Duncan Duo 2-23-25

Episode Transcript

Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're with you for another week,
like we are every Sunday right here on the Duncan
Duo Real Estate Show. I'm Andrew Duncan, the Duncan Duo
team at LPT Realty. Excited to be dropping some knowledge
for you every Sunday right here on WFLA News. Today,
I want to get to a lot of stuff today.

(00:20):
I want to also talk about kind of the market overview.
I'm excited because our team is really starting to ramp
up production. We hit fifty pending home sales, which was
the first time since we had the storms that we've
kind of gotten back up to that number. So we're
starting to see demand comeback. We're starting to see some improvements.
We've had some pretty high price sales. We just had

(00:41):
a home that we had listed for two point nine
that just sold last week. We've got another one for
a little short of two million, and some other activity
and some other higher price points. Picked up a new
construction builder that we're working with at assigned ten listings
to us and ultimately are starting to do a lot
more new construction business. I think that's obviously pretty common

(01:02):
in the marketplace right now. Because the new construction builders
can partner with lenders and do kind of book in
advanced buydowns of interest rates to make it more you know,
affordable for home buyers. So new construction is definitely something
we're seeing a lot of activity, but excited about the
energy in the market. A lot of things happening in
Washington that I think will start to trickle to some

(01:23):
positive effects of our real estate market. We've already started
to see some of the storm activity come back, some
of the pre storm demand that we were seeing. The
storm's really obviously, you know, shuttered our markets, and we're
starting to see some improvements, and I think all of
that is heading in a really good direction for our
market as a whole, not just in the luxury space,

(01:45):
which you heard me talk about a couple of those,
but we've got, you know, gobs and gobs of three, four, five, six,
seven hundred thousand dollars houses on the market, coming on
the market and going under contracts. So the activity is
definitely picking up, which I think is a really great sign.
And if you're someone that's paying tension to real estate,
you're curious about your value, you want to know what's
going on. You can hit up Duncan Duo dot com.

(02:06):
We have an online valuation tool that blends the data
for multiple different websites, puts it in a graph chart.
Let's just see what's going on in your neighborhood. Definitely
very interactive where you can kind of work with it
a little bit to add features for your home. And
so if you want to know what's going on in
your specific neighborhood, you can go to Duncan Duo dot

(02:27):
com and type in your address. And my expectation about
our real estate market this year, My producer James just
came in and was asking me like, Hey, what do
you think is going to happen? And I think we're
going to have a lot more transactions this year. I
think prices are going to rise, but they're going to
rise pretty incrementally, and we're going to see a lot
more of that, probably in the second and third quarter,

(02:48):
start to pick up and see some price gains. We're
starting to get through some of the storm activity. A
lot of those flooded homes have sold, are either being
rebuilt or torn down. Some of the rebuilt homes have
already come on the market. The teardowns those are gonna
be new construction. It'll be a you know, kind of
a year down the line for most of those to

(03:08):
show up. But nonetheless, we're starting to see some activity
come back. And like I said, I believe that we
will see more transactions this year, you know, assuming no
major storms. That that obviously is the wild card that
we have in the third and fourth quarter. Assuming we
see no major storms or other you know, national economic

(03:31):
you know events or natural disasters, then I believe that
we will see a substantial increase in sales this year.
Prices will start to improve in the second half of
the year, uh and preparing us for next year in
the year following where we might be back to seeing
some peak real estate numbers again, depending on what happens
with interest rates, depending on what happens with inflation. Those

(03:52):
are all things that have a lot of activity around
them that we are dependent on. But nonetheless, I think
interstrates are going to kind of be where they're at
this year. And I think one thing that I that
I will tell people that I think is, you know,
smart money right now is buying real estate and buying homes.

(04:13):
And the reason why I say that is because when
we we've seen some you know, price drops, We've seen
some depreciation. We've seen neighborhoods five ten percent drops in value.
Nothing drastic, nothing great recession like or foreclosure era like.
It's it's just some moderate drops in values and some

(04:34):
of that's going to come back. But it's a good
time to buy because of those, because of that opportunity
to get a little bit better deal in some neighborhoods.
And the rationale behind it is the record breaking appreciation
that we see. If we date back a few years
during you know, COVID and post COVID, when we had

(04:55):
interest rates in the threes, we saw home values in
Tampa Bay appreciate in some areas over thirty percent annually.
That's a pretty good return on investment, pretty hard to beat,
not super sustainable. We know that when rates drop we'll
see appreciation again. Now, will we see rates in the
twos and threes again? Probably hard to believe that. Will

(05:16):
we see thirty plus percent appreciation? Also, probably hard to
believe that that was an anomaly, maybe a once in
a lifetime fantasy land event. However, could we see interest
rates in the fours and fives and could we see
fifteen eighteen percent appreciation. Yes, I think completely realistic a
couple of years down the line, as long again as

(05:37):
everything keeps pointing in the right direction and we avoid
major natural disasters. So speaking of major national disasters, we're
almost to March and not that far off from hurricane season.
All right, it's been a few months since we had them.
If you're someone that doesn't have flood insurance, please look
into getting it. A lot of people got I'm still

(05:58):
getting calls from clients that got just crushed by not
having flood insurance and having homes flooded. So now is
the time to take advantage of that. Don't wait until
storm season gets here and then have a storm out
on the horizon and try to buy flood insurance and
get it now. So back to predictions for the market again,
some slight appreciation, probably a little bit better next year

(06:18):
and more transactions, and we are already seeing that on
my team. I feel like the new presidential administration some
of the campaign promises that they're fulfilling some of the
actions that they're taking. Certainly polarizing, certainly controversial for some,
but a lot of those things were things that President
Trump campaigned on and said he was going to do,
and I think there are a lot of those things

(06:39):
that he is doing that are going to be good
for the real estate market and good for interest rates
and inflation as long as we continue down that path
of reducing government waste, reducing government expense, improving the tax situation,
and of course improvements in the economy and the market
will lead to more people buying, more people moving, that
sort of thing. So that's my prediction. That's my take

(07:02):
on what I happen to see. But if you want
to know specifically what's happening with your house in your neighborhood,
go to dunkin Duo dot com. And that's really important
because I can sit here and talk generally about the market,
and that's going broadcast around all product types and a
really broad geographic area. But there are some neighborhoods that
will outperform that, and there are some neighborhoods that will

(07:24):
underperform that. For example, you know, the waterfront market probably
going to be a little bit rough for a while.
You know, you have so much waterfront damaged homes that
are pulling values down. You're more likely to have had
flood damage near the water, which means more likely that
some of those could turn into distressed properties and distressed sales. Eventually.

(07:45):
The long term proposition of waterfront is probably higher values,
in the short term probably lower. And you know, I
had somebody call me and kind of ask me their
opinion about what was going on in their particular neighborhood.
And of course I go to our website and you
can stay up to date. Go to dunkin doo dot com,
you can stay up to date on what's going on.
But in general, what we're going to see happen with

(08:07):
a lot of our waterfront is this short term value
drop because so many of these flooded homes either were
cash I think I saw recently where you know, some
parts of Tampa Bay have almost forty percent of the
homes that don't have a mortgage. If there's no mortgage,
there's no requirement for flood insurance, and there's certainly a
lot of people that didn't opt for flood insurance. So anyway,

(08:29):
some of those homes turned into fire sales, lower prices,
pulling the comps down. The homes that maybe didn't get
damaged to get pulled down by the ones that did.
Because sometimes an appraiser here and there, or a county
assessor's office here and there doesn't realize a house sale
that was a flooded sale. It gets priced, gets looked
at as a retail sale. And then just in general,
the kind of stigma attached to some of those areas

(08:50):
where you still have a lot of homes unoccupied. They're
getting torn down, they're getting renovated. It's just the waterfront
market's going to take a little bit of time to
you know, to come back. So the reason why I
say long term it's probably a really really good thing is,
you know, we can go to history and we can
look at parts of the country that got flooded and

(09:13):
what happened afterwards. And what happens afterwards is FEMA comes
in and the insurance companies come in and they want
homes to be elevated or raised or you can't rebuild.
They won't give you a permit, they won't let you
go past a fifty percent rule, which requires a structure
to not be more improved than fifty percent of the
structure's value. So when you have that happen, a lot

(09:35):
of those homes get torn down and new luxury, higher
end homes get put in their place. Davis Islands is
an example of this that has happened naturally, not because
of storms, but because so many people their land value
became more valuable than their you know, then the structure
value and the demand for people wanting to live there

(09:56):
was so high that there were plenty of people who
had homes that were you know, the homes, the structures
themselves pretty much valueless because of what the land was worth.
So more of that is going to happen in some
of our waterfront neighborhoods throughout Tampa, and you're going to
see this, you know, this dramatic change in terms of
these neighborhoods that have really small houses and big homes

(10:17):
are going to go in their place, big new homes
that are going to sell for higher dollars that the
homes that were built maybe in eighteen or nineteen that
are also elevated are going to get pulled up. So
in a lot of neighborhoods, the homes that didn't get
flooded or that are able to be improved, values are
going to improve because you're going to have more higher
end homes built in those neighborhoods. So the long term

(10:38):
for waterfront is actually positive. The short term is negative.
But again, you want to know about your house specifically,
go to dunkinduo dot com. Just type in your dress,
super easy form to fill out. It can pop up
while you're driving. Don't do it while you're driving. Maybe
to stop light or stop sign or pull over, but
super easy. Dunkin duo dot com. Plug in your dress.

(10:58):
It's going to give you a dash board. It's going
to give you multiple different value sets for your home,
multiple different companies. And you'll even have the ability within
the dashboard whenever you want to request a cash offer
or to request an appointment with our team to go
over more, to go over more in depth with you.
So super interactive and I think the reason why I
did it. You know there are companies out there online

(11:21):
that obviously you can go and get a value estimate,
but they're using their data. The one that we use
is using multiple places of data, multiple sources. You'll see
three or four different data sources depending on the neighborhood
or part of the country you're in. And look, this
can apply. This can be used any property anywhere. This
isn't just a Tampa Bay thing. If you own a
property in Detroit. If you own a property in LA

(11:42):
you know, wherever your property is, our website will be
able to show you the value for it. So if
you own vacation home somewhere, again, just go to dunkando
dot com, type in the address and it will will
help you understand what's going on in your neighborhood and
it'll keep you updated. It'll keep you posted on what's selling,
what's not selling, what the values are, what those homes
sold at. All that information and so much more so

(12:04):
from be back, We're going to continue our conversation after
a quick break here on the Duncan Duo Show. So
we're back here on the Duncan Duo Show talking about
the Tampa Bay real estate market. Talked in the first
segment about you know, things going on in the market,
predictions as well as specifically waterfront real estate and what
is happening and going to happen in a lot of
waterfront neighborhoods throughout Tampa Bay in terms of value long

(12:27):
term and short term. I also touched on new construction
really quickly, and I want to say this because I
think it's super important. You know, I have a lot
of new construction connections. My girlfriend is in the new
construction business. She works for a builder, so I get
exposed to a lot of what's going on in a
new construction world. We've got builders that we work with

(12:48):
that we list homes for, and you know, the builders
continue to chug along and kind of outpace the competition
in the market right now because they're able to pre
buy interst rate buydowns in bulk to be able to
advertise and advocate for interst rate buydowns for you know,

(13:08):
a couple of years, a lot of builders are doing
two year two to one buy downs, meaning the first
year two percent lower, the second year one percent lower,
and then some even being more aggressive than that. So
the reason they can do that is scale. The average
consumer comes in and prices that out and either the
seller doesn't want to pay forward or the buyer doesn't

(13:29):
well when builders do it in bulk, these lenders can
do it in bulk and it doesn't cost as much,
so that's a savings to them, meaning that they can
go out and offer it in scale. So when builders
do that, they attract buyers that might not really be
looking at new construction, might look at retail, might look

(13:51):
in a different neighborhood, but say, oh wow, I can
save two points on my interest by driving twenty minutes
every day. Okay, I'll do that. So it's an extra
thing that keeps people looking get new construction. However, one
other unique thing that we're starting to see. The National
Association of Homebuilders came out and while for years home
buyers demanded and wanted bigger homes, we just saw the

(14:14):
average home size keep getting bigger and bigger and bigger.
And guess what we're now seeing the opposite. Research is
showing that new homes are shrinking and that that matches
consumer preferences. You've seen the evolving of tiny homes, people
building and living in tiny homes, you know, living a

(14:37):
more of a nomad life, and traveling and living on
land with small homes and getting out in the wilderness
and then having maybe a smaller home because they don't
spend as much time there. So when it comes to
homes that buyers wants, detached single family homes are still
the hot commodity, and while there are some buyers certainly
looking for larger by larger homes, the twenty twenty three

(15:00):
home buyers had a median of eighteen hundred and two
square feet. However, here's the other thing. While you're seeing
more people that are comfortable living in tiny homes and
are maybe building or maybe advocating for that, it's also
evidence of economic challenges. There are a lot of consumers

(15:21):
that end up settling for an eighteen hundred square foot
house the one of two thousand square foot house, but
they look at the costs and say, ah, this isn't
the time for it, because we have seen that kind
of real estate market, you know, retraction a little bit
over the you know years, we've seen that number go
from maybe almost twenty three hundred square feet to now

(15:41):
hovering around two thousand and sixty seven square feet. And again,
other possible explanations for the shifts. You know, smart TVs
taking up less space, more minimalistic decore being popular, desire
to save on heating and cooling costs are another one.

(16:02):
The other thing I think that And again, so it's
an economic thing, but it's also a preference thing. There
are people who travel or you know, don't want as
big of a home. One other thing that I think
and I saw the study that didn't reference this, but
another thing that I think that is causing some of
this downsizing. People just aren't having kids the same pace

(16:25):
that they did when they were younger, you know. I mean, look,
it's pretty known if you go on Twitter or x
whatever you want to call it, and look and follow
Elon Musk at all. He talks a lot about how
we are not making babies at the same pace. There
are plenty of younger couples that either wait or have
less babies. And then maybe people that you know, get
married for a second time and decide not to have

(16:47):
babies the second time because they did it the first time.
So the point is that because people are having less
children and families are smaller, then they don't need as
much space. So if you look at family creation and
compare it to twenty years ago when we were hovering
around twenty three hundred square feet too today and around
two thousand square feet. So in addition to the economic reasons,

(17:08):
in addition to the people just wanting to live a
more simple lifestyle and shrinking of furniture, shrinking of televisions.
I mean, look, television's back even twenty years ago. We're
still big, you know, you still had big TVs. You
go back even further and you had TVs, it would
almost take up half the room and you'd have to
organize big furniture around it to make it that look

(17:29):
so weird. Now you can put these flat panel TVs
that take inches on your wall. So there's that reason.
There's the economic reason. And then, like I said, last
but not least, that extra three hundred square feet was
probably needed if somebody wanted to have a baby, they
needed another bedroom. Okay, so the number of homes with
children is at an all time low. A third of
recent home buyers are single, so they may not need

(17:52):
a three bedroom, two bath house. They may be good
with a two to one or a two to two,
and they want more living area or they want a
bigger garage. That is something that I also saw recently
that I thought was pretty powerful, and I'm gonna touch
on that after the break. The well, the size of
what a buyer wants in their home has dropped, We're

(18:14):
gonna talk about what the size of their garage has done,
which is one of my passions. After a quick break
here on the Duncan Duo Show. So we're back here
on the Duncan Duo Show talking about the Tampa Bay
real estate market. I tease this before the break, you know,
I want to talk about garage sizes and kind of
what's happening in real estate with garages. And if you're
somebody that's passionate about cars or looking for a big

(18:37):
garage home, we'd love the opportunity to talk to you.
I'm a car motorsports enthusiast car collector myself, have a
have a bunch of cars, have a big garage, and
I'm in a lot of Facebook groups that are out
there that that focus and talk about, you know, garage design,
garage construction, and something I'm really passionate about. So because
I hang out with a lot of people that are

(18:58):
into cars and want and have big garages, I kind
of went on a hunt a few weeks back, and
I was looking at vacation properties in parts of the
South Tennessee, Georgia, Kentucky specifically, and I wanted something with
like an oversized garage and kind of some land and
that sort of thing. And so as I started looking,

(19:20):
I started coming to this assumption that garages were getting
larger because I was focused on that and that's who
I hung out with. So I did some research and
actually quite the opposite is occurring. So in addition to
home sizes, shrinking, garages are shrinking. We're seeing smaller and
smaller garages in homes in America, especially in new construction.

(19:43):
Now people might say like, hey, why are they getting smaller? Well, one,
consumers are starting to trend, and I think there's a
push to electric vehicles, which tend to be smaller. And
you know, there's less demand for big truck being parked
in garages. And in general, builders because they've been crunched, right,

(20:07):
they had some bad years back in the Great Recession,
they're trying to make some of that up. Builders have
wanted to squeeze more homes into less land, so the
garage gets reduced to maintain square footage on the house.
So builders are going down a direction of shrinking garages
to monetize because they make more money in a lot

(20:28):
of neighborhoods. And now, look, there are some neighborhoods where
a garage or an enlarged garage will do better than
a third or fourth bedroom. Okay, there are parts of
South Tampa where most homes don't have garages, where a
garage will sell to premium almost as well as an
extra better bath. So but for the most part, construction

(20:49):
value of a home, the air conditioned and cooled footage
is more valuable than the garage footage. So builders are
looking to shrink garages to help monetize. So it's why
garages are getting tighter and tighter. It's why two cars
fitting in a garage get tougher and tougher. It's why
a lot of trucks won't fit in garages. So if

(21:11):
you are someone that doesn't want that small garage, one
thing that I've noticed that real estate agents make a
lot of mistake about and how there's confusion out there,
and so I want to talk about. I want to
talk to people that are out there on the house
hunt that want a bigger garage, that want a workshop,
that want space, that want bigger vehicles, that want to

(21:34):
put lifts in their garages. A lot of real estate
agents see a two car garage door and call that
a two car garage. I'll give you an example my
own home. I have a two car garage door and
a one car garage door. I have a one car
garage door because I had to because I put an
elevator in and I had to make room for the elevator.

(21:57):
Even though the garage is the same size on both sides.
It's a one car door. It is not a one
car garage. My garage will actually fit fourteen vehicles. Now,
a realtor that doesn't know any better wouldn't advertise that appropriately,
probably wouldn't even take pictures of it, and would call
it a three car garage when in reality you could
put fourteen cars in it because it's the entire first

(22:17):
level of the house. So there's a lot of real
estate agents that aren't educated on this. They don't know
how to look for it. They don't know how to
look at the property appraiser's website to get garage dimensions.
They don't photo them. I saw property not long ago
for three million dollars on the water over in Penelas County.
I had a two car garage door, but it was
actually four cars wide and three cars deep. It was

(22:40):
a twelve car garage but with only one door. So
the reality is that should be advertised appropriately because what
the consumer really wants to know is how many cars
will fit in it, not how big the damn door is.
So the reality is, again most real estate agents don't
understand that they don't advertise it right. So you need
a real estate agent that really understand and knows how

(23:00):
to look and research the data, that knows how to
navigate through the garage door size versus the you know,
versus the number of vehicles that will actually fit. But
garages are getting smaller, which makes it harder for people
like me that look at properties and they value the
size of the garage. So let's talk about another phenomenon
in that same space. For people that are car collectors

(23:23):
or they want to sell real estate or buy real
estate that has a garage, it needs to be advertising
marketed appropriately. You can stage cars in the garage to
show how big it is. You can advocate for that,
you can sell with equipment. There's a lot of things
you can do to appeal your home to people that
want that workshop. There's also a lot of homes in
Tampa Bay, especially out in our suburbs, that have detached

(23:43):
metal buildings that oftentimes don't get called garages. I saw
one not long ago. It was a detached metal building.
There was the house itself had a three car garage.
The realtor, who didn't know any better, advertise it as
a three car garage house. They took a picture of
the metal building there was at a terrible angle. That

(24:03):
didn't show the door on the metal building that was
a fully automated garage door, didn't talk about the size
of it, did nothing to advocate for it, and it
was easily easily accommodating ten vehicles with lifts and that
detached structure. Now, consumer that is a car collector would

(24:24):
think that that's enough storage for twelve vehicles. That's a
twelve car garage to that customer. The railtor again poorly
advertised it, didn't check the right boxes, didn't check the
right number of parking spaces, didn't mention it in the description,
and is drastically missing sales because they just aren't informed

(24:46):
about what is likely valuable to that consumer. That metal
storage building is extremely valuable to the right customer. Of course,
there are plenty of people who are going to look
at that and be like, Oh, I don't care about that.
I want to live in this neighborhood. I'm fine with
a three car garage and I'll just use that for storage.
There other people that will value that very highly and
pay a premium for it, because then they don't have
to store their vehicles or their equipment, or their trucks

(25:09):
or their boat or their RV somewhere else. So if
you're selling a property right now and you struggled because
you have that feature, you have detach. Go to Duncan
Duo dot com. Message us. We will help you. If
you have a home that failed to sell, we'll give
you advice, will help you get to the finish line.
And next time you're going to sell or buy a

(25:31):
property that has those features, make sure to work with
somebody that really understands the value of it. And we do.
Because that's me. I value that I have that at
my own home. I look for that in vacation homes
I'm gonna buy. I even look forward in investment homes.
I bought a property last year behind Chick fil A
on Gandhy in South Tampa on Paul Street. And the

(25:51):
reason I bought it is because it had an enormous
detached garage that could fit like seven cars. That's unheard
of in southam And the agent that marketed it just
didn't really market it very well, didn't market the value
of that very well. And we renovated the garage, turned
it into something cool and again we had division to

(26:13):
realize that because it's something I'm passionate about, something I
pay attention to. So it's a niche of the market
that you really do need the right real estate agent.
And again I see these groups where you see people
commenting like, I'm trying to look for this in other
parts of the country, I'm trying to look for this.
I'm trying to look for this, and my real estate
agent isn't helping me. You might have the wrong real
estate agent. It's why experience matters when it comes to

(26:36):
hiring an agent. You know, I have forty people on
my team, and not every one of them would be
the right one to help somebody that needs a big
garage home, just like not every one of them would
be the right agent to help somebody sell land, or
to help somebody sell a luxury home, or to help
somebody buy an investment condo that wants a twelve cap rate.
That's pretty hard to find right now anyway. But nonetheless,

(26:58):
the point is is look for a specialist on our team.
Because of our size, we're able to place you with
the person that has that experience. So when we have
people that reach out to us and say hey, I
want to buy this, or I want to buy this.
We're doing what we can to find the right person
on our team that has that experience, and I have
multiple people, including myself, their experience on the garage front,
you know. But nonetheless, it is a common thing that

(27:21):
garages are shrinking. So if you're out there having a
hard time finding a big garage house, I sympathize. I understand.
It's it's you know, it's baffling to me. But it
starts with the builders. And builders are building smaller and
smaller garages. They're valuing it less and less, and it's
getting harder and harder for people to find, especially in

(27:42):
city areas, especially in the urban core. To find those
types of garage properties, you've almost got to get out
into the suburbs. Now. I looked. It's funny. When I
built my house in South Tampa on Bay Shore, I
looked for a while. I really didn't want to build
because I didn't want to wait that long. I was
ready and I wanted to find something. But I'm very

(28:04):
much focused on, you know, my car collection, and I
wanted a house that could accommodate my car collection. So
I looked and looked and looked, and I probably spent
a year trying to find a home in South Tampa
that had a garage large enough to accommodate me. Couldn't
find it, never found it, and I was looking at
expensive stuff. Never found it, So just built it myself.

(28:26):
And I think the reality is is you're going to
have a really hard time finding that large garage house
in like a South Tampa. Of course, if you have
an unlimited budget or sub out there, I've seen a few,
I've been in a few. I've seen a few. They
weren't for sale when I was looking, but there's not
a lot of them. So if that is something you're
passionate about, you're probably going to have to get out
to the suburbs. Again, unless you have a multimillion dollar budget,

(28:49):
you're probably gonna have to get out to the suburbs
and either you know, buy something that's been added on too,
or that has built a shop next to it, or
has a warehouse building, even a barn. I've seen. I've
seen some really cool you know resto you know jobs
on barns to turn him into garages that they can
be pretty cool too. So so again you're probably gonna

(29:10):
have to look out in the suburbs or out in
the country and get out of the city a little
bit if that's something you're passionate, passionate about. So again,
you're listening to the Dunkin do a real estate show
and we aren't on air. Follow us at the Dunkin Duo, Twitter, Instagram, YouTube, TikTok, Facebook,
message us, follow our social content. We're constantly putting stuff
out there, and I have to stop saying Twitter. I
have to start saying X. I have to say X.

(29:31):
Follow us on X, follow us on Elon's X. We're there.
We don't post a lot on X mostly because that's
my favorite social media and I use it just to
browse news, and it's the one I look at every day.
I love Groc. I use Groc every day. It's my
favorite AI has been. I'm a I'm a fan of
what what you know, what Elon is doing right now

(29:52):
with cutting government waste. I know he's very polarizing. I'm
sure there are plenty of people listening right now that
don't like him or hate him, but but I think
he's and some neat stuff and so yes, I am
on X personally using it a lot, but we don't
post a lot on there. I've got to improve that.
So I got to stop saying Twitter and start saying X.
So falls on X at the Duncan Duo and I'll

(30:14):
be back after a quick break here on WFLA News.
So we're back here on the Duncan Duo Show talking
about the Tampa Bay real estate market. Andrew Duncan with
the Duncan Duo team at LPT Realty, your real estate
agent thinking about a change, thinking about a career change,
looking to join a team, or looking to join LPT Realty,
either one going to join the duo dot com. You
can set up a confidential consultation with us. You can

(30:36):
register for our Agent Night Career Night. You can apply
for any of our open positions again at Jointhduo dot com.
I talk to my team this week about AI. I
have embraced it. I use it a lot. I use
it a lot in investment analysis. I even plug Compson
to it. And it is massively changing the game when

(30:59):
it comes to real estate and advertising and customer service.
And it's pretty powerful. And you know, my favorite you
know I mentioned this in the break. I mean my
favorite AI is is grock on X And you know,
just the other day I plugged in a complicated commercial
property into it and said, hey, give me the give
me the forecast on this, what do you think about

(31:20):
the cap rate? What are the numbers? What's this? What's that?
And it was pretty incredible. So if you're a consumer
and you're really savvy with AI, I think it's super important,
and I think the bar is going to be raised
in our industry. If you thought, as a real estic
agent you were the gatekeeper for information and analysis, that
is over. You better be really good at what you

(31:41):
do because AI is going to replace some people. Unfortunately.
AI is going to allow consumers to get massive amounts
of information. So real estate agents better be really good
at consulting and better be really smart, and better stay
ahead of the AI and keep learning and using it
because it's pretty remarkable. Uh. And in a lot of
ways it's accurate. Like I've plugged in, like, hey, tell

(32:02):
me the value of this property, and it's it's not great.
The automated valuations are definitely better, but there's still a
lot of room to move. So it's not as if
AI is going to replace real estate agents, but they're
just simply going to be some real estate agents that
aren't going to evolve, that aren't going to use it,
and consumers are going to become more knowledgeable than them
because they're not going to use the information in the

(32:22):
AI to learn as effectively as they could. So AI
is here to stay. If you don't want to participate
in AI, if you don't want to use AI, if
you're afraid of John Connor and the terminator and the
world going to you know, a complete AI world with
robots and it's coming people. And if you don't want

(32:43):
to participate in AI, man you might want to move
because it's just it's moving into everything. It is going
to dominate real estate communication, it's going to dominate comps
and contracts. It is going to slowly, but surely, not
even slowly anymore. It is going to vary quickly evolve
into something super powerful in terms of information and service.

(33:05):
So if you're using it, great, If you're not using it,
you should look into it, especially if you're a real
estate agent, you should plug in and start using it
to help you craft emails and responses. And it really
is pretty pretty neat to see. And when I say
it's going to replace real estate agents. I don't believe

(33:26):
real estate agents are going to I don't think we're
going to see a drop in agent count because of it.
I think what you're going to see is that people
that don't adapt are going to get passed up and
probably opt out, and then new people will get in
that are willing to adapt to the technology. It's a
it is a market changing technology advancement that web sites, email,
text messaging software. Everyone is going to adapt that wants

(33:50):
to stay ahead and continue to grow a business, and
the real estate agents that don't evolve and that don't
use it are simply going to get left behind, and
new people are going to come in. And it's interesting
because I remember, during the Great Recession, we had this,
you know, we had this market evolved from a normal
to traditional real estate market into a market where you
had now short sales and foreclosures. And while certainly short

(34:12):
sales and foreclosures aren't AI, it was a market changing thing.
And the people that didn't want to do short sales
and foreclosures, or didn't want to do distressed property sales,
a lot of them got out. A lot of them
got out of the business. And you know what, We
didn't really see an agent count drop. We just saw
the people that didn't want to evolve and learn the
new tools of the trade get out and new people

(34:32):
get in. So real estate agents, while you know, we
do see short sales today, we don't see nearly as
many as we used to. That was a market changing
moment for us. That was a skill set that real
estate agents had to pick up or they were going
to get left behind. And AI as a technology is
a similar market mover in that it is going to
cause some real estate agents that don't evolve, they're going

(34:55):
to have to leave the business and not succeed anymore.
So what will happen again, real estate agents aren't going anywhere.
There'll be more of us that will jump in and say, hey,
I've learned AI really really well, and now that I
know it so well, I can jump into real estate
because there's all these people that aren't learning it and

(35:16):
they're going to have to get out because the consumer
is going to become more educated than them on what
they're supposed to be an expert on. So hopefully that
helps you understand what I think about what's going on
with Todai. Make sure to go to dunkin duo dot com.
If you want to know what's going on with real estate,
if you want to engage with some of our ai,
you can do that at duncan duo dot com. Type
in your address and you're going to get reached out.

(35:36):
We're going to communicate. We're going to keep you updated
on your value, keep you updated on what's going on
in your neighborhood, as well as give you an ability
to get an instant cash offer from our dashboard at
dunkin duo dot com. The other thing I want to
tell you is to follow us. We have our client
Appreciation event coming up on April twelfth, Sunday, again, about

(35:57):
seven weeks out now at AMII Arena. It's going to
be in the afternoon. I got to finalize the start time.
I think it's either it's going to be anywhere between
eleven and one in terms of when it starts, probably
three or four hours long. Working with the Lightning to
kind of finalize that. But we do it every year.
It's a really fun event. You get to go skate
on the Amili Arena ice. We give away some cool stuff,
some tickets to Lightning games. We give away merch signed jerseys,

(36:22):
just lots of cool stuff that we do around that event,
so make sure that you marked out on your calendar.
You can shoot us a message if you're definitely wanting
to attend, and we'll make sure to log you in.
But we will have an event bright link and a
website built out really soon to be able to allow
you to simply click register and come to our event
on April twelve. To appreciate you for blessing our business.

(36:44):
So thank you so much for tuning in and have
an awesome rest of your weekend. Tampa Bay