Duncan Duo 4-21-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. Thanksfor joining us this week on the Duncan

(00:03):
Duo Real Estate Show. I'm RobertJohnson, president of the Duncan Duo here
with Ben Turik, head of Hey, he's head of our cash offer division
here at the Duncan Duo. Youknow, we have two separate kind of
divisions that we run. We reallyhave the traditional real estate side, which
is probably decided that most people arefamiliar with when they think of real estate.
You know, we partner with youto list your house, to buy

(00:25):
homes, to really everything that youthink of as far as normal real estate.
But we have another side that Iknow that you hear about in our
advertising, and it's really where we'llcome out and we will offer cash for
your property. You know, westarted this years ago when we originally got
into the game. We were reallysuccessful with the property or excuse me,

(00:47):
with a program that we used tocall guaranteed Sale and we would come in
and we would offer to buy yourproperty at a price at the end of
that period that was predetermined if weweren't able to sell it. And while
we still offer that program, whatwe found over the years is that people
just want the convenience of an upfrontcash offer where they actually don't have to

(01:08):
go through the hassle as they feelof actually putting the home on the market
with us. So Ben heads upat that division. He's worked with us
for a really long time. I'veworked with Ben for probably ten or eleven
years. He was a great agenton our team. He still does listings
and works with some buyers on ourteam, but right now he focuses mainly

(01:29):
on going in and working with peoplewho want that instant cash offer. So,
Ben, what are some of thebenefits that you feel comes with working
with us for the cash offer?Like if I was a seller and I
was to call you and I wasto say, hey, I want a
cash offer, what do you thinkthe benefit of that is what am I
looking for? Yeah, thanks forhaving me on, Robert, good to

(01:51):
be here. I think every sellercomes in with different things that they're looking
to achieve. But convenience, Ithink is what I'm seeing is the easy
what most sellers are looking for.Or you know, they they understand that
they go on the market, theyhave to have their house looking the right
way and cleaned up and prepared,and you know, sometimes with life and
kids and work, that's all.It's not always realistic. You know,

(02:12):
will come in we you know,do an evaluation on your home. And
I think the great thing is wecan tell you, hey, I think
a cash offer is something that wouldwork for you and this is where it
would be. Or we can alsohelp you traditionally and get you on the
market. So we give you optionsand just giving those sellers the power to
decide what's best for them is Ithink what's going to be the best thing
for everybody? Yeah, I thinkthat that's you know, That's what's great

(02:32):
about working with our team is welike to say that we do have a
menu of options for people and alot of times when they call and if
I'm talking to somebody that's calling inand they want to sell their home,
you know, they want to know, oh, well, what do you
charge and what can you do?Well, I say, it's not that
easy because we have a lot ofdifferent options, cash offer being one,

(02:52):
guaranteed sale being one. But Iwould say that, you know, when
I look at somebody that's wanting acash offer, I do think timing is
super important for them because maybe they'rereally in a hurry or they feel like
they're under the gun a little bit, but definitely you know, the convenience
of not doing showings, getting thehouse ready that they feel like is required

(03:15):
to go on the market, andreally just the ease of the transaction.
Yeah. And I also think thecondition of your home can play a factor
in us too. You know,if you haven't touched it, and you
know your roof is thirty years oldand leaking and the AC needs to be
replaced that you know, those aretypes of things where maybe the traditional route
might not get you the most money. Speed is also something, and also

(03:37):
control. I think when when wecome in with a cash offer, you
want you know, if you wantto close in three weeks on a Tuesday,
We'll close in three weeks on aTuesday. So you really get a
lot more control for the whole processrather than just going on the market and
waiting for buyers to come and bringyou an offer. Yeah. And I
do think there is an element ofthat control that some people naturally are drawn

(04:00):
to, because you know, somepeople are control freaks. You wouldn't know
anything about that, but they theybasically, I mean they want to call,
they want to know that something's guaranteed, they want to know, Hey,
I know that I'm going to getpaid this much, I know it's
going to close this time, Iknow that it's cash. And so they
like to have the whole thing laidout for them where they can kind of

(04:21):
say, Okay, this is guaranteed. And some people feel like going on
the market, yeah they're going tomarket it at a certain price, but
maybe they don't feel like they knowthat it's guaranteed at that price. Yeah.
I mean when you're going on themarket traditionally you're looking for a finance
buyers what we mostly see and thereare terms that you know, your home
has to qualify, appraisals, inspections, There are definitely things that your home

(04:44):
has to go through. For thecash offer, there is a guarantee.
We don't have appraisal contingencies because we'reall cash. There's no financing contingencies.
So it's more of a guaranteed thing, and we want to put that power
back in the seller's hands to decidewhat's the best opportunity for them. Yeah.
Absolutely, And to be clear,I mean, you guys are still
going to do an inspection on theproperty move. We don't make sure the
property is not falling down, correct, And those are those are costs that

(05:09):
we pay for. Those are nocosts to the seller. But you know,
of course we can go in,but we want to look at you
know, during the inspections, thebiggest things we're looking for four point items
which we traditionally see roof ac,electric, plumbing, and we just want
to make sure the house is youknow, structurally sound. There's no you
know, sinkholes or anything like thatthat I can't see in a cursory inspection.

(05:29):
But yeah, once once that happensand you know, there's nothing really
major that comes up, we moveforward. It's guaranteed and we can you
know, if you need to extendfor a little bit, we can be
totally flexible with how we move forwardwith that. Yeah, and there is
flexibility there, and that's great.And I will say another thing, especially
if you're thinking about, you know, what's a cash offer going to be
for me, that's not something thatyou know, you can call up and

(05:51):
we can tell you over the phone. And I do I do understand that
people do think that, but Iwould tell you that that's something that we
have to come out and see theproperty. But not just that, because
sometimes we get people and they're like, Okay, well, you know,
I know that you have to seeit to be exact, but like what
percentage will you buy that? Andit's like we get those questions all the

(06:13):
time from people, and it's everyNo home is the same, right.
You know, if you just renovatedyour home and everything is brand new in
it, well that's a different situationthan someone who hasn't touched it for thirty
forty years. It really just takesan evaluation. On most times, you
know, depending on how many questionsthe seller has, fifteen twenty minutes,
we can come out, walk throughthe property. You know, we're happy

(06:34):
if to stay longer, if youhave questions, we want to be very
transparent, go through the process,explain everything that goes, and look,
sometimes you might find out that thecash offer is not the way we can
go, and then we can talkabout traditional going on the market and what
the pros and cons are to eachBut it's definitely something we have to come
out look at the house and thenwithin twenty four hours we get you a
cash offer and we can move forwardfrom there. Yeah, and I think

(06:58):
what's great about that is that youknow, if you if you call us
and you have us come out fora cash offer. It's not that you're
guaranteed that you have to go thatroute. You know, you can go
we can go out, we canlook at the property, we can give
you those menu of options. Wecan say okay, well, based on
what we see, this is whatwe want to offer you. However,
you know if that doesn't work foryou, because we can look at it

(07:18):
right away and sometimes know that,hey, this might not work for this
person. But we can say,hey, if you do list it,
or if you do decide to dosomething else with it, this is what
it's worth under certain scenarios. Youknow, maybe we traditionally list this is
the price that we think we canget for you if we cash offer it.
This is the price that we canoffer you now, or if we
maybe submit it to some of ourother investors, this might be the price

(07:40):
that they offer. So it's somethingthat we can kind of walk you through
those steps and guide you because again, that's what we're wanting to do.
We're wanting to guide you into makingthe best real estate decision. You know,
that's our that is our you knowidea out there. I mean,
we want to help our clients andcommunity make the best real estate decision.
You know, we want to guideyou in that direction. We want to

(08:01):
help you with that, and wewant to give you those options. So
it's nothing that you're guaranteed that youhave to take correct And I think that's
one of the things, you know, I've as Robert mentioned, I've been
with the team for over a littleover a decade at this point, which
sounds crazy just saying out loud,but you know, I think that's one
of the things that we offer thatmost agents don't. You know, most
agents want to come out to yourhouse and say this is what we do,

(08:22):
this is how much it costs,and that's what we offer. We
want to give you different choices sothat you can make the best decision for
yourself. What should I list it? Should I not? What's the difference?
Is there a financial cost that?And that's us just giving you every
different option. And if I comeout and hey, the cash offer doesn't
work, we can try list,you know, we can go over how
we can list your home and sellit, really putting the power in your

(08:43):
control rather than putting it outside andjust kind of hoping something happens. Yeah,
And we're Another benefit I like tosay is, hey, we're humans.
We're like the people that will bebuying your home as opposed to you
know, if you're going through otheravenues, a lot of times it's a
computer generated thing that they offer yousomething and then they come out, they

(09:05):
do an inspection on the property,or they look at the property and they're
like, just kidding, we'll actuallyoffer you this much, right. I
mean we all get you know,in today's dy and age, we all
get letters in the mail and youknow, random callers saying, hey,
I'll buy your home for a milliondollars. But you know, until you
get out there and really assess eachproperty individually, you know, we don't
want to talk about anything because wedon't want to give you false assumptions or

(09:28):
tell you anything that you might notyou know, might not be accurate.
So giving us a call, havingus come out, it's no charge,
there's no cost, and we canreally give you the advice to get the
best situation for you and you canhave the control during the selling process.
Yeah, and then they can goto our website. Correct, they can
go to Duncan Duo dot com andthey can go the same place that they

(09:48):
would contact us in order to selltheir home. They can also fill out
a cash offer form on our site. Correct, they can go online,
they can request a cash offer andand someone will reach out to them right
away. We can get We'll makesure it gets the right person, whether
it's me, someone on our team. We will get you the information you
need, have someone come out tothe house and give you the best advice

(10:11):
that they can so that we canhelp you get your home sold for top
dollar. Is there anything in particular, is there any cash offer home or
area that you would love to purchasethem that maybe you haven't all righty,
I know that's like a that's ayou know, shot in the dark,
and it's kind of a you know, we're really open to where we look.
I don't want to limit us toanywhere. You know, sellers have

(10:33):
you know needs and Zephyr Hills andthey have needs in Bradington and Perish and
we want to cover just about everywherein between. It really we take a
look at every option out. Youknow, there might be some properties that
we can offer. If you don'town the land on the property here in
Florida, that's not something we cangive you a cash offer for So there
are some things, but once again, we can always give you the best
advice on how to handle that.But Robert, we're buying everywhere, Pasco,

(10:56):
Hillsborough, Penelis, Pull. Wewant to buy homes in every county
and we want people to reach outto get those cash hot Yeah, I
mean we cover they cover our entiremarket where we serve, and we serve
anywhere from Citrus over to Pulk downto Sarasota County. I mean we cover
truly the entire Tampa Bay area,even the peripheral area. We cover everything.

(11:16):
I mean, we've even served someparts of Orlando before. And you
know, we we want to buyand sell homes everywhere, and we do
and we do a great job ofit and a lot of areas. Even
though our offices in Tampa, we'restill the number one agents in those areas,
which is kind of impressive. Butyou know, they can go to
our website, they can fill outa form there. You can reach out
to us on our website for anythingyou need, even listing your home.

(11:39):
If you want to look at homesthat are on the market and you're a
buyer, you can look at homeson our website. You can go there
Duncan Duo dot com, or youcan give our office a call. Eight
one three three five nine eight ninenine zero is the number. Easy to
talk to one of our agents thatway, or reach out to us on
socials where the Dunkin Duo team andwe're back here on the real estate.
Reach out to a sick with usto help break the bat. Robert Johnson,

(12:01):
president of the Duncan Duo, fillingin for Andrew Duncan, who's out
this week here with Ben Turik,are head of our cash offer program,
but he still works with sellers too. So however, we have already want
Ben how you're going to get him, So we appreciate him being with us
this Sunday, but want to talkwith you change gears a little bit and
talk about actually the traditional real estatemarket, because while cash offers are great

(12:26):
for a lot of situations, youknow, most people are going to fall
into traditional purchasing, buying, selling, that type of thing. And you
know what's really affecting the market rightnow that we talk about quite a lot
is interest rates and inflation and everythinggoing on with the market there. And
you know, it's it's interesting becauseI feel like when I'm looking at our

(12:48):
listings and I'm looking at the marketin general, and luckily, you know,
we do a lot of business,so we can kind of see trends
just from what our business is doing. But even when you look at the
market as a whole, it's very, very, very dependent on the slight
ups and downs of the interest rates. I mean, one week out of
nowhere, you could be busier,and the next week out of nowhere you

(13:11):
could be totally dead with showings andeverything else. And when you look,
it really is kind of marrying thosedips in the interest rates and where they're
going, especially for buyers on youknow, I hate to even say low
in but I would say like underfour hundred k. Really, I think
it's really dependent on the interest ratesright now. And it sounds even crazy

(13:37):
to say low end because years agowhen I started, our average price in
our market was like one hundred andten thousand, and the idea that four
hundred thousand is about average price inour market right now is crazy. But
that also is why interest rates arechanging the market so quickly, because every
jump changes that payment so much whenthat's the average price. So I would

(14:01):
tell you that that's what I'm seeing. I mean, are you seeing the
same thing with your traditional listings outthere? Yeah, I think it's the
same thing. I think you know, everybody's watching and our and our lenders
are always talking to us. Wehave them come in all the time where
rates are what going. And it'strue, if the rates go up,
we see things typically slow down,you know, showing slow down, views

(14:22):
showdown. But as soon as ratesgo down even a quarter percent, half
a percent, we see it change. So it's really I think buyers are
very savvy. They're watching it.They're waiting to get the lowest rate locked
in. But Robert, we allknow once rates do come down, you
know the market's going to go onfire. So that four hundred thousand dollars
home today could be four fifty ifrates go down to five or six percent.

(14:45):
So we you know, this isstill a great time on the market.
I think buyers have a lot ofopportunity out there to find some great,
great properties. Well, and that'sthe interesting part and kind of where
I was going is that when yousee those drops and you see that activity
pick up, it kind of isa forewarning of what's going to happen.
Maybe if the FED eventually really doescut rates later this year, like they

(15:07):
keep saying they're going to, oryou know, people are kind of thinking
they're going to, you really cansee, Okay, well, when they
do, it really is kind oftrue what people are thinking, that activity
is going to go way up.And I think, you know, obviously
I don't know what they're thinking,but I think that they probably also know

(15:30):
that, which is why they can'tlower those rates yet. They just can't.
You know, real estate is somuch of our economy, and I
think that they know that if theylower them, it's going to possibly really
jump inflation because housing is so mucha part of inflation numbers agreed, So
you know, I think that they'reholding off because of that. But I

(15:52):
think what we're going to see isexactly what we thought, where once they
do cut rates, or once ratesdip naturally, you're probably going to see
prices go higher because so many peopleare going to jump off the fence purchase
those properties, and then you know, then inflation is going to get bad
again. So it's it's one ofthose catch twenty twos that I don't know

(16:14):
where they're going with it. Iwill say that you know, we have
talked for months that we keep thinkingthey're going to cut rates. That's kind
of what has been told to us, that's kind of what everyone's expecting.
And then every month the inflation numberscome out and they're a little worse than
they thought, and they don't cutrates at the next meeting. So,
you know, I think we couldbe stuck in that cycle where they're not
lowering rates like they thought, becausenow I'm seeing that they are projecting maybe

(16:38):
not until twenty twenty five. SoI think we're going to be stuck with
this very volatile market for a while. It's definitely something that we're all watching.
I think everybody in this industry anda lot of industries are just watching
to see when it's going to godown. But you know, it's still
a great time to buy. Wesee a lot of inventory on the market

(16:59):
and if you a buyer who's thinkingabout getting out there, now is definitely
a time to start searching, getthat rate locked in, and there's some
great programs for first time home buyersto make you know, for those you
know, once again we hate tosay lower priced homes, but really for
first time home buyers, even withrates high. There are some programs that
we can get you with our locallenders that can help you find the right

(17:21):
program and get those rates down andget things manageable, because now is when
you want to get in. Sowhen those prices at homes jump, that
four hundred thousand dollars home is nowfour fifty or four seventy five, So
the rate going down a percent,and are you know a point or two?
You just killed your payment anyways becausethe price of the home went up
well. And the thing is whenrates do go down, because I do

(17:41):
think that everyone is projecting them todo go down. It's just no one
knows when that point is, whetherit's later this year, next year,
late next year. Everyone's expecting themto go down, you know. I
think that that's kind of a given. They've kind of been stuck here for
a while. And you can refinancewhen it goes down, and that's the

(18:03):
great thing. A lot of theselenders are doing no cost refinancing when the
time's right. You know, youcan talk to your lender about that.
But you know, if prices goup, you know, you can't magically
make the price go down, butyou can refinance. So I think that
that's a great option. I knowthat that's what even some agents on our
team that have bought property recently,that's their thought is that I want to

(18:26):
buy it now when I was ableto kind of go in negotiate with the
seller a little bit and have somemovement there, whereas a year ago or
two years ago there was none ofthat. It was just bidding over and
they're thinking, Hey, when therates come down, I'm just going to
refinance. And that's what they're thinking. So I think that that's always a
good plan. I agree. Ithink I think people just have to,

(18:47):
you know, watch the market,look at what's happening, and as soon
as rates do come down, you'regoing to get into that feeding frenzy that
we saw two three years ago.Yeah, well, give us a call.
We want to point you to theright direction of some lenders that we
work with. If you have yourown, that's a great spot that you
can, you know, talk tothem as well. But I think it's
always great to get a second opinion. We'd love to point you in their
direction. I'm always shocked at theprograms that they have that are about to

(19:12):
start, maybe programs that are aboutto end, you know, just the
different options that some lenders have thatI think talking to multiple lenders you can
get a really good sense of Giveus a call eight one, three three
five nine eight nine nine zero andwe can point you in their right direction.
Or again, reach out to usevery where we talked about earlier,
Duncan Duo dot com or Duncan Duoteam on all of our socials and we'll

(19:33):
be back right after this quick breakhere on the Duncan Duo Real Estate Show.
And we're back here on the DuncanDuo Real Estate Show. Thanks for
sticking with us through that break.I'm Robert Johnson, president of the Duncan
Duo here with Ben Turk. Ourcash offer King always like our cash offer
something. I'm not sure where togo that, but he has our cash
offer division which is which is awesome, and we've already explained that. And

(19:56):
again, if you'd love to talkto him about a cash front your property,
talk about him about listing your property. Just our menu of options is
what we like to say regarding yourreal estate goals. Give us a call,
we'd love to help you with that. But when we talked earlier about
rates kind of holding steady and whatthat has meant for the housing market.

(20:18):
One of the things that has meantfor the housing market is nationally, they
I believe it was realtor dot Comreported that nationally, homes are now staying
on the market for an average offifty days before they go under contract,
which is up a good bit,especially when you look at the years during
the pandemic. You know when Imean average time on the market had gone

(20:41):
down so low. I mean Ididn't see much staying on late longer than
a week or two at most duringthe pandemic. No, and I know
that you know, inventory is up. The article specifically mentioned out of the
twelve areas where homes are taking thelongest to sell, Some of those areas

(21:02):
are in our neck of the woods, Punta Gorda being one where one hundred
and thirty percent inventory up year overyear, one hundred and thirty percent.
I mean that's it can be alittle deceiving because their housing market doesn't have
a ton of inventory to begin with, so to be up one hundred and
thirty percent. How many listings isthat, I don't know, but they

(21:27):
are up one hundred and thirty percent. Cape Coral is in the number two
spot and it's up one hundred andone percent year over year, and then
Naples, just farther south is upeighty two percent year over year. Now,
some of those areas, I wouldsay, especially Naples, you know,
what could be affecting that is someof the increase in condo inventory that

(21:48):
I think is kind of plaguing Floridaright now. There's a lot of reasons
for that. I know, wehave seen condo inventory increase a lot in
our area, and it's not becausepeople don't want condos. It's because there
is some challenges with condos in Floridaoverall. Some of those challenges are related

(22:11):
to the collapse several years ago inthe Miami area. You know, that
collapse caused a lot of assessments tobe charged to condo owners, which were
needed, I mean, obviously,but you know, those increases and those
assessments have really freaked some people out, especially for buildings that are older.

(22:37):
That in turn makes the buyer comein and makes people want to sell them.
But then it makes buyers come inand maybe not want to buy them.
But then what also has really affectedcondos as it has affected single family
homes as well, is the costof insurance, especially in Florida. A
lot of condo buildings are naturally invery flood prone areas. You know,
you want to live in a condoby the beach, right right by the

(23:00):
water. You don't want to livein a condo in maybe Zephyr Hills,
yes, central Florida or somewhere rightbecause there you're gonna want a single family
home. Correct. And you know, so when you look overall, the
cost of condo insurance has, aswith everything else, has gone up drastically,
and then that in turn makes feeson those condos go up. So

(23:22):
a lot of condos have seen alot of feet increases over the past couple
of years. That combined with youknow, people really you know, the
home prices have gone up, condoprices have gone up, and people naturally,
because the pandemic has slowed down,people naturally aren't moving as much.
So I think all of that haskind of hit condos at the same time

(23:45):
and has increased condo inventory significantly.I'm sure you agree. Yeah, we're
seeing a lot, We're definitely seeingthat more often. And you know,
you mentioned the inspections and everything dueto the collapse down in Miami a couple
of years ago. You know,I own a. We just had our
forty year assessment for the building structuralengineering assessments, and there's some there's some

(24:06):
work that needs to be done,and you know, those assessments aren't always
fun, but you know, whenyou look at the alternative of what what
happened to some of the older buildingsthat just weren't maintained or had this deferred
maintenance for years upon years upon years, the assessments might not be fun,
but they're required. But buyers,you know, coming down from out of
state or or from wherever they're movingto come to these waterfront beachfront condos,

(24:29):
they're they're they're looking at being alot more cognizant of the HOA fees,
the insurance costs, and everything thatgoes along with owning those. Yeah,
and I mean I know that you'refrom Miami. Is your condo down the
one you're referencing is that down thereas well? The one I'm referencing is
actually down the Keys, but stillwaterfront, you know, right there,
and talk about a hurricane prone areaof Florida. But it's just something that

(24:52):
you know, fortunately, whether youlike it or hate it. It's just
something that's needed. And you know, we we rent that condo just to
get some you know, recuperate someof those costs. But it's definitely a
real cost that that buyers are activelytalking about. Yeah, and you know,
I don't know if people know this, but statistically, nationally, the

(25:12):
week of April fourteenth to April twentieththis year was statistically the best week to
list your property. It's usually aroundthat time of year, and I think
a lot of these sites know thatby the amount of property is going on
the market, going under contract,what prices they're getting. They've taken all
this data over the years and they'vesaid that that statistically the best week this

(25:33):
year to list your home. Sothere is still time still time to get
down the market. We can comeof you still. But you know,
it also says in this article thatsellers are being more realistic this year.
They're setting more realistic expectations. Ido think that real estate news in general
usually takes several months to actually makeit into the zeitgeist of people's thoughts.

(26:00):
A lot of data from real estateis usually several months old by the time
it's gathered, and we can seetrends, and then that kind of makes
it into people's thoughts months later.So I don't think it's necessarily the public's
issue. I just think that theway we gather real estate data, because
of how things are bought and sold, it takes a while to make it

(26:21):
through. But they said this yearthat sellers are starting to become more realistic
and have adjusted a lot of theirpricing and the way that they're negotiating for
those expectations. You know, it'ssaying that sellers are still wanting, you
know, top dollar for their homes, but you know, I think that

(26:42):
they're more willing to come off thatprice. I would tell you that that's
what's happening with the sellers that I'mmeeting with. I think that they're finally
realizing, Okay, there's more inventoryin the neighborhoods. We have to be
the pretty home and we have tobe the right priced home in order to
get sold when inventory is higher.And my thought is that, especially because

(27:03):
interest rates are holding steady, Ithink the inventory is going to keep going
up and you're going to have peoplethat are competing against neighbors and other homes
in their neighborhoods. Or other condosor whatever. And when buyers have more
choices, that naturally leads to youas a seller having to be you know,

(27:26):
more competitive. You know, yearsyears ago, we used to always
say, you know, it wasa price war and a beauty content.
Yes, you know you need tohave the best priced home, but you
also you know, if a buyer, if as this inventory grows, buyers
are going to have the opportunities.So you know, if you have a
kitchen that hasn't been touched in youknow, a decade or two or three
or four, and someone your nextdoor neighbor has completely renovated, well they're

(27:48):
going to have a leg up andyou're going to have to compete on price.
That's just where you know, wherethe market is as inventory continues.
But for buyers, I think thatgives you a great opportunity to come in
and get that that house where theseller is going to be more forgiving,
more flexible, maybe help with somedown payment cost you know, some closing
costs to help with your down payment. So it's definitely some awesome things out

(28:11):
there when you're ready. Yeah,and you know there is motivation for people
that are selling their homes. Youknow, this article states that, you
know, sometimes if a buyer knowsthe motivation, they can better negotiate.
You know, that's obviously an agent'sjob to maybe know what the motivation is.
But just for some insight into whatsellers are usually selling for, it

(28:34):
says that twenty four percent of sellersplan to list their home to move for
family reasons, to be closer tofamily, for more space. That's twenty
three percent of sellers. To downsizeis also twenty three percent of sellers.
So I think that's interesting because severalyears ago it was by far that sellers
wanted more space. Usually if theysold, it is because they purchased two

(28:59):
small of a house. But nowyou're seeing that people want to upsize and
downsize, and I think part ofthat's the you know, baby boomer generation
maybe downsizing at this point. Soequal amounts of people wanting to upsize verse
downsize twenty three percent under both ofthose categories. And then it says life
changes at eighteen percent such as newmarriage, child, or divorce. So

(29:22):
you know, I would say thatprobably mirrors what we are seeing. You
know, we talk to a lotof people going through life changes, but
a lot of people that we talkedto their moving to be closer to family,
or you know, maybe they're they'rewanting to I don't know they're wanting
to upsize or downside. I personallydon't think that. We see a lot

(29:44):
of people that I've talked to recentlywanting to upsize. Yeah. I don't
see that a lot as well either. A lot of the feedback I get,
you know, it's the homes justtoo big. It's too much to
take care of, you know.It's you go from living in a twelve
or thirteen hundred square foot and thenyou bought a twenty five hundre square foot
home and wow, that's a lotdifferent to take care of, you know.
So it's just having people looking atwhat works best for them. Yeah.

(30:06):
But I think, you know,if people are out there wondering why
a seller is moving, I thinkthat if you can somehow get that,
you know, you can better negotiatewith them. I think lean on your
agent to do that, see ifthey can hunt for that motivation and see
if they can help you get agood deal. Because for buyers, there
are good deals out there right nowbecause inventory has increased, you know,
I know that sellers are more willingto negotiate than they were prior, and

(30:30):
I think that's going to be thesame the rest of the year unless for
some reason interest rates go down.We usually do naturally see a slowdown no
matter who's inn office in a presidentialyear, as the presidential election gets closer.
People don't like to, you know, make really big decisions when they're
unsure about things, and naturally theyget unsure no matter what. So we

(30:51):
usually do see a slowdown during thattime, but it quickly picks back up.
I mean, it's just the waythat it is. So I think
that the buyers out there, eventhough prices are elevated, there's an opportunity
to negotiate that hasn't been there inpast years. And I think that if
you're a buyer and you can getthrough that higher interest rate, that payment,
I think that you're going to probablybe happy a couple of years down

(31:12):
the line, just my opinion,and I think that you'll be in a
good spot. Yeah, And Ithink those buyers, you know, make
sure you're talking to qualified professional.You know, you can definitely talk to
your brother's cousin's friend who happened todo loans or real estate but really get
multiple opinions. Talk to some localpeople as well, local lenders, local
agents to make sure you're really stayingon top of what's happening in the market.

(31:33):
You know, Robert, you mentionedhow it takes a long time for
information in real estate to trickle downto the average seller. You know,
that's why reaching out to an expertin the field who's doing it every day.
With just what we see every day, we see the market trends quicker
than the average person, just becausewe're dealing with it every single day.
So definitely reach out to a localprofessional. We have some great preferred lenders

(31:56):
that I've used personally for personal transactionsand they can walk you through negotiate what's
the once again the menu of optionsof what's the best for you. Absolutely,
so we'll be right back after thisquick break here on the Duncan Duo
Real Estate Show. And we're backhere on the Duncan Duo Real Estate Show.
I'm Robert Johnson, president of theDuncan Duo here with Ben Turk,
our cash Offer division head. Let'sjust say Senior Acquisitions. Oh that's very

(32:22):
nice. That's a good title.So I'm changing it every time we get
back from a break and we'll seehow many we can go through. But
this is our last segment, sothanks for sticking around with us. You
know, we always talk about thatgeneration, you know, designations. They
almost talk about how, you know, how they're buying and selling real estate

(32:44):
as a generation. You know,they say, oh, the baby boomers
are going to be selling, they'regoing to be up downsizing. Uh,
you know, millennials are now movingto the suburbs and before they lived in
the city, so they kind ofdesignate groups, you know when they talk
about market trends, and right nowthe big thing is, Okay, the

(33:05):
millennials. They are buying up aton of real estate. You know,
they're the wealthiest generation. Everyone hatedmillennials like ten years ago, and now
millennials are saving everything in real estate. So I do know that Tampa is
by far and away the number onemillennial destination to relocate. I think fifty
four percent. I think I sawall of our relocations are millennials, and

(33:27):
I think the next highest on thelist was like twenty percent at like the
next metro area, which you know, so Tampa is a millennial hotspot by
far and away, number one inthe country. But gen Z is the
next group of home buyers. Andgen Z you know, that's they're in
their mid twenties. You know,I think even late twenty year olds right

(33:51):
now are still considered millennials. Sothese are people in there, you know,
maybe twenty seven and under pretty much. And they are all also in
the age where they start buying homes, which is crazy to me. But
there are some top there are somemetro areas where gen Z is buying the

(34:13):
most homes. And what's surprising aboutthis is that they are all or a
lot of them are military hotspots,which tells you that a lot of these
gen Z kids young adults have wentinto the military and they're wanting to invest
their money in real estate. Sothere is a list that came out of

(34:34):
the top ten areas where gen Zis buying homes. Number ten on the
list is Saint Cloud, Minnesota.Now, I will tell you none of
the homes on this list are traditionalhotspots like Florida. You know, I
think maybe that's when they get alittle older. I think these are where
they're buying their first homes. SoSaint Cloud, Minnesota fourteen point six percent

(34:58):
of all sales in that market isto gen Z. Wow, that is
a lot of homes. That's alot of homes, especially at that age.
I don't know if I was thinkingabout buying my first home when I
was at that age me either.Number nine is Dubuque, Iowa, fourteen
point seven percent of all homes areto gen Z buyers. Hinesville, Georgia

(35:20):
fourteen point eighty six percent, SaintJoseph, Missouri fourteen point nine six percent.
That's number seven on the list.Number six is Watertown, New York,
at fifteen point one percent. Numberfive is Cumberland, Maryland. You
know, I would tell you goingthrough this list that all these places sound
like they have and I don't know, so don't judge me when I say

(35:45):
this, but they sound like they'reprobably inexpensive areas to live, which is
great if you're looking to invest inreal estate. So I think for that
generation, they have probably a littlebit of money saved up. They want
to buy in an area they livewhere it's less expensive, and I think
that's a great place to invest,you know, I think better there than

(36:06):
other spots you can put your money. So I think that they're making great
choices. Number four is Waterloo,Iowa, Wow another Iowa town. Number
three Lima, Ohio, seventeen pointfour percent of all sales are to gen
Z home buyers. Number two Elkhart, Indiana. I think Andrews from probably

(36:27):
around there somewhere seventeen point eighty sixpercent. And number one is Jacksonville,
not Florida, but Jacksonville, NorthCarolina, at seventeen point nine to one
percent. And it says that alot of these areas are military hot spots,
so I think that that's interesting.I know areas around in North Carolina
are I'm not sure about some ofthe other areas, but you know,

(36:51):
I do think that if you're ayoung home buyer, even in our area,
there is still great spots to investwhere you can still get relatively for
our area, affordable pricing. Ialways think that you should invest that money
into real estate instead of renting andpaying your landlord's rent. I know Ben
that you feel the same, andI know that in our area there are

(37:13):
still great places to invest where no, you're not going to get a fifty
thousand dollars house, but you're goingto get something far cheaper than four hundred
thousand. And I think you'll stillbe making a good investment. Yeah,
And I think there's a lot ofother opportunities. I think as people start
to look and invest their own moneyin real estate, you know, the
single family home might not be theright thing. It might be a duplex,

(37:34):
or it might be some you know, some other non traditional that you're
not thinking about that could work foryou to invest, you know, for
your future, but still have agreat place to live and then put your
money there. So you're paying yourmortgage and say your landlord's mortgage, right,
And I think that that's a fantasticthing to do with money. I
think that if when you look longterm with real estate, yes there's dips,

(37:55):
Yes there's bad years. Yes thereare years where maybe two or three
years of ad but long term,and I always go back to that real
estate crash that was just awful,and it was awful in seven eight nine,
and people would say on the newsit will never recover, it's gone

(38:15):
forever. Well, even if youlook at those prices, prices by far,
if you still held onto your housethrough that, and there's a lot
of people that did it, butthere is some people when I still go
meet with them, they still havean interest rate and a mortgage from that
time, and they thought that theywould never see the light out of the

(38:38):
end of that tuble. And thoseprices have doubled since that height, and
the market could go down forty percent, which would be crazy. I mean,
it's more than it even went downback then, and they'd still be
in a good spot. So,you know, I real estate long term
is always so far a good investment. It could change, but so far

(38:59):
that's doesn't show that. Yeah,and I know both of us, you
know, both of us invest ourown money in real estate. We have
properties all throughout the States. Robert, I know you've done very well with
what you've bought, and it's reallyjust buying them and holding them for a
long time. As Robert said,you know, if you're looking for something
to put your money in and getit out next week, real real estate's

(39:20):
probably the right choice for you.But but long term and the benefits to
having that real estate, it's notjust the appreciation, it's it's the things
that you can work with your accountantto save money on every aspect of your
life. Any young person, youknow, the gen z s or millennials,
to me, I guess even millennialsor kids to me too, showing
my age kind of over the radiohere. But you know, I still

(39:42):
think it's the best way for somebodyto grow wealth over a long period of
time. Absolutely, we'd love tohelp you with that. Give us a
call. Our buyer agents are afantastic group. They can point you in
the right direction, give you someoptions, just talk to you about how
to prepare to buy. Even ifit's six months or a year or whatever.
We can point you in the rightdirection and talk to you about what
you're gonna need. Eight one threethree five nine eight nine nine zero is

(40:06):
our office number. Again, we'dlove to chat with you. Go to
our website Duncan Duo dot com.We'd love to chat with you there.
Give us a call go there.Thanks for joining us this week on the
Duncan Duo Real Estate Show, andhave a great rest of your Sunday. Tampa Bay