relief in Florida, whether they get abolished or whether
they get partially abolished, or whether it's only for homestead
or whether it's a certain price point. There's still a
lot yet to be decided. But that is Governor DeSantis's
legacy play. I believe it will happen. I think it
is going to be on the ballot in twenty six,
which means it happens in twenty seven. Markets move ahead
(20:51):
of those things, Okay, same thing with the FED. When
everybody's predicting a high probability of a FED rate cut,
Treasury bonds and mortgage rates software because they move ahead
of that actually happening as we get closer to the
date that some of that tax relief could show up.
I'm telling you the market, the real estate market will improve.
We will move people here. People will move here for
(21:13):
that purpose.
Speaker 1 (21:14):
Okay.
Speaker 2 (21:15):
Secondly, interest rates Okay, so not only do we believe
that property there's going to be property tax relief, Okay,
very confident that interestrates are going to be much lower
in twenty six. First off, we're on the heels of
another FED rate cut, potentially next week. I think there's
a high probability that that happens. In addition to that,
(21:37):
we're going to have a new federal Reserve governor in
twenty six, maybe even one or two more FED voting
governor or FED. Yes, so we're gonna have a chair,
a new chair next year, and a couple more governors
potentially changing over. Those people that are going to be
positioned are going to have to one hundred percent a
line with President Trump's monetary belief that rates need to
(22:00):
be drastically cut. They're gonna run it hot. Whether or
not it's good long term, no idea. What I can
say is they're gonna cut interest rates pretty dramatically. I
believe we're gonna see not quite COVID record breaking interest rates,
but a pretty dramatic drop in interest rates. And if
you look historically at the real estate market in Tampa
(22:21):
Bay over the last twenty years, the highest rates of appreciation,
we're during the periods of time where we massively cut rates.
The COVID era, we saw rates get really cheap and
prices skyrocket. Okay, so those are two things. We know
the FED chair is gonna be replaced, and we know
the FED chair is gonna have to i mean, convince
(22:42):
and be so bullish on the market that he's gonna
be a rate cutter. We just know it. It's just
the way it is gonna be. So if we know
that's coming in May, what does that mean for interest
rates next year? They're coming down, Okay, and when they
come down, price of skyrocket, just like they did in COVID.
So if you're waiting on the fence right now, if
(23:02):
you're a seller and you're like, oh, I'm gonna wait,
or you're a buyer and I'm gonna wait, it is
a it's a bad idea. Now let me explain why.
Because when rates drop, prices skyrocket. Okay, So you might think,
oh wow, I'm gonna get this great deal. Okay, Well
let me explain to you. Talk talk to talk to
the market, talk to talk to your friends. Okay that
(23:23):
overpaid for their house and got stuck. Okay, the prices
are going to skyrocket. You can always change your rate.
Speaker 1 (23:31):
You can't.
Speaker 2 (23:31):
You don't have the ability to change the price on
your house, but you can refinance. So my recommendation if
you're on the fence, if you're one of two people
right now, okay, if you are a home buyer that
doesn't own property, get off the fence or it's going
to get a lot more expensive. Okay. The reason it's
going to get a lot more expensive is because the
(23:52):
rate drops aren't going to be as dramatic as the
price increases. Okay, we're going to see some rate cuts, okay,
but they're not gonna match how fat prices are going
to rise when those rates cut. Secondly, if you're a seller,
if you own a home right now and your plan
is to move up, okay, get going. Don't wait because
you may think, well, the house that I own, it's
(24:13):
worth four hundred and I'm buying an eight hundred, and
I want my house from four hundred to go up
to four fifty. That sounds great to me. Okay, what
do you think the eight hundred thousand dollars house is doing?
You think it's sitting in a vacuum doing nothing. It's
gonna go up more if the market appreciates at ten percent.
Your four hundred thousand dollars house went up forty, you're
eight hundred thousand. You want to buy one up eighty?
(24:34):
You lost money, Okay, so get ahead of that. Don't
wait until rates start dropping even more to buy or sell.
If you're a move up or you don't own a
home and you're looking to buy, do it now and
then and then benefit from the equity run up and
refinance later and again. Could there be a chance that
rates don't drop as much? Yeah, of course. I mean
(24:55):
there's all kinds of economic things that could happen. But
what I'm telling you right now is everything points towards
every prediction market polymarket, which I love you. If you
don't know what poly market is, check it out. Every
prediction market out there is telling us what's happening. President
Trump has been very clear about his policies. There are
a lot of efforts being put in by Director Pulty
(25:19):
for the Federal Housing Finance Agency to improve the mortgage
process and find different products to pick up the real
estate market. The housing stocks. Okay, this is the other
thing too. Wall Street moves ahead of the market too.
Look at what's happened to housing stocks in the past
few months. They're all way up. Okay, they're way up.
(25:41):
Even in periods of time where the rest of the
market or tech was down. Housing market housing market stocks
kept they keep getting better because they know what's coming.
They're getting ahead of that. They're locking in the Wall Street,
who have the most expensive paid analysts in the world, Okay,
they know what's coming. The boom is coming. So if
you're waiting, you're going to lose.
Speaker 1 (26:04):
Okay.
Speaker 2 (26:04):
Not only are you gonna get outbid and maybe not
get the house that you want, but it's gonna cost
you more money. So my recommendation again, if you're if
you're a move up buyer, you should look at you know,
and you own a home, you should look at acting
relatively soon. Okay, if you're a home buyer, or if
you're looking to buy and you don't own a home,
or you're moving here from somewhere else, you should buy.
Speaker 1 (26:24):
If you're a.
Speaker 2 (26:25):
Move down it could make sense, you know, if you
know your equity rise may make it makes sense to
stay put because you're gonna get a financial gain on
your bigger property before you move down and the appreciation
on the properties or mismatch. If you've got a four
hundred and you're moving down to a two hundred, if
prices go up, your four hundred goes a four to forty,
(26:46):
you put more money in your pocket, and then you
buy a two hundred it goes up to two twenty.
So the move down buyer would probably be the only
one where I think the trends in alignment make financial
sense to potentially wait and see how this plays out.
Everyone else, I think loses if they don't. Now again,
there are a lot of things that could have a
local impact on a real estate market that could change this.
(27:06):
Of course, if we have a if there's a terror
attack or a world war. Of course, if we get
hit next year with a major hurricane in the middle
of the summer, those are things that could throw a
wrench in this. So real estate is the slowest moving
market in the world because it just doesn't escalate. It
doesn't increase and drop the same way crypto or the
(27:29):
stock market does. You know, crypto and the stock market
are very volatile and emotional. They can drop. You know,
you can see a stock drop five or ten percent
in a day. Even more, I know a stock that
drop forty percent in a day. Okay, there aren't. Housing
doesn't do that without an external force. The only way
the value of a home drops forty percent is if
it gets destroyed or wiped out from a storm. Besides
(27:51):
those things, real estate is really slow moving. But we
know these things are coming. They're not coming next week, okay,
so you got some time. They're not coming next week
or even next month, but they're coming, Okay. So it's
it's much different. And the last thing I want to
leave you with before we get to the break, I
get this question a lot from people, and it's it's, uh,
(28:14):
you know, the political climate that we're in right now,
we're going to move people here. We're going to see
population growth. Again, that's also a contributing factor why I
think we're going to have a boom in twenty six.
But again, real estate is the slowest moving market in
the world. People have to understand that. Mamdani in New York.
(28:35):
You know, I'm getting calls from people, well, now that
he's elected, my house value is going to go up.
Your house value is probably going to go up, okay,
just because of all the factors that I think are
in place. But it all we also depends on what
you plan to buy. It's going to go up too, Okay.
So again, like I said, the only person that really
makes sense to wait for prices to go up would
be the move down buyer. But let me talk about
(28:57):
the political climate a little bit and to people, just
because he was elected doesn't mean people are suddenly moving here. Okay,
Like I had a call this week with somebody who's like,
all these rich people are gonna move here. Now, do
you think rich people can just up and move their families.
They got kids, they got jobs, they got companies.
Speaker 1 (29:13):
It takes a while.
Speaker 2 (29:14):
Okay, it's gonna take a long time. People that live
in New York love New York. It's gonna take him
doing some stuff. Okay, politicians have a lot of promises.
Whether or not they actually get any of these things
done that get them elected is a whole other argument.
He's gonna have to do some of those things, and
there's gonna have to be some negative impact first before
you start seeing the needle move. And then when you
(29:35):
do start seeing the needle move, it takes time. People
have to sell their home up there, They've got to
come and look. So is it gonna have an instantaneous
impact on real estate values? No, could have a long
term trail. Possibly it might, but again it depends if
someone loves living in New York. Until things start changing
or happening, or policies actually get past the guy's not
(29:57):
even inaugurated yet. Okay, So just understand that again, when
when I talk to people that try and compare you know,
the stock market or crypto to real estate values, they're
so incomparable, completely not comparable at all. They don't operate
the same way. They don't operate from the same status.
You don't use your Google stock okay, you use your house, Okay,
(30:21):
you got to move your family, you don't have to
when you're pushing a button. It just doesn't move the
same way. So you have to take away your thoughts
about how certain announcements or decisions might impact a financial
market or a stock or crypto, for example, and understand
that real estate just doesn't work that way. It is
a very slow moving market. Now, do I think there
(30:41):
will be some positive impact from from some of the
things in New York?
Speaker 1 (30:46):
Possibly?
Speaker 2 (30:47):
Again, like that means I believe that politicians do what
they say they are going to do, some do, some don't.
So possibly some positive impact a year down the line,
you know, by the time people get through the holidays
and side to look in the spring and summer and
buy something and move. Of course there's a possibility. But again,
your home is an instantly valuable overnight in real estate
(31:08):
is very slow moving. We'll be back after a quick break.
Continue in the conversation. Wrap up our last segment here
on the Duncan Duo Real Estate Show. So back here
on the Duncan Duo Show, talking about the Tampa Bay
real estate market. Andrew Duncan, the Duncan Duo team LPT Realty.
I want to talk about AI really quick. And when
I say AI, I'm talking about large language models, I'm
talking about the chat epts, which is obviously the most
(31:31):
well known. I'm a Grok person, I'm an Elon fan.
I use Grok every single day. I'm a highest subscriber
on Grock. There's anthropic, there's claude. You know, there's a
bunch of different ones. Right, Google's got one gem and
I so AI, however, is massively changing how real estate works.
(31:52):
And I think there are a lot of consumers out
there that don't quite realize how much information is at
people's fingertips. I had a call the other day with
a customer and I asked them how much they owed,
and they were resistant to telling me, you know, And
the first thing I told them was like, look, I
can click like one button and figure it out. Like
I'm just asking you to see if you know or
you know how much you owe, so I can help
(32:13):
guide you the right way. You're not gatekeeping information, like
the premise that you're gonna gate keep information. Similarly, you know,
like real estate agents use an app called for Warn.
The National Association Realtors Florid Association Realtors provides it to
us on Forewarn allows us to run a mini background
check on somebody because there's been enough realtor attacks and
(32:34):
murders and you know, assaults that real estate agents have
been able to, you know, now be a loot of
this opportunity to determine if the person are going to
go show home to on Friday ninety eight o'clock, is
you know, a repeat criminal. Okay, so you know this
premise that you're gonna gate keep information is over. So
(32:57):
if a real estate agent is asking you what you owe,
they're wanting to know if you know what you owe,
and they're simply just wanting to save the hassle of
having to go on to AI or for Warren or
one of these data providers and click a button because
the you're not gatekeeping information anymore. Similarly, with a click
of a button, people can figure out who owns the
home next door, what you owe, what they owe, or
(33:20):
any of them predators, Do any of them have crimes?
AI is moving so fast and data information is moving
so fast, especially in Florida because we are a public state,
meaning that that information is public, publicly available, property Praiser sites, Hillsboro,
you know, Clerk County, clerk sites. It is moving so
fast that if you aren't using it, or if you're
(33:43):
not paying attention to it, the world is going to
pass you up, and you're not going to realize how
much information is available to people. So you know things
like you know when a real estate agent's asking you
what you owe on your mortgage and you don't want
to share it, or you don't want your home value
put on zio or like any attempts to gatekeep information
(34:05):
from people just are not going to be successful today.
They're not going to be successful because the agents and
the consumers can get the information. I had somebody not
long ago say well, I want to put my house
on the market, but I'm really private. I don't want
the address, So can you market my home and not
put the address? Said no, because it's just stupid, Like
(34:26):
it's stupid. Number One, someone wants to know the address.
They want to be able to look at it number two.
Even if you try and just tell them pinpoint a location,
you think that they're not going to figure out the
address like it's it is impossible to think that this
information you can withhold it from people. It is available,
it is there. You're not gatekeeping information today. AI is
(34:47):
basically replaced the people even need to spend time searching.
You can literally give the task to ask AI to
find this information and it will find it. And if
you're not used and you're not looking up stuff about yourself,
or you're not looking up stuff about your home so
that you know what you're working with, consumers are going
(35:08):
to have a leg up on you.
Speaker 1 (35:10):
Agents are going to have a leg up on you.
They're going to know. You know, I had somebody that
came in and they.
Speaker 2 (35:14):
Wanted to sell their house, and you know, they didn't
want to tell us what they own, And the reason
they didn't want to tell us what they owe is
because they owe more on that it was worth. And
I don't know if they just thought that magically, you know,
we were going to find somebody to overpay for the house.
But it's worth what it's worth. But yeah, you can't
gate keep information anymore. A is changing the game. They're
the last thing I want to say before we get
(35:37):
to the end of today's show.
Speaker 1 (35:39):
I get this a lot too.
Speaker 2 (35:41):
When someone is wanting to sell their home for what
they owe or what they have in it. The market
doesn't care. Market doesn't care what you owe, market doesn't
care about your situation. The market doesn't care how much
money you spent in the kitchen. The market cares what
the markets says it's worth.
Speaker 1 (36:01):
Period.
Speaker 2 (36:02):
And if you expect that in today's day and age
of data availability and the ability for AI to find
out information, if you expect that you're gonna be able
to sell home for considerably more than it's worth to
cover your mortgage, it's just not real. It's just not happening. Okay,
it's just not You're not gonna find somebody, no matter
(36:23):
how much money they are, to overpay.
Speaker 1 (36:24):
For your house.
Speaker 2 (36:25):
I had to call this week with somebody that had
like a two million dollar house in Penelo's County and
they owed two point four it's worth like two million.
It was an area that got hit bad by the storms. Said, well,
can't you find a you know, a rich guy from
Canada or Europe that would love a property like this.
Will you think they're not gonna of course, maybe they
would love a property like this. Do you think they're
gonna overpay? Just because they have money doesn't mean they're stupid,
(36:46):
you know, Just because they have the availability to overpay,
doesn't mean they will. No, no one's gonna do that.
They're gonna and if they love the area, and then
they're gonna look for they're gonna like your home and
then realize it's way over priced because they're gonna look
it up. They're gonna do the research. You know, no
one that's buying a two million dollar house isn't doing
some due diligence to determine the value. It just this
premise that you can hide the data or you can
(37:06):
trick the data. It's just over like AI has changed
the game. You're not going to sell your house to
somebody that has money. They're not going to overpay you
for your house because they have money. That's the reason
they have money. So again, know the data on your house,
know it AI spits out, Do some of your own research.
It's part of your due diligence, and understand that you
(37:26):
can't You're not going to be able to hide the
information anymore. Just not possible in our state, and it's
not possible how advanced all of the large language models
in ar againting so thank you so much for tuning
in when we aren't on air again at the Duncan Duo, Twitter, Instagram, YouTube, TikTok.
Join the duo dot com if you're thinking about joining
at high producing, massively successful real estate team for a
(37:50):
couple of decades here in Tampa Bay. We're going into
growth mode in twenty twenty six and I would love
to have some more agents join our team. Agents that
want to work exclusively with buyers, agents that want to
work with sellers, agents that want to work both. We're
looking to grow, so you can go to Jointduo dot
com and have an awesome rest of your weekend.
Speaker 1 (38:07):
Tampa Bay
Happy Sunday, Tampa Bay.
Speaker 2 (00:01):
We're with you for another week here on the Duncan
Duo Real Estate show like we are every Sunday at
ten for almost fifteen years. I think now been been
been at this a long time, and I've talked about
the topic I want to lead with today. This is
Andrew Duncan, the Duncan Duo Team LPT Realty at The
Duncan Duo Twitter, Instagram, YouTube, TikTok Facebook. The topic I'm
(00:24):
going to talk about today, I have talked about it before,
but it's fresh on my mind because I showed property
to two different celebrities this week. And it's interesting because
you know, you see the reality TV shows that sometimes
they're very staged, that sometimes kind of incorporate, you know,
what happens in a real estate transaction with celebrities. And
(00:47):
the second caveat to that is that you see things
on social media and then you know it's what happens
in reality is different than what happens in reality TV.
But I do want to kind of talk our audience
a little bit because I want to explain some of
the differences and the things that are unique and when
you're working with really good agents, and both the properties
(01:08):
I showed this week, you know that the other agent,
the agents on the other side were awesome. But but
I kind of want to give you a little bit
of insight into how things operate a little bit differently.
So typically in luxury real estate, a lot of the times,
you know, you're requiring a proof of funds. You know,
so if you're going to show a five million dollar house,
(01:29):
the seller may very well want to know that the
buyer has the capability of qualifying, so you know, it
may say things like, you know, pre approval or proof
of funds required before showing is approved. And so when
you're dealing with celebrities and people that are you know,
pretty commonly known to have the money, there's a resistance
because they obviously don't want that information being leaked or
(01:52):
they don't want that financial statement somehow getting copied or
put online. The average normal person probably maybe doesn't really
care if, you know, if I send a proof of
funds to someone to buy a property, because I do
it all the time. You know, we're constantly buying stuff,
and you know, someone leaks that, I'm you know, I'm
I'm not really worried about it. I'm I'm proud that
that that I've built, you know what I've built. But
(02:14):
but celebrities, on the other hand, are much more private.
They don't want that business out in out in the street.
So typically you're having to disclose maybe the name of
the person or at least some sort of hint about
who the person is to the other agent to get
them to say, Okay, yeah, you're right, I don't need
a proof of funds. So generally speaking, that's one unique
(02:35):
caveat to working with celebrities that are known to have
the money that it's not hard to verify that they
have the capability of buying the property, is that they're
not going to want to provide that that document. They're there,
and there's a little there can be a little bit
of an ego involvement too, where if if their name
doesn't work, then then that can bother them. You know,
if if, for example, if someone's famous and known and
(02:58):
on TV, or or a professional athlete and it's not
hard to figure out what their contract was and somebody's
trying to, you know, force a proof of funds, that
that person could get very offended. It can it can
bother them because it just it just can. There's there's
a certain element of involved with you know, I've been
in the public eye. You know, it's not hard to
figure out that I have the capability of doing this.
(03:19):
So so that's one unique caveat. I think a second
unique thing is that there's more hands involved than the
process with some celebrities. Now, there are some celebrities and
athletes that are very much involved with their money. They
they control their money, they still write their checks, they
still look at their statements, they're they're very much involved
(03:40):
in it, especially if there's some sort of financial celebrity
or someone in business that's a known, you know, entrepreneur.
But in other instances, like like it's probably more than
norm for professional athletes. They're not going to be involved
in a real estate transaction that doesn't have some of
(04:00):
their people. They're gonna have attorneys and agents and oftentimes
spouses that may manage that and and you know, so
you've got a little bit more people involved in the process.
In a typical real estate transaction, the buyer and seller
are the ones that are going to be kind of
involved with negotiating and making the decisions and answering things.
And sometimes if they're younger, or first time home buyer,
(04:21):
a parent or relative maybe assisting them, a spouse, those
types of things. When you're dealing with the higher net
worth celebrity that isn't involved in their money, a lot
of times you're going to be communicating with other people
that the celebrity or athlete may go and look at
the house and they may thumb it up. But then
you're dealing with their their business people, their attorneys, their agents,
(04:45):
you know, spouses in some instances. So it's just a
lot it's it's a much different process because you've got
extra people looking at things. So it can cause things
to sometimes take a little bit of extra time. It
can cause things to be a little bit more complicated,
you know, some of the legalities and terms and privacy
protections and so you know, I remember at one point,
(05:07):
and and we've worked with you know, athletes and celebrities,
you know, on numerous occasions, and I've had the instance
where the attorney or the agent is asked that the
original contract be you know, destroyed or not copied or duplicated,
simply because they didn't want that turning into an eBay auction,
you know, And they and they definitely didn't want the
knowledge slipping out about what it is that they're that
(05:29):
they're buying. You know, they didn't want you know, someone
knowing that they were thinking about buying a particular property,
or they had an offer on it, or that it
was even theirs. The other thing that you often see,
and it's a little less common in Florida, but you'll
often see celebrities or athletes buy homes either in land
(05:49):
trusts or LLCs that don't put their name on it.
They want to try and hide or set up a layer,
whether it's an out of state LLC where you can't
figure out who the managing member is is, or you
know that they want to set a layer up so
their privacy can be protected for at least a period
of time. Much more common in Los Angeles and York
(06:09):
with the privacy protections than here. But one of the
reasons why you don't see it as often here is
because we have a homestead exemption. And our homestead exemption
is unique for for a couple of reasons. One, it
lowers and reduces property taxes and puts caps on them.
And certainly now that there's a chance of abolishment of
(06:30):
property taxes, uh, you know, potentially a year or two
down the line in our state. The second reason that
you know, again, if it's a primary residence, uh, you know,
it's protected from creditors, a lot of creditors. If it's
an investment property, then it can be penetrated. So you'll
sometimes see you know, individual names like for example, when
(06:52):
Derek Cheater owned his home on Davis Island, it was
it was in his individual name. Part of the again,
it was part of a protection because you're you're you know,
your domicile, your homestead residence has property tax benefits, but
then it can't be penetrated by anyone but the I
R S.
Speaker 1 (07:08):
So if so, for.
Speaker 2 (07:09):
Example, if you have a really expensive home and you
put it in an LLC, that could potentially be pierced
by a creditor. If you have a primary residence, the
I R S is about the only of course it
got to pay a property taxes, but the I R
S is about the only place it can come after
your primary residence. So there are a lot of people
that use that it you know, use those two things
(07:29):
specifically in our state, so that that's generally unless they
can do there are ways to do a trust where
it can be done that way, but generally you're seeing
those individual names because it is a protection on money,
so they value. They have to debate the tax treatment
or the asset protection versus the and the property tax
(07:53):
benefits versus the privacy. So those are a couple of
other things I think. You know, again, the higher profile,
the more higher profile the celebrity, the more you know,
the more intricate you have to be in terms of
coordinating the showing. So for example, if someone is you know,
relatively well known, but but not something that you know
(08:15):
is gonna hit TMZ, it's a little bit different than
if you're, you know, someone so highly famous that uh,
just you walking a property and being seen in a
neighborhood can turn into a you know, a social media
post or a new or a news story or a
TMZ post. So when you're a you know, when you're
(08:36):
really high level celebrity, similar to going to a restaurant,
you're trying to go in the back door, You're trying
to go at certain times, you're you know, there are
periods of time where you're trying to avoid being seen.
You know, So the higher the profile, the more you
you you have to try and set up a showing
process that doesn't you know, that that keeps it private,
(08:58):
that doesn't allow as many people and notice or see.
In Tampa Bay, we're fortunate that a lot of our
luxury stuff is in single family homes. So it's relative.
It's a lot easier to shelter that right you're you're
pulling up to a driveway, you walk out, you go inside.
Places like New York City, Uh, it's it's more challenging
because a lot of times, especially if they're in Manhattan
(09:19):
and they're looking at apartments, you know they're gonna they're
gonna walk into a They're gonna walk into a place
and could run into seven people before they get to
there they get to the unit that they want to see.
So so in places like New York City, it's not
uncommon to have somebody that wants to see an apartment
at an at an odd hour. Uh, if they're a
celebrity or famous, because they want to control or minimize
(09:41):
the number of people that could see them. So last,
but not least. Again, depending on how high profile the
celebrity is, there are plenty of them that buy vacation
properties and very expensive homes that they don't even go
and see in person. They're simply relying on their people
and professionals. Uh, they're relying on video or FaceTime. And
(10:03):
and they they simply own many homes and they simply
buy one, and you know, even even choosing not to
go and visit it until after they've bought it.
Speaker 1 (10:12):
So so those are.
Speaker 2 (10:13):
Some caveats to to how you work with celebrities professional athletes.
A lot more about confidentiality, more privacy protections, some extra
hands kind of in that process, some extra people watching
out for liability and privacy. And and I think again
it's it's it's just unique and and I have run into.
Speaker 1 (10:35):
It over the years.
Speaker 2 (10:36):
You know, where you have an agent on the other
side that isn't as experienced with you know, working in
that space, and you know, or or a seller that
tries to force a pre approval or a proof of
funds on somebody that you know, look, you can look
up their contract and know that they have plenty enough
money to buy this property. You know, it's it's clear
(10:56):
how much they made on their last movie, or you
know they they signed a three year, fifty million dollar
contract two years ago. So but either they didn't know
the person or didn't do their research, or they still
try and hold the line on their rule of a
pre approval of proof of funds, and that can, unfortunately
with certain people, blow up the deal or cause them
(11:18):
not to want to see it because now they're offended
that you're going to make them call their financial advisor
for a statement when you know, it's not hard to
figure out that they have the money. So hopefully that's
a unique insight and helpful for people out there wanting
to know what it's like working with celebrities. But the
one thing that the last thing that I'll say is
all of the celebrities and athletes that we've ever worked
(11:39):
with have been incredible. Like there's always a stigma attached
sometimes with people to get to a certain level that
they're a certain way, and I've just not experienced that
with the ones that we've worked with. They've they just
they just have more money, they're more successful, or they're
in the public eye, but they're genuinely every single one
that I've ever worked with has been just an awesome, nice,
(12:02):
you know, respectful person. And that goes from NBA players,
NHL players, movie stars, you know, pretty much you name it.
We've you know, a lot of athletes in Tampa, a lot,
you know the wrestling crowd. We we've come across all
of that through the years and really never never had
one single bad experience. So hopefully that's helpful for you
(12:22):
and room to be back when continue talking about the
Tampa Bay real estate market. After a quick break here
on the Duncan Duo Show. So we're back here on
the Duncan Duo Real Estate Show talking about the Tampa
Bay real estate market. Andrew Duncan, the Duncan Duo team
LPT Realty at the Duncan Dubo. I want to talk
next about one of the most challenging real estate processes
(12:45):
or transactions that that we deal with and talk to
the people out there that could potentially be going through this,
and it's it's divorce. And unfortunately, divorcing while selling real
estate can be problematic for both the real estate agent
and the customers. But I want to I want to
preface this by explaining that at the same time, a
(13:06):
lot of times it makes sense to sell the property.
We have we have sold multiple properties recently where when
the when the couple's divorced it was explained in a
divorce document that the one spouse or the other spouse
got the property and had the had the had all
of the control, but they didn't actually take it out
of tight out of that person's title, or they didn't
(13:26):
pay out the mortgage because they couldn't. That still is
going to require the other person to have to be
involved in selling it if they're still on the title,
even if that court decree says that they have to
do it. They you know, it's causing problems. So when
you're divorcing, the one thing that I want you to
take a step back and think about with the property
is think of it more like a business decision. There's
(13:47):
obviously a motion that gets involved. A lot of times
we see it happen where the spouse that's staying in
the home and then the spouse that leaves and there's
this disdain for each other. Right, I mean, look, there's
a reason why they're not still married, and it causes
a lot of problems because problems that get in the
way of money. We've had homes where a couple is
going through divorce where one spouse is simply making emotional
(14:10):
decisions because they want to hurt the other spouse that's
also hurting their pocketbook, but they let the emotion get
in a way. So you know, the first piece of
advice that I have to every couple out there that's
going through divorce while trying to sell a property is
understand that you have to set aside your disinterest in
the other spouse and figure out a way to work
(14:30):
together to get the best outcome for you financially. And
I have seen far too many times where the divorcing
couples and they're disdained for each other causes sales to
fall apart or sales not to happen, and it caused
them both to lose money because they can't figure out
how to get along or get past the pain of
whatever the is being caused in the divorce. So so again,
(14:52):
best advice, do your best to think of it as
a business decision and cut the core and move on. Secondly,
if you do get divorced, makes sure that you understand
how real estate title works. Your spouse even with a
document recording for your divorce and a settlement and an
agreement that they're not going to financially benefit in the sale. Okay,
(15:16):
you're going to maintain the property. They're still on the title.
That divorce decree doesn't take them off the title. Okay,
they still have to sign. You're still gonna have to
deal with them. You're still gonna have to get them
to sign. And unfortunately, if it's that broken, they can
resist and then you've got to go through a legal
process and then guess what your buyer might walk and
then you lose your sale. So the best in every
(15:39):
possible scenario, my recommendation is refi the spouse off, pay
off the mortgage, do a quick claim deed, completely get
them off of the property somehow. Okay, that's the best
advice I can give you. If that isn't possible financially, okay,
you've got to do what you can to understand to
try and mend the fence. Not going to be able
(16:00):
to wave your divorce decree at the title agent and
say but it says here that it's my house. Okay,
that doesn't change the title scenario. And if they were
on the original mortgage and you know so, so again,
make sure you understand that that you're going to have
to still have that spouse, that X spouse you know,
assist you in selling the next thing I would say
(16:21):
is if you are an agent working with a divorcing couple.
Divorcing couples need to understand that the broker and the
agent represent both of you, okay, meaning that both of
you have a say so. For example, spouse A says
(16:42):
lower the price, spouse B has to agree. If spouse
B doesn't agree, the only thing that can get us
to lower that price is if either they agree or
a court proceeding. So again, the best advice I can
give you with selling your home while going through divorce
or post divorce is get on the same page. Do
(17:03):
what you can to financially, get on the same page,
bite your lip, mend the fence. You know, if you
want to light into them on text messages, wait until
after the house is sold, because they can cause a
lot of problems if you bother them and you know,
you know, send them a nasty gram text and then
they're ticked and then they don't sign, and then the
week or two that they wait cause you to lose
(17:24):
the buyer, and then you want to like it's just
a domino effect. You You've got to try and find
a way to cooperate to get through the sale. To home,
and you have to understand that the real estate broker
represents both of you, okay, meaning that you're both If
you're both on title, you both have to agree and
approve to everything that happens. So if you say, if
(17:44):
one spouse says I want you to do this and
the other spouse says I want you to do this,
we don't have an agreement by both sellers, meaning that
we can't move forward. So if spouse A says lower
the price, spouse B says no, or spouse A says
raise the price, spouse B says no, we can't do anything.
And it doesn't matter that you're the one that made
the money, or it doesn't matter that you're the one
(18:06):
living in the house. It matters who's on the title
of the property. That's who has the authority to take action.
And we have to get a commitment from both parties.
When both are there, we represent both, so we're stuck
in the middle. It's why you'll hear real estate agents
regularly joke that in addition to selling real estate, we're
also therapists. Because we're in the middle between spouse ay
(18:26):
and spouse me to hate each other, and we've got
to try and find a way to get you to
cooperate in order to move the house and get.
Speaker 1 (18:34):
The home sold.
Speaker 2 (18:35):
So hopefully that's helpful information for you if you are
going through divorce.
Speaker 1 (18:38):
I pray for you. I'm sorry.
Speaker 2 (18:39):
It sucks and it sucks selling real estate when you're
going through it. But hopefully those tips help you as
you navigate that process. And we're gonna be that continuous
conversation after a quick break here on the Duncan Duo Show.
So back here on The Duncan Duo Show, Andrew Duncan,
the Duncan Duo team, LPT Realty at the Duncan Duo
all social channels.
Speaker 1 (18:58):
My team is hiring. Look, we're growing.
Speaker 2 (19:00):
We just launched a realtor dot com market VIP program,
increased our advertising for home sellers. We are looking to
hire agents. We're looking to hire both agents to work
with buyers and agents to work directly with sellers. We've
never hired agents to work with sellers from the outside before,
and we are opening that up because we have more
opportunities than we can keep up with. So if you
(19:21):
are interested, you can go to Jointhduo dot com. You
can set up a career Consultation on our calendar link.
You can't apply at any of the open positions on there.
You can also send us a DM and say hey,
I'm interested in your team. I'd love to learn more,
and we'll set up a confidential consultation to disclose to
you what agents aren't, what the expectations are, how our
(19:43):
agents are performing, and what we expect to happen in
twenty twenty six. Speaking of twenty twenty six, I believe
twenty twenty six is going to be a really good
real estate year. And I've talked about this before on
the show, and I want to give you kind of
a forecast if you're a buyer or you're a seller
that's going to buy or move up. Okay, I really
(20:07):
want you to listen to this. Waiting is going to
hurt you. Okay, it's going to hurt you. Now, I
may not agree with everything that's happening in monetary policy
here in politics, but we have a pretty clear indication
of what is going to happen in twenty six for
a few things. Number one, we're going to get property
(20:27):
tax relief in Florida, whether they get abolished or whether
they get partially abolished, or whether it's only for homestead
or whether it's a certain price point. There's still a
lot yet to be decided. But that is Governor DeSantis's
legacy play. I believe it will happen. I think it
is going to be on the ballot in twenty six,
which means it happens in twenty seven. Markets move ahead
(20:51):
of those things, Okay, same thing with the FED. When
everybody's predicting a high probability of a FED rate cut,
Treasury bonds and mortgage rates software because they move ahead
of that actually happening as we get closer to the
date that some of that tax relief could show up.
I'm telling you the market, the real estate market will improve.
We will move people here. People will move here for
(21:13):
that purpose.
Speaker 1 (21:14):
Okay.
Speaker 2 (21:15):
Secondly, interest rates Okay, so not only do we believe
that property there's going to be property tax relief, Okay,
very confident that interestrates are going to be much lower
in twenty six. First off, we're on the heels of
another FED rate cut, potentially next week. I think there's
a high probability that that happens. In addition to that,
(21:37):
we're going to have a new federal Reserve governor in
twenty six, maybe even one or two more FED voting
governor or FED. Yes, so we're gonna have a chair,
a new chair next year, and a couple more governors
potentially changing over. Those people that are going to be
positioned are going to have to one hundred percent a
line with President Trump's monetary belief that rates need to
(22:00):
be drastically cut. They're gonna run it hot. Whether or
not it's good long term, no idea. What I can
say is they're gonna cut interest rates pretty dramatically. I
believe we're gonna see not quite COVID record breaking interest rates,
but a pretty dramatic drop in interest rates. And if
you look historically at the real estate market in Tampa
(22:21):
Bay over the last twenty years, the highest rates of appreciation,
we're during the periods of time where we massively cut rates.
The COVID era, we saw rates get really cheap and
prices skyrocket. Okay, so those are two things. We know
the FED chair is gonna be replaced, and we know
the FED chair is gonna have to i mean, convince
(22:42):
and be so bullish on the market that he's gonna
be a rate cutter. We just know it. It's just
the way it is gonna be. So if we know
that's coming in May, what does that mean for interest
rates next year? They're coming down, Okay, and when they
come down, price of skyrocket, just like they did in COVID.
So if you're waiting on the fence right now, if
(23:02):
you're a seller and you're like, oh, I'm gonna wait,
or you're a buyer and I'm gonna wait, it is
a it's a bad idea. Now let me explain why.
Because when rates drop, prices skyrocket. Okay, So you might think,
oh wow, I'm gonna get this great deal. Okay, Well
let me explain to you. Talk talk to talk to
the market, talk to talk to your friends. Okay that
(23:23):
overpaid for their house and got stuck. Okay, the prices
are going to skyrocket. You can always change your rate.
Speaker 1 (23:31):
You can't.
Speaker 2 (23:31):
You don't have the ability to change the price on
your house, but you can refinance. So my recommendation if
you're on the fence, if you're one of two people
right now, okay, if you are a home buyer that
doesn't own property, get off the fence or it's going
to get a lot more expensive. Okay. The reason it's
going to get a lot more expensive is because the
(23:52):
rate drops aren't going to be as dramatic as the
price increases. Okay, we're going to see some rate cuts, okay,
but they're not gonna match how fat prices are going
to rise when those rates cut. Secondly, if you're a seller,
if you own a home right now and your plan
is to move up, okay, get going. Don't wait because
you may think, well, the house that I own, it's
(24:13):
worth four hundred and I'm buying an eight hundred, and
I want my house from four hundred to go up
to four fifty. That sounds great to me. Okay, what
do you think the eight hundred thousand dollars house is doing?
You think it's sitting in a vacuum doing nothing. It's
gonna go up more if the market appreciates at ten percent.
Your four hundred thousand dollars house went up forty, you're
eight hundred thousand. You want to buy one up eighty?
(24:34):
You lost money, Okay, so get ahead of that. Don't
wait until rates start dropping even more to buy or sell.
If you're a move up or you don't own a
home and you're looking to buy, do it now and
then and then benefit from the equity run up and
refinance later and again. Could there be a chance that
rates don't drop as much? Yeah, of course. I mean
(24:55):
there's all kinds of economic things that could happen. But
what I'm telling you right now is everything points towards
every prediction market polymarket, which I love you. If you
don't know what poly market is, check it out. Every
prediction market out there is telling us what's happening. President
Trump has been very clear about his policies. There are
a lot of efforts being put in by Director Pulty
(25:19):
for the Federal Housing Finance Agency to improve the mortgage
process and find different products to pick up the real
estate market. The housing stocks. Okay, this is the other
thing too. Wall Street moves ahead of the market too.
Look at what's happened to housing stocks in the past
few months. They're all way up. Okay, they're way up.
(25:41):
Even in periods of time where the rest of the
market or tech was down. Housing market housing market stocks
kept they keep getting better because they know what's coming.
They're getting ahead of that. They're locking in the Wall Street,
who have the most expensive paid analysts in the world, Okay,
they know what's coming. The boom is coming. So if
you're waiting, you're going to lose.
Speaker 1 (26:04):
Okay.
Speaker 2 (26:04):
Not only are you gonna get outbid and maybe not
get the house that you want, but it's gonna cost
you more money. So my recommendation again, if you're if
you're a move up buyer, you should look at you know,
and you own a home, you should look at acting
relatively soon. Okay, if you're a home buyer, or if
you're looking to buy and you don't own a home,
or you're moving here from somewhere else, you should buy.
Speaker 1 (26:24):
If you're a.
Speaker 2 (26:25):
Move down it could make sense, you know, if you
know your equity rise may make it makes sense to
stay put because you're gonna get a financial gain on
your bigger property before you move down and the appreciation
on the properties or mismatch. If you've got a four
hundred and you're moving down to a two hundred, if
prices go up, your four hundred goes a four to forty,
(26:46):
you put more money in your pocket, and then you
buy a two hundred it goes up to two twenty.
So the move down buyer would probably be the only
one where I think the trends in alignment make financial
sense to potentially wait and see how this plays out.
Everyone else, I think loses if they don't. Now again,
there are a lot of things that could have a
local impact on a real estate market that could change this.
(27:06):
Of course, if we have a if there's a terror
attack or a world war. Of course, if we get
hit next year with a major hurricane in the middle
of the summer, those are things that could throw a
wrench in this. So real estate is the slowest moving
market in the world because it just doesn't escalate. It
doesn't increase and drop the same way crypto or the
(27:29):
stock market does. You know, crypto and the stock market
are very volatile and emotional. They can drop. You know,
you can see a stock drop five or ten percent
in a day. Even more, I know a stock that
drop forty percent in a day. Okay, there aren't. Housing
doesn't do that without an external force. The only way
the value of a home drops forty percent is if
it gets destroyed or wiped out from a storm. Besides
(27:51):
those things, real estate is really slow moving. But we
know these things are coming. They're not coming next week, okay,
so you got some time. They're not coming next week
or even next month, but they're coming, Okay. So it's
it's much different. And the last thing I want to
leave you with before we get to the break, I
get this question a lot from people, and it's it's, uh,
(28:14):
you know, the political climate that we're in right now,
we're going to move people here. We're going to see
population growth. Again, that's also a contributing factor why I
think we're going to have a boom in twenty six.
But again, real estate is the slowest moving market in
the world. People have to understand that. Mamdani in New York.
(28:35):
You know, I'm getting calls from people, well, now that
he's elected, my house value is going to go up.
Your house value is probably going to go up, okay,
just because of all the factors that I think are
in place. But it all we also depends on what
you plan to buy. It's going to go up too, Okay.
So again, like I said, the only person that really
makes sense to wait for prices to go up would
be the move down buyer. But let me talk about
(28:57):
the political climate a little bit and to people, just
because he was elected doesn't mean people are suddenly moving here. Okay,
Like I had a call this week with somebody who's like,
all these rich people are gonna move here. Now, do
you think rich people can just up and move their families.
They got kids, they got jobs, they got companies.
Speaker 1 (29:13):
It takes a while.
Speaker 2 (29:14):
Okay, it's gonna take a long time. People that live
in New York love New York. It's gonna take him
doing some stuff. Okay, politicians have a lot of promises.
Whether or not they actually get any of these things
done that get them elected is a whole other argument.
He's gonna have to do some of those things, and
there's gonna have to be some negative impact first before
you start seeing the needle move. And then when you
(29:35):
do start seeing the needle move, it takes time. People
have to sell their home up there, They've got to
come and look. So is it gonna have an instantaneous
impact on real estate values? No, could have a long
term trail. Possibly it might, but again it depends if
someone loves living in New York. Until things start changing
or happening, or policies actually get past the guy's not
(29:57):
even inaugurated yet. Okay, So just understand that again, when
when I talk to people that try and compare you know,
the stock market or crypto to real estate values, they're
so incomparable, completely not comparable at all. They don't operate
the same way. They don't operate from the same status.
You don't use your Google stock okay, you use your house, Okay,
(30:21):
you got to move your family, you don't have to
when you're pushing a button. It just doesn't move the
same way. So you have to take away your thoughts
about how certain announcements or decisions might impact a financial
market or a stock or crypto, for example, and understand
that real estate just doesn't work that way. It is
a very slow moving market. Now, do I think there
(30:41):
will be some positive impact from from some of the
things in New York?
Speaker 1 (30:46):
Possibly?
Speaker 2 (30:47):
Again, like that means I believe that politicians do what
they say they are going to do, some do, some don't.
So possibly some positive impact a year down the line,
you know, by the time people get through the holidays
and side to look in the spring and summer and
buy something and move. Of course there's a possibility. But again,
your home is an instantly valuable overnight in real estate
(31:08):
is very slow moving. We'll be back after a quick break.
Continue in the conversation. Wrap up our last segment here
on the Duncan Duo Real Estate Show. So back here
on the Duncan Duo Show, talking about the Tampa Bay
real estate market. Andrew Duncan, the Duncan Duo team LPT Realty.
I want to talk about AI really quick. And when
I say AI, I'm talking about large language models, I'm
talking about the chat epts, which is obviously the most
(31:31):
well known. I'm a Grok person, I'm an Elon fan.
I use Grok every single day. I'm a highest subscriber
on Grock. There's anthropic, there's claude. You know, there's a
bunch of different ones. Right, Google's got one gem and
I so AI, however, is massively changing how real estate works.
(31:52):
And I think there are a lot of consumers out
there that don't quite realize how much information is at
people's fingertips. I had a call the other day with
a customer and I asked them how much they owed,
and they were resistant to telling me, you know, And
the first thing I told them was like, look, I
can click like one button and figure it out. Like
I'm just asking you to see if you know or
you know how much you owe, so I can help
(32:13):
guide you the right way. You're not gatekeeping information, like
the premise that you're gonna gate keep information. Similarly, you know,
like real estate agents use an app called for Warn.
The National Association Realtors Florid Association Realtors provides it to
us on Forewarn allows us to run a mini background
check on somebody because there's been enough realtor attacks and
(32:34):
murders and you know, assaults that real estate agents have
been able to, you know, now be a loot of
this opportunity to determine if the person are going to
go show home to on Friday ninety eight o'clock, is
you know, a repeat criminal. Okay, so you know this
premise that you're gonna gate keep information is over. So
(32:57):
if a real estate agent is asking you what you owe,
they're wanting to know if you know what you owe,
and they're simply just wanting to save the hassle of
having to go on to AI or for Warren or
one of these data providers and click a button because
the you're not gatekeeping information anymore. Similarly, with a click
of a button, people can figure out who owns the
home next door, what you owe, what they owe, or
(33:20):
any of them predators, Do any of them have crimes?
AI is moving so fast and data information is moving
so fast, especially in Florida because we are a public state,
meaning that that information is public, publicly available, property Praiser sites, Hillsboro,
you know, Clerk County, clerk sites. It is moving so
fast that if you aren't using it, or if you're
(33:43):
not paying attention to it, the world is going to
pass you up, and you're not going to realize how
much information is available to people. So you know things
like you know when a real estate agent's asking you
what you owe on your mortgage and you don't want
to share it, or you don't want your home value
put on zio or like any attempts to gatekeep information
(34:05):
from people just are not going to be successful today.
They're not going to be successful because the agents and
the consumers can get the information. I had somebody not
long ago say well, I want to put my house
on the market, but I'm really private. I don't want
the address, So can you market my home and not
put the address? Said no, because it's just stupid, Like
(34:26):
it's stupid. Number One, someone wants to know the address.
They want to be able to look at it number two.
Even if you try and just tell them pinpoint a location,
you think that they're not going to figure out the
address like it's it is impossible to think that this
information you can withhold it from people. It is available,
it is there. You're not gatekeeping information today. AI is
(34:47):
basically replaced the people even need to spend time searching.
You can literally give the task to ask AI to
find this information and it will find it. And if
you're not used and you're not looking up stuff about yourself,
or you're not looking up stuff about your home so
that you know what you're working with, consumers are going
(35:08):
to have a leg up on you.
Speaker 1 (35:10):
Agents are going to have a leg up on you.
They're going to know. You know, I had somebody that
came in and they.
Speaker 2 (35:14):
Wanted to sell their house, and you know, they didn't
want to tell us what they own, And the reason
they didn't want to tell us what they owe is
because they owe more on that it was worth. And
I don't know if they just thought that magically, you know,
we were going to find somebody to overpay for the house.
But it's worth what it's worth. But yeah, you can't
gate keep information anymore. A is changing the game. They're
the last thing I want to say before we get
(35:37):
to the end of today's show.
Speaker 1 (35:39):
I get this a lot too.
Speaker 2 (35:41):
When someone is wanting to sell their home for what
they owe or what they have in it. The market
doesn't care. Market doesn't care what you owe, market doesn't
care about your situation. The market doesn't care how much
money you spent in the kitchen. The market cares what
the markets says it's worth.
Speaker 1 (36:01):
Period.
Speaker 2 (36:02):
And if you expect that in today's day and age
of data availability and the ability for AI to find
out information, if you expect that you're gonna be able
to sell home for considerably more than it's worth to
cover your mortgage, it's just not real. It's just not happening. Okay,
it's just not You're not gonna find somebody, no matter
(36:23):
how much money they are, to overpay.
Speaker 1 (36:24):
For your house.
Speaker 2 (36:25):
I had to call this week with somebody that had
like a two million dollar house in Penelo's County and
they owed two point four it's worth like two million.
It was an area that got hit bad by the storms. Said, well,
can't you find a you know, a rich guy from
Canada or Europe that would love a property like this.
Will you think they're not gonna of course, maybe they
would love a property like this. Do you think they're
gonna overpay? Just because they have money doesn't mean they're stupid,
(36:46):
you know, Just because they have the availability to overpay,
doesn't mean they will. No, no one's gonna do that.
They're gonna and if they love the area, and then
they're gonna look for they're gonna like your home and
then realize it's way over priced because they're gonna look
it up. They're gonna do the research. You know, no
one that's buying a two million dollar house isn't doing
some due diligence to determine the value. It just this
premise that you can hide the data or you can
(37:06):
trick the data. It's just over like AI has changed
the game. You're not going to sell your house to
somebody that has money. They're not going to overpay you
for your house because they have money. That's the reason
they have money. So again, know the data on your house,
know it AI spits out, Do some of your own research.
It's part of your due diligence, and understand that you
(37:26):
can't You're not going to be able to hide the
information anymore. Just not possible in our state, and it's
not possible how advanced all of the large language models
in ar againting so thank you so much for tuning
in when we aren't on air again at the Duncan Duo, Twitter, Instagram, YouTube, TikTok.
Join the duo dot com if you're thinking about joining
at high producing, massively successful real estate team for a
(37:50):
couple of decades here in Tampa Bay. We're going into
growth mode in twenty twenty six and I would love
to have some more agents join our team. Agents that
want to work exclusively with buyers, agents that want to
work with sellers, agents that want to work both. We're
looking to grow, so you can go to Jointduo dot
com and have an awesome rest of your weekend.
Speaker 1 (38:07):
Tampa Bay
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