Duncan Duo 4-14-24

Episode Transcript

(00:00):
I'd be Sunday, Tampa Bay.We're with you for another week here on

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the Duncan Duo real Estate Show onWFLA News talking about the Tampa Bay real
estate market. Like we are everySunday at ten o'clock. When we aren't
on air, make sure to fallus on all of our socials. We
are at the Duncan Duo, Twitter, Instagram, TikTok, Facebook, YouTube,
pretty much every social media out thereat the Dunkin Duo, and we

(00:24):
would love to help you with yourreal estate needs again at the Duncan Duo.
And if you're looking for a homevalue estimate or to get an instant
cash offer on your home, justgo to Duncinduo dot com again, that
is Duncanduo dot com for a homevalue estimate or an instant cash offer.
So I want to talk real quickabout the luxury real estate market and some

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of the success we've been having lately. And it's interesting because who you hire
when you're selling real estate really doesmatter. Not all agents are created equal,
and especially when you're talking about luxuryproperty that is going to be exposed
nationally and internationally. A lot ofthe high end real estate in Tampa right
now is selling outside of the countryand outside of the state of Florida,

(01:11):
and if the agent you hire doesn'thave a marketing reach to get the property
in front of those people, youare going to miss out on many opportunities.
To give you an example, inthe last couple of weeks, we've
listed two properties above two million dollars. One of them was a luxury US
state property eight thousand square feed onalmost ten acres, and another one was
a luxury downtown condo and Saint PeteAnd in both situations we got multiple offers,

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and again that is not common inthe upper end of the price range.
Right now, we're seeing bidding warsin the low end of the price
ranges, but it's certainly not commonin homes above a million dollars. And
in both situations, because of ourexposure on all the different listing syndication services,
the photos, the videos, allthe social media marketing that we do,

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as well as our relationships with agentsacross the country to get the property
exposed to the most number of buyersas well as the most number of people
that communicate with wealthy buyers. Inboth situations we got multiple offers, so
if you were out there and you'vehad your luxury home on the market and
it hasn't moved, or you you'rethinking about hiring someone for the luxury space,

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don't skimp. Don't hire somebody becausethey'll do it cheap. You're you're
selling the most expensive thing you own. There are a lot of agents out
there that have gotten into business thelast few years that are willing to do
it cheap. But cheap work ain'tgood, and good work ain't cheap.
And a lot of instances we're seeingagents that didn't have a lot of experience,
don't have seven figure sales experience,selling these properties and not getting them

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sold. In other words, theyput them on the market and they sit
and they sit and they sit becausethey just don't know how to sell in
that market, because they're newer tothe industry and they don't have the experience.
So be cautious about who you hirewhen you're selling seven figure real estate.
We've had some great success lately doingsome unique thing with video and international
marketing, and like I said,recently getting multiple offers on homes above a

(03:07):
million dollars, And I believe thatagain, who you hire matters. The
marketing behind what is being done thecertainly the price strategy, but also the
negotiation strategy. When you have anexperienced agent that works a lot in that
realm, they know how to talkto talk with someone that's a millionaire,
They know how to navigate, theyknow how to play the patient game to

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try and best advantage as a seller, and that's something that we bring to
the table, and a lot ofthose situations I'm personally working with those clients.
So you know, I think mytrack record speaks for itself. If
you're looking to interview someone else,or unhappy because your home didn't sell again,
hit us up at dunkanduo dot com. And if you've got one above
a million dollars, there's a goodchance my eyes are going to be on

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it and you're probably gonna hear fromme. So I want to continue the
conversation here. I want to talkabout a new VA program. If you
are a veteran or active duty youknow, military person, there is a
lot of incredible housing opportunities that youhave in the military and as a veteran
that a lot of people don't knowabout. The v A loan allows you

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to buy the property with no moneydown, and and again you know,
it is the best loan product outthere in my opinion, Uh, no
money down. You can own morethan one home with a VA loan depending
on your entitlement uh and what youcan qualify for. But the process to
buy a home with a v Aloan is smoother than some of the other

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loan products. So there are alot of people again that that don't realize
it, or they talk to alender that doesn't offer v A, or
they just forget or they thought thatthey used it years ago and they can't
use it again. If you've ifyou had a v A loan and you
sold the property, you can goagain and get a v A loan.
So again, it is an incredibleopportunity for veterans and active duty military to

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buy with no money down. Theone obstacle with VA loans condos can be
an obstacle because the condos have tomeet certain criteria and there are a lot
of condos throughout Tampa Bay that donot meet that criteria. So just make
sure if it's a single family home, the VA loans should qualify should qualify
the property, of course, aslong as the property is in reasonably good

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condition, but condos are a littlebit more challenging. VA also is announcing
a program because thousands of veterans arefacing foreclosure as pandemic era forbearance is in
The new loan program is only availableto eligible veterans, so the VA announced
a last resort program that provides twopoint five percent interest rate home loans to

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more than forty thousand veterans who arefacing foreclosure. Through the VASP program,
the Veteran Affairs Servicing Purchase Program,the VA will purchase defaulted VA loans from
mortgage servicers the loans and place inthe VA owned portfolio as direct loans.
This allows the VA to work directlywith the eligible homeowner so that loans of

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monthly payments can be adjusted. Barwers, which are eligible veterans and active duty
service members and surviving spouses with VAguaranteed homeowns who are experiencing severe financial hardship
will have a two point five percentfixed interest rate. So again, this
is an amazing opportunity for veterans outthere that are having some financial struggles.

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The program comes after thousands of veteranhomeowners we're told to pay a lump sum
directify their pandemic era forbearances or refinanceat higher interest rates. They're upwards of
six thousand borrowers with VA loans ina program that are in foreclosure and thirty
four thousand others that are delinquent.So if you are a veteran that has
struggled making their payment because of fourbearancesor you have a VA loan, the

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VAS VASP program is going to beoffered through mortgage service beginning May thirty first,
So again we can have our lenderspeak to you. We've got a
couple of different ones. If youhave a mortgage lender that you're working with
that did your loan, you certainlycould reach out to them. But if
you are someone that is struggling withthe VA loan, you're behind, your

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delinquent, your in foreclosure. Thisnew program is going to put you in
an incredible interest rate and allow youto recover. During this period of time
where the forbearances have ended and lumpsome payments are due, a lot of
veterans can't refinance, can't catch thatup. So this is a new program
available to anyone with a VA loanthat is delink. When you're struggling.

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So again you're listening to the DuncanDuo Real Estate Show when we aren't on
air, make sure to follow uson all of our socials at the Dunkin
Duo. Also get your home valueestimate at Duncan Duo dot com. Again,
your home value estimate at duncanduo dotcom. I want to talk really
quickly about something that a lot ofconsumers get confused about right now as we

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navigate through our existing real estate market, as it relates to insurance. So
we've had multiple people recently say,well, I have a really good insurance
policy and I just want to transfermy insurance policy to the new owner because
I have a great carrier and agreat rate. Unfortunately, that isn't realistic.
You know, insurance policies are basedon your not just the property threshold

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for risk, but yours as well. You qualify as well as the property,
and when a new policy is written, it just it isn't typically in
very rare circumstances, is just notassignable to the new homeowner. It's likely
going to be a higher value forthe property. They're going to have a
different risk tolerance, they may lookat different contents coverage. They may not

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have the same credit profile as you, And unfortunately, insurance carriers when the
property changes hands, they want tomake sure that the condition of the property
is okay. So if you've we'vehad a home they've own for a while,
the insurance company isn't getting out andgetting inside that property on a regular
basis to determine the condition or whatin a four point inspection may not qualify

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in many instances. They're also,you know, kind of looking the other
way sometimes when it comes to theroof. They've already made money, they've
already had a policy with you,they've already measured your risk. But a
new owner of that property triggers thatwhole process over where the carrier wants to
make sure before they take it ontothat risk because it's a new person,
a different risk tolerance, a differentprice point, and they want to make

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sure of conditions. So the newpolicy they'll have to be readen, even
if it's the same carrier, isgoing to require some physical inspection, some
verification of conditions, some looking atinspection reports, a little deeper dive into
the property condition to make sure thatit's an acceptable condition. So, unfortunately,

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insurance is a problem right now inthe state of Florida. We've had
carriers leave, we've had citizens dumpingpolicies, We've had just a variety of
problems. But insurance policies are notable to be transferred from one owner to
another owner. The only rare circumstancewhere it's possible to pull something off like
that. There's a deal we're workingright now with a consumer that owns fifty

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plus properties and they're buying them ina bulk transaction, and what they're actually
doing is acquiring the entity that ownsall of those properties. So in investment
situations, if let's just say Iown an LLC and I have twelve properties
in that LLC, and I wantto sell the twelve properties, my insurance
could transfer to a quote unquote newowner, but it becomes a new owner

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of the LLC. The LLC stillowns the asset. That isn't really an
ownership change, as the insurance careersee is. So one work around for
investors to kind of keep some ofthe low insurance rate opportunities out there is
to buy the entity. So hopefullythis information's helpful. And again, when
we aren't on air and you wantto stay up to date on what's going
on on in Florida real estate inTampa real estate. You can always follow

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us on all the social channels weare at the Duncan Duo. Again,
that's at the Duncan Duo. Ifyou're a real estate agent and you're thinking
about a change, you want tomove to a new company, you are
interested in our team, you're interestedin LPT Realty. One of the things

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that I now do in addition torunning my real estate sales team is I
help identify the right people and theopportunities for agents that run their own businesses
not within my team don't want tomove their team to LPT Realty as it
expands throughout the country. You cando all of that and more at Jointheduo
dot com. You can come toour career Night. You can set a
consultation with me to learn more aboutLPT Realty for your real estate business and

(11:48):
how I can help you grow yourreal estate team or your real estate business.
Again. At joined Theduo dot com, you can register for our career
Night. You can also register forour LPT rally, which is going to
be Wednesday of this coming week.You can show up in person and learn
more about LPT as well as getsome nice barbecue food from four rivers at

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My office is sixty three twenty SouthAybray Again. You can do that Jointhduo
dot com. And we're going tocontinue this conversation about the Tampa Bay real
estate market after a quick break hereon the Duncan Duo Show. So we're
back here on the Duncan Duo Showtalking about the Tampa Bay real estate market.
I talked in the first segment aboutour success lately in getting bidding wars
on luxury properties above a million dollars, a great track record recently, unique

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marketing plan that we do, anda massive amount of experience that I have
selling real estate in Tampa Bay.I want to talk next about investing in
real estate. There are a lotof people out there that have seen others
have success in real estate and arenow starting to think about, you know,
maybe building a real estate portfolio forpassive income opportunities. But I want

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to caution people because investing in realestate can also have some downside. There
are a lot of snakes out there, people selling you info products, people
trying to get you to buy propertiesthat they are wholesaling, so they can
make a markup on you. There'sjust a lot of misinformation out there about
investing in real estate. So Iwant to give you some options and some

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of my thoughts about some steps totake if you're someone that isn't an investor
but is thinking about making money inreal estate investment opportunities. The first option
and a common way of making moneyin real estate is flipping houses. You
make a reasonably quick return. Youbuy a home that you fix up,
you turn around, you sell it. Don't be fooled by the TV shows.

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Man, they make it look reallyeasy, and I promise I've flipped
millions and millions of dollars in realestate, and it is hard. There
are a lot of obstacles. There'sa lot of mistakes, there's insurance,
there's risk, there's contractor problems,and unfortunately, there are so many people
doing it that as an individual investor, it is really hard to find those

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deals. Now, you're an agentand you have an inside track as you're
an experienced person in the real estaterealm. You know how to get in
touch with people that are motivated andthinking about selling and finding deals. But
the average person that's maybe just ownstheir home and they're thinking about getting into
real estate. I encourage them tolook at step number two before they jump

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into the risk of house flipping,which is residential rentals. These are longer
term investments, but they allow youthe opportunity to understand construction and renovation costs.
They're less risky, reliable income stream, they get some great tax benefits.
My recommendation before you think about investingin real estate is first owning your
own home, and then rentals,and then flipping, because I think each

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one of those things give you alittle bit of experience for the next one.
You know, I've had people cometo me and say, Hey,
I'm going to become a house flipper. Do you own your own home?
No? Do you have any money? No problem, Probably not going to
work for you. So the realityis is that there's a lot of risk
in the flipping. A lot ofpeople make the miss stakes and lose big.
With rental properties. Even if youmiss a little bit, you're not

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going to lose big. So,you know, I'm a big fan of
people starting with their own home andthen transitioning to rentals and then looking at,
you know, flipping commercial rentals isvery similar to residential rental, and
this is something that I could Iwould consider if you were a business owner
and you're going to occupy part ofa building, that would be a logical

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step to where you would buy abuilding, you would occupy part of it
and rent out the others. Thereare some ways to move into commercial rentals
if you have a business or abusiness owner, but again similar to the
other paths, this would be somethingI would do after you've looked at the
other pass especially if you're not abusiness owner. So benefits of buying an
investment property again, many opportunities forthat. It needs to be property managed.

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You need to know your numbers.But there are you know, potential
to earn passive income. Again,a lot of people want to make money
while they sleep. Earning passive income, you know, in a rental property
is a great way to do that. Potential tax benefits. You're gonna get
deductions and tax breaks. You needto treat your investment property like a business.
Okay, it is a business decision, not an emotional one. Unfortunately,

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I see a lot of people makemistakes in the rental property world and
don't make money or make less moneybecause they feel sorry for the tenant,
or they put a family member inthere, or they put a friend in
the place and a friend can't pay. So you have to treat it like
a business if you want to beprofitable. There is a possible increase in
value. Of course, you knowwhen you buy real estate, you're going

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to gain the equity. You're alsogoing to get the downside. So if
we see depreciation, then you're gonnaget that too. You can certainly buy
with cash. Rates are tough rightnow. If you have the ability to
buy cash. Other than that,you're going to finance it. There are
benefits to financing, and that you'reusing someone else's money to control an asset.
It gives you more leverage. It'salso a flexible investment. Flexible because

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you can make improvements to it.If you own Google stock, you can't
really show up to the Google headquarterstomorrow and work on it to improve the
value of it. There's nothing youcan do strategically. You can't add a
second property, you can't add amother in law apartment, you can't rent
out the garage, you can't youcan't creatively do things with stock that you

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own. But with real estate.You have the ability to improve it.
You can get sweat equity, youcan make some renovations yourself. You know,
you can certainly hire contractors to dothat as well, which may you
know, reduce your return on investment. Depends on the time that you have
available and the resources that you haveto deploy to making improvements to the investment
property. Some of the cautions initialinvestment can be high. You know,

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if you've got a few thousand dollars, probably not the place to go.
They're ongoing costs, there's risk,there's storms, there's insurance. Finding the
right tenant isn't always easy. Strongrecommendation, don't rent to friends and family
because you're gonna get guilt tripped.Treat it like a business. It's not
a charity. Property prices can youcan see depreciation, and it is not

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liquid, meaning that when you lookto sell it it may take a little
while to exit it. It's notlike you can push a button with the
stock investment and immediately get your moneyback. So hopefully those real estate investment
tips are helpful for you. Ifyou are thinking about investing in real estate,
call our office eight one, three, three, five, nine eighty
nine ninety. Express some interest inthat, We'll make sure to get you

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to one of our investment agents.We have agents that work exclusively on investment
deals only and work with investors tohelp them find great return on investment opportunities,
great cap rates, great cash flows. Again, reach out to our
office eight one, three, threefive, nine eighty nine ninety. We're
going to be back after a quickbreak continuing our conversation here on the Duncan

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Duo Real Estate Show. So we'reback here on the Duncan Duo Real Estate
Show talking about the Tampa Bay realestate market. One of the most important
things that a real estate agent bringsto the table when selling your property is
helping you prepare the home for saleand helping give you tips to improve its
value. Just recently, I've gonethrough a couple of, you know,

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two million plus dollar properties in thestate, a condo. I went through
an eight hundred thousand dollars house inSouth Tampa, and my goal in walking
through the property and walking around it, and the same thing that all of
our agents do is using those yearsof experience and those thousands of home sales
that we've had to look at theproperty and determine what are some things that
could potentially keep it from selling.Okay, number one and number two,

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what are some things that the customercould do, maybe even inexpensive things that
would be a great return on investmentto prepare the home for sale. So
when you're working with a real estateagent, especially in a market today that
isn't the same as a year ortwo. It's a little more challenging to
sell a property today than it was, you know, two and three years
ago. That being said, whenyou look at it, you need some

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advice. You need some advice aboutwhat you need to do. Some things
you need to move around in thehome, some things you need to change.
And one of the things that wego back to a lot is curb
appeal. You want the property fromthe curb to look nice. So some
you know you want to you wantto spruce up the curb a peel.
And this doesn't mean you know,you're putting in palm trees and spend thousands

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of dollars. It could be assimple as, you know, a fresh
cut, some trimming, maybe hiringa landscaping company. If you've been mowing
the lawn yourself and you're doing ahap hazard job. Maybe having somebody come
in trim up your plants. Maybeyou get rid of some weeds, get
rid of some plants, add somecurb appeal. It can be done really
inexpensively. We just recently had onewhere I think I spent maybe five hundred

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bucks on curb appeal because I feltlike the curb appeel was really bad and
we need to do improve it.It does not have to be massively expensive.
Some color, some flowers, somemulch. You want to remove old
leaves, leaves and debris. Again, lawns can be littered when the you
know, we don't have much ofa season change, but we do get
a lot of leaves, so proneto collecting leaves, you want to get

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rid of those. If you've gotareas where the grass isn't growing, you
want to water. You want toget that grass growing, especially dry times
a year when we don't get asmuch rain. If you don't have an
irrigation system, a new code ofmulch. Man I cannot tell you how
valuable adding a new code of mulcharound some plants, or even a bunch
of plants that don't have any mulch, how much it can shake up the

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color palette. Sometimes you can trya different shade of mulch depending on the
color of the home. Brown black, you know, brown black, red.
Each one complements a home differently dependingon the colors, color of the
door, color of the trim.But adding a new code of mulch is
definitely a way to go. Cleaningup your hedges, trimming your trees.
Sometimes we find trees are hanging down, covering the windows, touching the roofs,

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things like that that make the propertynot look as appealing. Consider the
state of the structure itself too.Sometimes the house might need to be repainted.
You know, when people pull upto the house you want them to
fall and love. They're not ona fact finding mission. They're still looking
at the visible. You know,they think of the visible needing to be
impressive. It could need a pressurewash, it could need paint, maybe

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just some simple touch up things.Maybe there's you know, really simple little
things that you could do to makeit look more appealing. Maybe the face
is popped out of the of theplastic structure. Maybe it needs pushed back
in. But a fresh coat ofpaint or pressure washing could go a long
way towards covering up and correcting thedeans to scratches. And if you're looking

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to shake things up, you cantry a different color of paint. You
can stand down a wooden door andcover it with stain and varnish to restore
its natural look. But again,this is where a great real estate agent
comes in, hand in handy.A great real estate agent is going to
look at this and say, hey, here's what I think you need to
do, based on all of myyears of experience. Here's what I do
if I owned this home. Youcan also add pops of color. If

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the home is dreary and you don'thave a lot of color, look for
ways to coordinate the color between thedoor or in the mulch, or the
plants that are there and the doorand the trim. You know, color
coordinating it is a way to appealto certain personality types that want that conducive
kind of flow to the property.So hopefully these tips are important. Other

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things, the other things that payattention to when you're selling your home.
Again, you want to eliminate asmany cosmetic things as you can because even
though cosmetic isn't contractual, it leadsa consumer to think that something's wrong.
So if you had a leak that'sbeen fixed, but there's cosmetic damage,
fix the cosmetic damage, or peopleare just going to assume there's a leak
that you didn't repair properly. Youwant to eliminate objections from people when you're

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getting the home ready for sale.The other things that pay attention to would
be cleanliness. Have a house cleanif you're not a clean person. If
you're not going to keep the homeclean, have a house cleaner. If
you can't afford a house cleaner,or don't want to have a house cleaner,
simply you do it yourself or hiresomeone. Make sure the house is
getting cleaned, that it smells nice, that someone is going through the property

(24:00):
and checking to make sure everything iscleaned up. A house cleaner can go
a long way towards making sure thehome is presentable. If you're looking to
cash out your equity, you mighthave to invest a little bit into making
sure the home is kept up.And if you're going to get into spending
money, you want to first attackthe four point items that might cause a
home not to be able to close. Does it need a new roof?

(24:22):
Okay, is the roof old it'sgoing to be an insurance problem. If
the roof is old, is theac bad going to be an insurance problem?
Are there electrical code issues? Arethere major plumbing issues? Those are
all things that contractually and from aninspection and insurance perspective, can cause a
deal to get canceled. And thenafter those things, if you're looking at

(24:44):
sprucing it up, you want tolook at kitchen and baths. You do
kitchen and baths and those are thewow factor items that are going to get
you a greater return on investment.So again your listening to the duck and
do a real estate show here onWFLA News. When we aren't on air,
we are at the Duncan Duo,Twitter, Instagram, YouTube, TikTok,
Facebook, every social media channel.We are at the Duncan Duo when

(25:07):
we aren't on air. Duncandoo dotcom for your free home value estimate or
your instant cash offer. We buyhomes every single week directly from consumers.
In addition to be a real estatecompany that helps people sell homes, we
provide the other opportunity for people tosay, you know what, I don't
want to listen to my home Traditionally, I just want cash, get me

(25:29):
out, make me an offer.Similar to a lot of the funds out
there, we have our own cashavailable to buy homes. Were local home
buyer and we're using local contractors turningthe properties around and putting the back on
the market and improving neighborhoods. Soif you want a cash offer, you
can do that at duncinduo dot comand we'll give you a quick, clean

(25:51):
cash offer. And last, butnot least, we'll also talk to you
about you know, what you mightleave on the table if you take a
cash offer. Maybe you just wantto sell your home. Traditionally, we're
going to give you all the optionsto help you exit, and we do
some unique things too with the cashoff our program. We have programs available
where you can renovate the home andhave a company get paid at closing.

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If you're in a good enough equityposition. Let's say that your house is
worth one hundred thousand dollars more thanwhat it's going to sell for, but
you don't have the ten thousand dollarsto clean and fix the property up.
We can help provide a contractor thatwill do that and then get paid at
closing in some circumstances. And thensecondly, the other benefit that we have
as a home buyer over some ofthe funds is that will certainly when the

(26:38):
property is in a certain criteria.A lot of the funds that are out
there buying homes, I mean hedgefunds. You know, they buy homes
all day long, every day theybuy a certain criteria of home. Well,
we will buy homes that need alot of work. We'll buy homes
that are in bad condition that needmassive renovation. We'll also work with owners

(27:00):
and allow them to stay for aperiod of time after closing if they need
a little bit more extra time tomove. So those are all things that
we do a lot more flexibility thanthe funds because we are a local home
buyer and we're making local decisions.And you can again get your home value
estimate or your cash offer at duncanduodot com. So are there any first

(27:21):
time home buyers listening. If you'rea first time home buyer, I want
to give you a few tips,but I also want to tell you if
you're not a first time home buyer, but you are a friend or family
member of one. Let's say yourkids aren't listening to the show right now,
and you know they're thinking about buyingtheir first home. The agent that
they work with really does matter,you know. And again we have agents

(27:45):
at our company that love working withfirst time home buyers that that's what they
focus on. There are programs outthere that the agent needs to be aware
of. Their their programs called HometownHeroes where they can get down payment assistance
or better mortgage rates in the stateof Florida. Again, those are things
that the average agent sometimes doesn't know. So if you're someone thinking about buying

(28:07):
a first home, we'd love theopportunity to help you. Again the Nuck
and Duo dot com, you couldcall us eight one three three five nine
eighty nine ninety or Texas We texton that number as well. But first
time homebuyers are facing a more challengingreal estate market. It's why the agent
they hire matters more than more obstaclesthan they would have encountered just a half
decade ago. Here's three tips.Before we jumped a break, we got

(28:30):
a couple of minutes. I wantto give you three tips to successfully navigate
the market as a first time homebuyer. The first one is expect to
move quickly. A lot of competitionon the homes. There's a lot of
cash buyers out there. There aren'ta ton of homes available, so the
if you see a home that youlike asa a first time home buyer,

(28:52):
it won't be on the market longbefore it's sold. The homes that fit
first time home buyer price points acrossthe country average twenty three days on the
market. So in Tampa we're seeingsome of those affordable homes, those two
three, four hundred thousand dollars houses, five hundred thousand dollar houses sometimes go
within days bidding wars, So ifyou want to sleep on it, you

(29:14):
may not sleep in it. Soexpect to move quickly. Apply for a
mortgage approval before you begin looking athomes. First time home buyers make the
mistake of thinking because they looked atcredit karma or experience and they know the
credit score that they're going to qualify. But it is a little bit more
than that. It's it's your income, it's how long you've been in your
position, it's your debt to incomeratio. There's a lot of customers that

(29:34):
we've seen go out get excited aboutbuying a home and then get denied or
told they can only qualify for acertain amount, and it totally you know,
it's demoralizing, So make sure youget your mortgage preapproval before you look
at houses. Second, least,set a realistic budget to offer at or
above the asking price. The firsttime home buyer market, again, not

(29:56):
a lot of inventory, bidding warsare happening. Have a number in mind
that you can go above the askingprice and still be able to afford the
property. It is super competitive andyou've got to be again when you're competing
with cash and a lot of thecash buyers out there in that segment of
the first time home buyer market,you've got to be very aggressive with your

(30:17):
offer. Twenty eight percent of homessold above the asking price in the first
time home buyer market across the country, so you're going to have to be
aggressive. You're going to have tomove quick. You need a great agent,
you need to be approved ahead oftime, and you need to be
willing to go over the asking price. And last, but not least,
it's time to call the wealthy uncle. If you can get cash. Cash

(30:41):
is king. If you have somebodywilling to loan you the money and a
family member, you know, yourparents, whoever it is, now's the
time because with interest rates where theyare, it's challenging out there for first
time home buyers. So those favorsthat you you may be able to call
in buying a home is definitely thetime to seek some outside assistance for financing

(31:07):
or down payment help, you know, from my friend or family member as
well. So hopefully those tips havebeen helpful. We'll be back. We're
going to wrap up the show withour last segment after a quick break here
on WFLA News. So we're backhere on the Duncan Duo Show talking about
the Tampa Bay real estate market.At the Duncan Duo Twitter, Instagram,
YouTube, TikTok, Facebook, DuncanDuo dot com or your quick Cash Offer

(31:27):
or your home Value Estimate again atduncanduo dot Com. Buyer's preference is shifting
towards smaller homes. The average sizeof a new build home in twenty twenty
three fell to the smallest size sincetwenty ten. We we've been on this
trajectory for a decade where the averagehome kept growing, growing and growing,

(31:48):
and now it seems like consumers arestarting to say, hey, let's dial
that back. But you know what'snot shrinking. And I found this interesting
too, and this aligns with mevery much, so the size of the
garage. As consumers are shrinking theirsize of their home, garages are getting
larger or outbuildings. So the averagesquare foot of people with garages, the

(32:13):
garage size grew, so people aregiving up a little bit more of the
house for more storage or more garage, or more space for toys or golf
carts or boats. So I foundthat interesting, and I want to talk
about that really quickly because if youare someone that is a car enthusiast looking
for a large garage home, oryou have a large garage home to sell,

(32:34):
I have to tell you, youknow, I have a pretty expansive
garage myself and a nice car collection. And I laugh all the time when
I see some of the luxury agentson the market that have a home listed
because they just don't understand the valueof the garage. And they called a
two car garage. It's two cargarage because it's got a you know,
two to one car doors, butit's a whole first floor of the property.
You can fit twelve cars in it. I can't tell you how many

(32:57):
times I see mistakes in luxury realestate agents that misclassify the garage and they're
missing a whole segment of the populationof people that are looking for a five
plus car garage. Additionally, becauseof that knowledge, if you're someone that's
looking to buy in that space,I know how to navigate around that and
set up searches and use tax rollsto look by square footage and find the

(33:19):
right properties for you. As someonewho's a garage enthusiast myself, So if
you're someone that's sneaking about buying alarge garage home or selling a large garage
home, if you're someone that doesn't, if you're dealing with an agent that
doesn't quite understand the value of that, then they're going to miss advertise it.
They're going to miss the opportunity toexplain that it's a ten plus car
garage. Just because it has twodoors doesn't mean it's a two car garage.

(33:43):
I literally saw this this week ona five million dollar house. It
was classified as having a three cargarage because it had a two car garage
door and a one car garage dooron the other side, which is very
similar to my house. It wasadvertised as a three car garage. The
entire first floor of the house wasthe garage. You could fit a dozen
cars in the garage. The househad been on the market for one hundred

(34:06):
days and hadn't sold ng I wonderwhy because a huge value proposition with consumers
right now, our garage sizes areincreasing. People want more toys, People
want to spend more time in thegarage. They want a man cave.
People moving from other parts of thecountry that are used to a basement want
a bigger garage on the first floor. It's just the way that it's happening
in Tampa Bay. So if you'renot working with it, if you're a

(34:29):
car enthusiast, and you're not workingwith a car enthusiast that knows how to
navigate through that, that knows howto find those opportunities, that knows how
to read through the lines. Butalso selling that property with a large garage,
if it's not being exposed properly,you're missing a large segment of the
buyer marketplace. That is something wedefinitely will not do at my company because
I'm a garage enthusiast, I'm acar junkie, I want to make sure

(34:52):
to navigate. And also because thoseare a lot of my friends. Those
are people I hang out with thecar crowd or people that I spend time
with, so I know how tomarketed to them, and I network within
a lot of those groups. Solarge garages are becoming a big thing as
buyers preference are shifting to smaller homes, and I still see it now.
I see homes out in East Hillsborowhere the garage is as big as the

(35:14):
house. It is not that uncommonanymore, and more and more people like
that because again, the garage getstaxed differently than the air conditioned square footage.
And you know some of them,I'm sure if make it air conditioned,
they probably throw a mini split inthere out in some houses in Brandon
and Riverview, and it becomes almostas livable and usable as the air conditioned

(35:34):
space. So it's also effective froma cost perspective to use that space and
still get the benefit of the spacewhile not paying as much on taxes.
So the large garage segment of ourmarketplace is not it's growing. So again,
if you've got a home that's beingmarketed and it's not the garage isn't
being accentuated. You're missing a largeportion of the audience. If you're a

(35:54):
buyer that's looking for a property witha large garage, reach out to me.
You can reach out to me personally. You know, I would love
to help you. I'm a carjunkie. I kind of geek out on
fighting homes with large garages that aremisadvertised to find deals for my clients.
I've bought a lot of homes I'verenovated and flipped that were misadvertised on garages.

(36:15):
I bought one behind Chick fil Aon gandhy you know last year that
was advertised as a two car garage, and it was like an eight car
garage because the garage was like athousand square feet. So again, a
lot of opportunity out there in thatspace. If you're interested in that,
find me on Instagram the Andrew Duncanagain the Andrew Duncan on my personal instagram.

(36:36):
If you're a car enthusiast looking fora large garage home, or you
have a large garage home to sell, I'd love to personally help you again
at the Andrew Duncan on my Instagram. If you go to our website or
any of that, or you callin, just tell them that you're you
know that you heard me talk aboutgarages on the show, and they'll make
sure to get you directly to mebecause I'd love to help you. So
anyway, we appreciate you tuning inwhen we aren't on air. Duncan Duo

(36:57):
dot com for your free home valueestimate or an instant cash off for again,
that's Duncanduo dot com for a freehome value estimate or an instant cash
offer. And at the Duncan DuoTwitter, Instagram, YouTube, TikTok,
follow us on all of our socials. We're always giving away cool stuff too.
We've got a Lightning signed jersey giveawaycoming soon, so again, make
sure you're following us on our socialswhere we'll give that away. And thanks

(37:19):
again so much for tuning into theshow and have an awesome rest of your
weekend. Tampa Bay