Duncan Duo 3-24-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the

(00:03):
Duncan Duo Real Estate Show on WFLANews like we are every Sunday at ten
o'clock. When we aren't on air, make sure to follow us on all
of our socials at the Duncan DuoTwitter, Instagram, YouTube, TikTok,
Facebook, every social channel out there, just hit us at the Dunkin Duo.
We're constantly putting out relevant real estateinformation, properties that we have on

(00:24):
the market, neighborhood videos, andeverything going on in real estate. We
also want to make sure to inviteall of our listeners. We have our
appreciation party. We do it everyyear at AMII Arena. The event is
April seventh on Sunday, So afteryou listen to the show in a few
weeks, you can go out andhave a good time at Emily Arena.
On us as from two to sixyou can go to Duncanduo Party dot com

(00:46):
and it's dunc An Duo Duncinduoparty dotcom. Register for the event bright It
is a completely free event. Whetheryou're a past client of ours, a
listener of this show, a currentclient, or a real estate agent the
entire communities invited. We'll have iceskating at the Amili Arena, We'll have
food, we'll have some cool giveaways, lots of entertainment as well, like

(01:07):
we've got caricature artists, balloon artists, completely family friendly events. Your kids
are welcome and everyone in your familyis welcome. You can again rs VP
and get your ticket for free atDuncan Duo party dot com. So I've
got Ben Metrano on the show todayand Ben runs a local real estate team,
and you know, we've we've talkedfor the last several months since I

(01:30):
came over to LPT about the powerof the LPT brand, and this past
a couple of weeks ago, lptX conference announced some of the new things
going on. But you know,people have heard me talk about LPT for
a while now on the show,and I wanted to kind of get your
insight as to what was it aboutLPT because there's a lot of real estate
agents that listen to the show,and they listen and they know, you

(01:53):
know, my brand and my business, but but I wanted them to hear
it from someone else, like,what was it about LPT? Is a
real stagent that you said you knowwhat, that sounds like an amazing opportunity.
Sure, thanks for having me thismorning, Yeah, Andrew, So,
yeah, I you know, I'vebeen in real estate for quite a
while and I've been with a fewdifferent brokerages. I've been with small boutique

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brokerages, I've been with large brokeragesLPT. Really, to me, the
big thing was how I how Irun my business. So they have a
lot of different options. The senseof community is there, we were able
to connect. Yeah, the collaboration. I think the collaboration is a big
part of it, especially because youknow the brokerage you were at, you

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really didn't have that. You didn'thave anyone that you could say, you
know, who's operating at like areally high level that I can learn from,
Right that that's an important takeaway.I agree. So collaboration and kind
of mentorship at all different levels.So you mentioned the way you run your
business. So there's folks that doreal estate part times or something do it

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full time. So to me thatthat appeals. I'm a full time agent,
but I do know some agents thatare successful and and do it part
time as well, so that that'san opportunity there. I'm a. I'm
a big fan of Robert Palmer andhis success. Uh as man, he's
done some incredible things. So hisyou know, his his core values aligned

(03:21):
aligned with mine. So one ofthe big things is not only are we
helping ourselves as we grow, butwe're helping other individuals and that's part of
the collaboration part. And and youknow, quite quite frankly, how you
kind of help other people rise tothe top of the business. Yeah,
And I think it's cool because thetools that LPT has, and I know

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this is important to you, thetools that LPT has not only helped the
consumer because you've got the power packand the listing power tools and kind of
the whole premise of the company alot of print marketing that that people have
abandoned, frankly, and it's stillvery effective. But it's the tools that
agents get the ability to use thesetools, Like I was showing some agents
on my team this week from LPTconnect all the social media images that you

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can generate. You can remind eitherreal estate agents that in real estate or
your your friends and family that you'rein real estate to generate business from your
sphere. But it's also the opportunityto earn stock in the company, to
earn revenue share in the company,to add an extra revenue pillar at a
time that's pretty challenging for real estateagents. So I think those things matter.
But again, the collaboration is thepart of it, because you know,

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with with COVID, I felt likeeverybody kind of almost withdrew right,
like a lot of people that wouldcollaborate and mastermind and partner together. Covid
caused this withdrawal that I think LPT, even as a cloud brokerage selves to
connect and solve, you know,focuses on solving that by helping agents,
sponsor other people into the company andthen help them grow. Absolutely, I

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mean you hit on so many importantpoints. We are you know, as
far as business goes, we're transactinga lot slower. So things were very
quickly. During CO there was outof state buyers buying multimillion dollar homes not
even seeing them through video. We'reback to individuals taking their grassroots, like

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the gritty side of real estate backto that. Yes, people want to
see what they're buying. And also, you know, those those printable shareable
materials, the power pack, it'simportant to get those in front of the
consumers hands, because a lot ofindividuals are making one of the largest decisions

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of home buying, and so it'snice to have more time and to be
able to make that make that decision. Yeah, and I you know,
the thing about it to me thatI think I also recognize is, you
know, this is my twentieth yearin real estate. Man, I've been
doing it since my mid twenties,and there's been so many times that I've
had agents work for me, andat the end of their career, if

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they didn't sell another house, theydidn't have income from real estate. It
was like they you know, ifthey didn't make good investments, if they
didn't diversify, if they didn't lookfor other opportunities outside of real estate.
And that's the thing that you know, in corporate America, you get a
four to oh one K, youget an IRA get you get opportunities to
build retirement or get stock options ina company. And for the longest time,

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real estate companies didn't have that.And now other companies have come along
and done that. But now LPThas advanced it with this hybrid share where
they have said we're still gonna havesome brick and mortar. We're gonna have
hubs, We're gonna have places whereagents can go and collaborate. My office
is one of those that's open toLPT agents. But the thing that I
think they solve is that everybody hasa chance to win in the success of

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the mothership. We earn revenue share, and we earn stock if the company
does well, and that's something thatyou vest and you continue to earn over
time. And you know, ifyou work at LPT for ten years and
recruit a couple of people a yearand you earn some stock, at the
end of your real estate career,you're gonna have some money. You're gonna
have some other income outside of justselling real estate that you don't get in

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most other companies. Great, greatpoints again, Andrews. So what I'll
share with you is being at previousbrokerages that that wasn't an option. And
at my previous brokerage, you know, there I had some great years and
and did very very well, butwhen I left, I didn't have any

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kind of stock, didn't have anything, you know, when I moved on
and the big one of the bigthings is going back is to the marketing
and the the tech that LPT brings. So I would spend a lot of
time creating that social media and nowyou're play. Yeah. Now now I

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just upload my photos and the DESIAI does it creates images. You can
change your colors, you can changeyour format. So it's it's pretty cool,
yes, very very intuitive AI friendly. So you know that's that's helping
me save time so I can helpmy clients out and focus on more things

(08:03):
on my business. Yeah for sure. So and then you know I'm you
and I started talking. I mean, investing is very important. I think
you know, whether you're in realestate just to focus on being an agent,
or you also buy it as well. You're creating a future for yourself.
That one hundred percent, and Ithink LPT again is very pro investment.

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But then the second part of thatis you have the ability to invest
in the in the main core mothershipthat you just don't have it other companies
like that. You don't have theability to earn pre ipo stock because most
of the companies are either already publicor to advance for the opportunity to even
be beneficial. So anyway, we'regonna continue this conversation and trend to Tampa
real Estate stats. So one ofthe cool things about the market right now

(08:50):
that I find interesting is is thisunique variable on what's happening where we've had
this huge run up and then youhad kind of a letdown and now it's
kind of bounced back and forth andbeen a little odd. So I want
to review the Greater Tampa Realtor statsand this is from Greater Tampa. We
also have the penelas realtor organization thatcreates their own stats, and you can

(09:13):
talk about Penels a little bit.But the Tampa stats show, for the
first time in a really long time, over ten thousand homes on the market.
Okay, so we've seen an uptickin inventory. However, we also
saw an uptick in sales, andwe're at three point two months of inventory

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now. That's it's been hovering betweenthe high two s to the low force
for a long time. And soat ten thousand homes in inventory, there
were three thousand and seventy one sales. Now, interestingly, that is better
than last year eight hundred and nineteensales in February of last year, and
in February of the year before that, twoy nine hundred and eighty four,

(09:56):
so the last two years are Februaryin terms of t total sales is better
than what it has been. Wealso see an average sale price of four
hundred and forty six thousand in February. That's compared to four hundred and twenty
eight thousand last year and four hundredand eight thousand a year before that.
So we're seeing about a four percentappreciation rate, which is a relatively normal

(10:18):
market. A couple of years agowe were seeing twenty twenty five to thirty
percent appreciation. So we've seen thisuptick in the number of homes for sale,
but that's also caused an increase inthe number of sales because for the
longest time we've been so short onindustry inventory that buyers having an option.
So now the market is stabilizing.In my opinion, you're seeing a slight

(10:39):
uptick in sales. We're not seeingthe four thousand sales that we saw back
in you know, in the COVIDyou know era, but three thousand sales
is better than twenty two nineteen lastmonth. So we've seen in addition to
the normal seasonal uptick, we've seena continued improvement. So I think that
shows good signs as we start toenter our spring in summer markets. Absolutely,

(11:00):
I agree with you Andrew. Wehave buyers, more buyers entering the
market now, and more sellers areputting their homes on the market compared to
last year. So the opportunity isthere. It's great. You know,
this is the time to get outthere and actually start looking at homes because
you have more time. As wekind of keep going back, we didn't

(11:24):
have that much time. A turnkeyready home that was completely renovated would hit
the market. We'd have last hours. Yeah, we'd have multiple offers.
Unless now you can be a littlebit more patient. You can be patient.
You can also get a better dealon the price because when interest rates
are low, everyone says, well, I'm gonna wait two interra strates drop.
When you do that, price aregonna rise and you're gonna be biding
wares. You're gonna be overpaying again. The advice that I tell people is,

(11:48):
look, if we suspect that interestrates are going to soften a little
bit in the second half of theyear, and a lot of economists are
predicting that. There's no way tosay for sure, but a lot of
people believe we had in that direction. If that's the case, if you
wait until then to buy, you'regonna you're gonna pay higher for the house.
The smart money buys now and thenrefinances because most of the lenders today
are doing free refinances, So refinancein a year and then you know,

(12:13):
you get or six months or whatever, then you get the rate back down.
So there's definitely a nice improvement inthe market from February or from January
to February. I think we'll seethat seam trend in March. A couple
of other stats, average days beforehome sales sixty one, so you know,
back like we talked about during thoseit was teen in the teens.
Right now, I mean ten tofourteen days, so we're we're seeing homes

(12:35):
on the market almost sixty days.A little longer, right, It's taken
a little longer for the homes tosell. Three months of inventory. Ninety
eight percent list to sell price ratio, So again during the kind of COVID
run up, one hundred and onepercent was what the average was. So
we've seen the list to sell priceratio soften a little bit. However,
I want to make it clear,ninety eight percent is still pretty strong.

(12:56):
That means you're not negotiating much offof asking price right, and prices are
not dropping. No, they're notas absolutely not like the man as think
people think that's happening in Tampa.Now, maybe that does somewhere else,
but in Tampa Bay. Hi,We're we're talking about Tampa Bay that in
this market, you know, toomany people moving here exactly. We'll be

(13:16):
back after a quick break. We'regoing to continue our conversation on the Duncan
Duo Show after quick break here onWFLA News. So back here on the
Duncan Duo Show, talking about theTampa Bay real estate market. I'm Andrew
Duncan, the Duncan Duo team atLPT Realty, joined by Ben Metronto Pa
with LPT Realty, and we bothgot to we've got a couple of featured
properties we want to talk about.Seventeen seventy Bay Shore Drive in Tarasea,

(13:39):
a beautiful waterfront lot that we haveon the market over a half ache or
listed for eight hundred and seventy andtwenty foot waterfront bay access included and again
combined six point sixty five acres TranquilityRelink relish the convenience tarasea unique and quiet
with a fishing island, perfect blendof serenity and MENI. It's in a

(14:00):
short drive to Saint Pete Brenton,Sarasota, so the perfect opportunity to build
your custom home. You also alreadyget a new boat dock with a state
of the r ten thousand pounds liftsystem powered by solar panels. Again,
your gateway to buy you and theGulf of Mexico waits seventeen seventy Bay Shore
Drive. You can go to thedunkin Duo dot com search our featured listening

(14:22):
so or you can google seventeen seventyBay Shore ba y shr drive to learn
more information about this week's future property. And Ben, you wanted to talk
about some new construction town homes thatyou have. You've got a builder that's
building some new construction townhomes I thinkin central Tampa that are coming on the
market relatively soon. Great great optionfor people hard to find townhomes right now,

(14:45):
right exactly so. These are newconstruction expected to be completed in June.
They are located in twenty six oheight West Columbus and West Tampa okay,
yep, zip codes three three sixoh seven. That's such a thriving
area too. I mean that areais just super hot. What's the price
range of those that are coming onthe market five ninety nine nine, So,

(15:07):
which is a great, great product, great area for that because you're
close to like Midtown and all that, the Raymond James Stadium exactly, And
and it leads right over to RiversideHeights by Armature Works. You can go
over to the river Walk and you'reso you're you're about two hundred thousand dollars
less. And if you would tryto get into three three six nine zip

(15:30):
code, maybe even more. Yeah, those are the three three six nine,
especially a plant district. I meanyou could see some of those time
homes approaching a million dollars. It'syes, wild, yes, but and
that area is super desirable the armor. You know. Look, I was
an Armature Works all last week andI'm a big car junkie, so I
was there for the rides by theRiver car show. I went out with
a couple of buddies that we allhave like Japanese kind of tuner cars,

(15:50):
and I've got a bunch of cars. But that's something I'm passionate about and
that area. It is amazing tome because it seems like, you know,
I probably go to that show everyfew months, and every time I
go, it just seems like there'smore new stuff coming, new restaurants,
new businesses, and that obviously drivesa lot of traffic to properties like that.

(16:10):
Right. So the other thing isit's maintenance free living, So your
roof, your landscaping, irrigation,it's all going to be covered. It's
a very low HOA and we're talkingabout under six hundred thousand dollars entry level,
three bedroom, two and a halfbath, two car, garage,
twenty one hundred and fifty score feetroughly living and how many how many town

(16:32):
homes there's only going to be five, so two two corner units and then
three inner units together. And thisis a great opportunity because they don't there's
not that many town homes at thisprice point. Just now you would be
again in the much higher price pointgetting into an older town home, where
your hoa's would be higher because you'vehad more maintenance and more rights the roofs,

(16:56):
maybe do more more things. Sothose are all things to be on
the look out and then the othergreat thing about West Tampa is it's not
in a flood zone, so youyou don't need and you don't need insurance
for freg So we're gonna talk realquick. We've only got a couple of
minutes here, so let's just rockthrough. Uh some home upgrades that boost
sales value. So if you're thinkingabout selling your home, go to Duncan
Duo dot com get your free homevalue estimate. We will reach out to

(17:19):
you. Our team will reach outto you and help you understand what you
need to do to prepare your homefor sale. Simply bag going to Duncan
Duo dot com. But these arethe main things that you need to look
at. Landscaping. People skip it, curb appeal matters. You absolutely have
to do something with the landscaping ofthe property, right and I would just
add pressure wash. Yeah, it'sprobably one of the best investments. The

(17:40):
mulch, a couple of some cheapplants. I mean, it does not
have to be extravagantly expensive. Itseems a photo. Well, yes,
updating the fixtures so again you've gotyou know, if you've got you know,
old light fixtures, adding some colorto them, led lights some of
the new age kind of lighting productsmake a big difference. So updating the
fixtures, investing in appliances. Look, I mean there are fridges now and

(18:04):
microwaves and ranges. They're smart technology. Like you can literally program your fridge
to pour you a glass of waterand then walk in and grab it.
You can change the thermostat, youcan open drawers, you can turn on
your oven remotely like people. It'swild because I built my house five years
ago and I thought I did everythingsmart home I could, and now it's

(18:25):
wild how much more is available.So updating the appliance is a big one,
you know, And and again thebuyers want to turn key experience.
Everyone loves the smart home stuff.It's just the way everything is going.
And then focusing on the kitchen andbass right, kitchen and baths is your
best return on investment. So ifyou you can look at multiple articles,

(18:45):
you can ask contractors, you canask investors and real estate agents. Put
the money into the kitchen and thebaths. That's that's where most consumers are
going to be spending the most timein one hundred percent. Kitchen and baths
are all about it. The otherthing you can do is if you've got
an older home, and again youhave to be conscientious about this because structurally

(19:07):
you can get into you can havea lot of problems can open up by
this. But sometimes you can openup the floor plan. People want a
modern, open floor plan. Andagain it depends on if a wall is
load bearing or not. But thereare homes that you can knock out some
dry wall, open up a room, open up the floor plan and make
a world of difference to make itfeel even bigger. So sometimes that's definitely
an option you can do. Andagain we talked about the landscaping, but

(19:30):
adding an additional layer on the landscapingwould be an outdoor experience, So a
pergola, covered patio, fire pit, things where people can envision themselves spending
time in that area, not justvisually appealing, but experiential, you know,
experiential visioning exactly. And one ofthe things I'll add too is if

(19:52):
you've got a home you're thinking aboutselling and want to reach out to me
and Andrew. We have experience inthose areas. We can let you know
what improvements to do before listing,what are the most cost effect there's so
it's so often people are not preparedfor that. They don't realize the agent's
experience in terms of how many homenews sold and how we can help guide
them. But we're gonna be back. We have to break. We'll be

(20:14):
back after a quick break here onWFLA News. So back here on the
Duncan Duo Show talking about the TampaBay real estate market. If you are
thinking about a career move, cometo our career Night. Join the duo
dot com. You can register forour career Night. We do it on
the second is a second Tuesday ofeach month. Second Tuesday of each month,
Kat for my team would love totalk to you. You can apply

(20:36):
for any of our open positions.You can schedule a consultation via calendly if
you're thinking about a career change againat jointhduo dot com. Also, if
you're a real estate agent, checkout Duovermovement dot com. I launched a
website because I wanted to provide morevalue to real estate agents. One of
the reasons for my move to LPTwas help more agents just like Ben grow
their business and learn from what I'vedone. And it's you know, do

(21:00):
over movem It's all about value.I released videos about things that I've done,
or tools that we've used, oryou know, things were looking to
do to share our experience and alsoto help you avoid some of the doovers
I've had to do over the yearswhere I've done something and said, man,
I really regret that I should nothave done that one. Let me
help you avoid doing that. Youcan get that at doovermovement dot com.

(21:22):
So, Ben, I want totalk about home inspections. I'm joined by
Ben Mitrontopa, also at LPT Realty. We talked in the first segment of
the show about kind of why LPTmade sense for him and why it made
sense for me, and then inour last segment we talked We also talked
about the statistics and a few otherthings and some home upgrades. But I
want to talk about home inspections becauseit's so funny because people and especially home

(21:45):
buyers, when they see that homeinspectrum report, it's like their hairs on
fire because how they read the stuffand how inspectors have to how the language
inspectors have to use makes home buyerslook at that and they think the house.
I saw a meme not long ago, and it is like, what
what the home appraisal, what thecounty appraiser things of your house, which
your home inspector thinks your house?What do you think your house. It's

(22:06):
like when they see that inspector report, it's worded in a way that they
think the place is falling down,when in reality, most of the time
it's a really good report. Tojust need some minor stuff done that you're
going to have to do in homeownership, right or it's just a really
simple fix, I mean something that'sa couple hundred dollars and depending on how
that report is shared or expressed orexplained that that could unfortunately cause a home

(22:30):
buyer to walk away from a homeand someone else pick it up. So,
you know, having a home inspectiondone and having the right inspectors is
is very important. And also theagents that you know you're you're working with,
those resources should be there. There'sthings that are going to come up
that are beyond the scope of ahome inspector, and that's good to have

(22:52):
roofing contractors, plumbing, electrician,different resources. There's you know, there's
there's so many stories that come tomind where things were missed because the buyers
thought they didn't need a home inspection, so many, so many important things
there. Yeah, I think youknow. The reality is is that there

(23:15):
are a lot of real estate agentsthat have gotten into business the last few
years that didn't have to navigate throughthis because inspections weren't causing deals to cancel.
Because the market was so hot,people were sticking. They were like,
you know what, I'll just buyit because the market's going up so
much. I'll fix these repairs.The market was so hot. People just
didn't want to lose out. They'reafraid if they didn't move forward with that
house and weren't going to find anotherone, they weren't going to win another

(23:37):
bidding war. And so a lotof real estate agents obviously not you or
me because of our experience, orpeople on my team because they have my
experience too, but there are alot of real estate agents that don't have
the experience of how to navigate throughthat, that don't understand sometimes don't own
homes, they don't understand how tonavigate through that inspection of what those things
cost. So what ends up happeningis a consumer comes in and says,
oh, look at all these things, and it might only be a couple

(23:59):
thousand dollars in repairs. It's goingto cost them more in another appraisal,
another inspection, and all their timeto drive all over creation, plus the
chance that rates change. That mostof the time that I see cancelations,
when I look at it, Irealize, like it's a really bad decision
to cancel. It's it's most ofthe time. Now again, you got
to see Cole house, you gota termine infestation, You've got you know,

(24:21):
are there reasons contracts should be canceled, yes, But most of the
time they're canceled for things that everyhome in that price range is going to
have, and they're gonna go outand buy two or three helms. And
then what I've seen, and havingbeen in this game a long time since
the Great Recession, I saw peopleback then cancel on a home inspection,
raise their price one hundred grand becausethey wanted a clean inspection report that doesn't
exist, and then overextend themselves.Then a great recession happens, then they

(24:45):
end up in foreclosure all because theysimply increase their price because they didn't want
to make a couple thousand dollars inrepairs. And it's sad, you know,
but there are a lot of peoplethat have unfortunately done that over the
years, so you really need somehelp navigating that, and you need someone
experience to help you understand what thosecosts are and how to get that stuff
done, and how normal those thingsin that inspection are compared to other homes

(25:08):
on the market. Great points,Andrew, And to piggyback off that.
From the seller's perspective, you've gota buyer that wants the home. They've
committed a lot of time and resourcesin inspecting this home. As a seller,
there's certain things that have to befixed in order to get insurance,
to order to get bank financing,So it's in the seller's best interest to

(25:30):
get those done, whether they're smallrepairs or big ones. Some of the
biggest ones I see come up ourwater heaters. Those are things that are
very minimal to replace, about athousand bucks or so. The more complicated
the water heating system is gas versustankless. Of course it could be more
expensive, but that's going to besomething that comes up on your what's called

(25:53):
your four point inspection, needs tobe cleared. Send that over to your
insurance company and get everything done well. And the other thing that sellers.
So back a year and two yearsago, sellers would say, Nope,
I'm not doing anything because they knewthere was a line of buyers. Now
sellers have to lose that ego alittle bit because now when those reports come
over, you've got to you've gotto do the stuff like I I you

(26:15):
know, we're constantly buying homes.I've talked about it on the show.
I've brun ads all over Tampa.Get an instant cash offer? Uh duncan
duo dot com get an instant cashoffer? Will we'll We'll tell you what
we'll buy the house for. However, when I've bought those when I've gone
to you know, when I've goneto disposition, when I've gone to renovated
them and put them on the market. Two years ago, if somebody asked
me for something I knew I hadthe leverage, I could say, I'm

(26:37):
not doing that, like sorry,Like I got six other buyers for this
house. Now somebody comes back with, you know, a few thousand dollars
in repairs. Yep, We're gonnatake care of those things, you know.
So it's just it's just different.It's the leverage in the marketplace it's
just tilted, and it's it's notthat it's a buyer's market. It's more
of a balanced market. Whereas youknow, two years ago it was a

(26:59):
mass of sellers market. It's notthat anymore. It's still a seller's market,
just not as much of one.It's much more of a balanced market.
So those repair requests come over.Sellers have got to be more conscientious
because here's the thing. If youdon't make the repairs, the house goes
back on the market, then allthat has to be disclosed. Then it
has a stigma. Then the nextbuyer thinks what's wrong with it? And
what ends up happening so often isthey end up getting less and still having

(27:22):
to do the repairs. Anyway,So unless we're talking like something crazy,
take care of those minor items,take care of the buyer. It's just
the market that we're in today.It's not what it was two years ago.
The sellers have to be adaptable andhave to be flexible, and they've
got to make They got to takecare of some things or it's going to
cost some more money in the longrun, exactly, you know, I

(27:45):
it can't go unsaid the damage thatit does when that home goes back on
the market. We're in a completelydifferent market. It's it could potentially sit
a few more months and not sellat all, and potent and rates we
don't you know rates or if theygo up. If they go up,
then you're stuck, right, Andnow you have a house that because you
were cheap and you didn't want totake care of some repairs that you probably

(28:07):
needed to take care of for whateverbuyer shows up. You know, and
again you always have you always havesome stuff that they ask for that It's
like, okay, like I'm notdoing that, Like this is not causing
this deal not to close. Youcan you can fix that after like cosmetics,
cosmetics, and I've had stuff likeyou know, they want you to
replace the mailbox. I'm like,I'm not, like, come on,
man, Like that's part of homeownership. You're no matter what house you

(28:30):
buy, you're probably gonna want toput a different freaking mailbox in it.
Like I'm not replacing the mailbox foryou, Like, but if the GFI
outlet isn't working right in the kitchen, or if the uh EC needs to
be serviced, or if you know, if you've got some sort of you
know issue that could cause a problemwith the closing, or that is is

(28:52):
truly something that's not functioning as itshould, of course I'll look at it.
But but yeah, you'll sometimes getthose requests like I think I had
one out and go where they wantedthe mailbox replaced was one of them.
And I'm like, come on,man, like you know, like seriously,
like you that that now we're youknow, and they wanted defense painted

(29:12):
a different color and I'm like,no, like that's a weekend job for
you. That's welcome to home ownership. And and those are all great points,
you know. I think this isuh where experience agents that are representing
buyers or sellers. So if youand I are representing a seller, we
know what things that that we youknow, we should be taking care of.

(29:33):
There's always a give and take,right, Like so someone's always gonna
ask for more than than they expectto get. Right, They're gonna they're
gonna ask for a little bit more, and then you're gonna say no on
these things as long as you makethem happy. And it's funny sometimes like
a negotiations about a give and take, right, it's it's it's all you
know, you could have a fewlittle minor items that you take care of,
but then you say no to someothers and still keep a deal together.
But you got to have flexibility.So again you're listening to the duck

(29:55):
and do a real estate show.When we aren't on air, you can
always catch us on social media atthe Dunkin Duo Twitter, Instagram, YouTube,
TikTok, Facebook, at the DunkinDuo dunkinduo dot com for your home
value estimate or your instant cash offer. We've been talking about what to expect
from a home inspection and some thingsto navigate through. One thing. I

(30:15):
also think people need to know homeinspections. You're probably looking anywhere between and
again it depends on the quality inspector, but between three hundred to one thousand
or two thousand dollars depending on howbig the home is. Some of our
luxury clients when we've sold really highend real estate, those inspections can be
in the thousands of dollars because you'retalking about, you know, a ten
thousand square foot house, you know, or you know, several story building

(30:38):
and different things they need to inspect. But that's the general range. But
average is probably about six hundred bucksfive hundred, six hundred bucks, right,
So waterfront property much higher price point, higher inspection. And then you
also want to have your inspectors thatare good with historic property. So if
you're buying in Hyde Park or someone, we need somewhere that someone that knows

(30:59):
how to look underneath the property,the pilings, the frame, so that's
going to crawl underneath. I rememberhaving an inspection. I was a new
agent way back in the day,and I had one of those historic properties
and the buyer selected their own inspectorand this guy comes out and he's like
six seven two eighty. I'm like, this guy is not getting underneath this
house, like he can't fit,you know. So so be conscientious to
that. You know, there's thingsthat really need to be looked at,

(31:21):
and you want to make sure thatthey will get looked at. Another thing
about the home inspection typically anywhere fromtwo to five hours, you know,
and again it's going to depend onhow big the house is and how many
people. Like we work with oneof the home inspectors we work with this
home Team Inspection and one of thethings we love about them and they come
to a lot of my events.The owners are amazing, Like they come
in in and add great value,so you know, free plug for home

(31:44):
team inspections. But they send likefive people like they send they send five
people that are you know, you'vegot like an experienced electrician, experienced plumber,
and they're inspecting specific things, sothey're like specialists. So they're quick,
you know that that's so you know, and a bigger you know,
so they can do it quicker becausethey're sending a lot of people. If
it's one inspector doing it all,you're probably talking about a half day for

(32:06):
a regular average house, and thenthe more expensive or bigger the house,
the law it could be a wholefull day or more like we had one
we had an inspection last year fora seven million dollar property down in Sarasota
and it was a two day inspection. They had to come back, right
And those homes you're looking at fourto maybe ten thousand square feet, so

(32:29):
and you want to have multiple tradespossibly out there, so much different risk
tolerance. So exactly so that andagain I also think that it is you
know, there's a train of thoughtthat says buyers shouldn't be there, and
then some people say they should WhatI try to tell people is, you
know, again it depends on yourlevel of knowledge about construction. Sometimes it

(32:51):
can be overwhelming for people the reportis going to detail everything out, but
I think each agent can kind ofhelp guide their client to decide like is
this someone that it's going to bebeneficial for them to go or is this
someone that'd be better to look atthe report? And you also have to
value your time. If you're asuper busy person, you know, go,
you know, getting out of workfor a whole day may not be
possible. So what I tell peopleis certainly if you want to be there

(33:14):
at your choice, but you shouldget there at the end potentially to at
least have a conversation with the inspectorsso they can kind of break down some
of the bullet points. I thinkthat is the minimum that you should do.
So anyway, we're gonna be backwrapping up our last segment after a
quick break here on the Duncan DuoShow. So back here on the Duncan
Duo Show, talking about the TampaBay real estate market, joined by Ben

(33:35):
Mitrano, PA with LPT Realty,Andrew Duncan with the Duncan Duo Team.
I always talk about our home ValueEstimate Instant cash Offer Duncan Duo dot com.
And if you're thinking about a realestate career change, whether you're wanting
to join a team or whether you'rejust simply wanting to reach out to me
and say, hey, I wantto talk or learn about LPT, you
can do that at jointhduo dot com. You can set an appointment that pops

(33:58):
onto my calendar, you can applyfor an open position, or you can
register for our Career Night, whichwe do every single month at Jointhduo dot
com. So the Fed has comeout and said that they see three interest
rate cuts this year. There's alot that can change. It is an
election year, the economy has hadsome volatility, but now they're saying it.
They signaled wednesday that they still expectto cut their key industrate three times

(34:22):
in twenty twenty four. Wall Street, you know Wall Street rallied around this
yesterday. But this expected cut ofinterest rates should motivate home buyers to act
now ahead of that, because ifwe see appreciation rage back better than the
four or five percent that we've seenthe last couple of years, what's gonna

(34:42):
end up happening if they wait untilthe rate comes down, is that prices
are going to rise dramatically. Somany lenders will allow you to do a
free refinance today that you should buynow and not wait and then refinance six
months or a year down the lineafter those rate hikes, because otherwise you're
gonna you're gonna end up getting intobidding wars. Prices are gonna rise,
you're gonna overpay for a house exactlyright now, as we talked about earlier,

(35:07):
we were seeing sixty days plus onthe market for a home to close.
As soon as we see those ratesactually falling and more buyers entering the
market, there's you know, there'sstill a supplying demand issue in Tampa,
right We've got too many people movingin here and not enough homes, not
enough home Even with it, weeclipse the ten thousand mark in Tampa for

(35:29):
the first time in a while,but it's been hovering around like ninety seven
hundred, ninety five hundred, Soit's not like it's not like some huge
surge to get to ten thousand.It's like a slight increase compared to where
it's been at. So we havemore inventory, which is attracting to buyers,
but again that more inventory needs tosupport a massive influx of people that
want to move here and buy.And it's why we're still only around three

(35:52):
months of inventory, which is stilla seller's market. That's a healthy that's
a healthy number to be around,compared to having less than one month because
buyers were forced to possibly buy somethingthey didn't or buy the rock house overpay
for the house, jump through abunch of hoops. So now you can
buy it a little bit of aslower pace. You can, you can
make sure the inspection's good, youcan negotiate a little bit, not a

(36:15):
lot, a little bit, youknow, and you can be prepared.
I think sellers too, if you'reselling to buy, and what's holding you
back is that you don't want togo and buy it today's interest rate,
so you're waiting to put your houseon the market, the obstacle that you
have. And this is all variable, right, because it's really relative.
I'll have sellers say, well,you know what, I'm selling my four
hundred, and I'm gonna buy aneight hundred, so I'm gonna wait till

(36:36):
my four hundred hits five hundred.Well, you're eight hundred is gonna hit
a million. So depending on whetheryou're moving up or moving down is where
the math comes in. But ifyou wait to sell your home until interest
rates come down, then the valueof what you're gonna buy is going to
have dramatically risen. So there area lot of sellers right now that should
be putting their home on the marketthat are waiting, and they're gonna they're

(36:58):
gonna miss out apps you're going tooverpay on what they go to buy after
this. It exactly was going totouch on that. I mean, we're
in the this is the time wherebuyers are out looking and the market's just
going to get more competitive. Assummer gets here, kids are going to
be out of school, Families aregoing to figure out, you know,

(37:19):
where they're relocating to, where they'rewhere they're going to live. So it's
it's important to maybe move those youknow, have those conversations sooner rather than
later. You know, home sellersright now, as there's more inventory,
that just means a little bit morecompetition for you. Yes, one hundred
percent. Yeah, And I thinkagain the benefit for home sellers right now

(37:40):
is to get ahead of that becausethe value you gain on your buy you
know, because again, if you'removing up, the idea of waiting to
sell your home does not make sense. If you're selling your home to buy
a more expensive home and you're saying, oh, you want your value to
go up on the home that you'reselling. That assumes you're in a vacuum
or not the property that you're buying. And again there are some variations here.

(38:04):
I mean, if you're moving toa market where the market is and
as solid as here, there couldbe some depreciation on the propert you're going
to buy. But if you're buyingand selling in the same market and you're
moving up, waiting doesn't make sensebecause you're waiting for the home value to
go up and the home value thatyou want to buy is going to go
up. And I had this conversationwith somebody last week that was looking at,
you know, higher priced homes.They have a million dollar home,

(38:25):
They're going to buy a three milliondollar home. Okay, so they're million
dollar home. They really want toget one point two out of it because
it nets them out a certain number, and that nets them out a certain
number. It really isn't relevant otherthan their ego because it's like it doesn't
really make sense because I tried toexplain to them, like, look,
if you wait for your million togo to one point two, the three

(38:45):
million is going to go to threepoint five. You just lost three hundred
grand, Like you didn't gain anythingby waiting, You're actually losing by waiting.
And the more that I got themto detach from the sale of their
existing home and think about it asone singular, you know, transaction,
the more they started to realize thatright, and it's it's always a risk

(39:06):
verse benefit conversation. And then I'ma big fan of, uh, don't
try to time the market, whetherit's stop people that are paying billions of
dollars that get it wrong, right, Like timing the market is impossible,
It just is, but there arepeople trying it. And so they're like,
oh, I'm going to wait tillone point too and then what happens
to your house? What happens toif you ever get to one point too
exactly and then you wait and waitand wait, and then you miss the

(39:29):
opportunity to be able to buy thehouse you really wanted to be in,
and the financial side of it forgetsabout the emotional side of it. Then
you're spending all this time not beingwhere you really want to be, you
know, and and that that Ithink is important for people. But again,
if you're predicting prices are going togo up, and you're holding onto
your house because you're waiting for valuesto go up, and you're going to
go buy a double or triple thevalue property, you're losing money by that

(39:51):
weight because that asset's going up toright, You're waiting for your home to
go up, but you're going tobe buying more expensive so you're really gaining
anything. No, you're taking youregg equity and depending on how long you
live there could be tax free equityand moving that into your new home,
but you know, not much ofa benefit. Yep. Correct. We
appreciate you tuning in again at theDuncan Duo and we aren't on air.

(40:12):
Get your home value estimate or yourinstant cash offer at Dunkin Duo dot com
and join the duo dot com foranything related to joining LPT Realty, joining
my team, applying for an openpositions ben great having you on the first
time. Sure we'll do it again, all right, great, Thank you
Andrew, Thanks for tuning in.Tampa Bay,