Duncan Duo 5-05-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the
Duncan Duo real Estate Show to talkabout the Tampa Bay real estate market,
like we are every Sunday at tenam. I am stoked to be back
in Tampa. Last week recorded myshow from New York City. I was
out there at a real estate conferencewith the founder of LPT Realty, Robert

(00:22):
Palmer, talking to some teams indifferent parts of the country about coming over
to LPT, and then Robert wentover to Wall Street to get an update
on what an IPO looks like forLPT Realty. So it's exciting times happening
with LBT. It was a cooltrip. Got to see some longtime friends
and talk to people about LPT.And if you are interested in joining LPT,

(00:46):
go to join the Duo dot comagain, it's Joined the Duo.
You can click to have a privateconsultation with me about LPT or my team.
And if you're a real estate agent, you can also go to do
over Movement dot com where you'll getreal estate educacational tips for me every couple
of weeks with videos different things I'mdoing in my business. One of the
things I recently put out on therewas my listing presentation. So I believe

(01:10):
in sharing and collaboration. So ifyou're interested in my listing presentation and what
we do with home sellers, youcan go get that at duover Movement dot
com. So anyway, when wearen't on air, make sure to fall
us on all of our socials atthe Dunkin Duo, Twitter, Instagram,
YouTube, and TikTok again at theDuncan Duo. So real estate makes the
list of America's most envied jobs.This is kind of interesting. So I'm

(01:34):
going to go down a little bunnytrail here because I also saw an article
not long ago this said real estateagents, we're in like the top ten
of least trusted professions out there.So I find it interesting that we are
while we're envied, we're also nottrusted. But the reason I think that

(01:57):
real estate agents get this stigma asa job that's envied is a lot of
like fake social media stuff. Youknow. I know so many real estate
agents on social media that are proppingup what they're doing or what they're accomplishing,
or posting properties that they're firm soldthat they didn't really sell. They

(02:20):
didn't get paid on. And sothere's this stigma that real estate agents make,
you know, gobs and gobs ofmoney. And certainly I've done very
well, you know for myself.Certainly they are real estate agents that do
very well, that have created wealth. However, there are way more of
them not creating that wealth than thereare the ones that are. The average
income last year for real estate agentwas in the thirties thirty thousand range,

(02:45):
so that was the average. Certainly, they're outliers and people making you know,
millions of dollars, and then thereare some making none. But the
reality is is that the public nowperceives real estate agents as the celebrity type
thing because of reality TV, HGTV, Bravo, all these shows that are

(03:06):
that follow around real estate agents.I had a buddy this week, you
know, send me a text,and the text was basically like, you
know, kind of the celebritizing ofreal estate agents from reality TV shows,
And you know, it's interesting.You look up some of the reality real
estate people and there are some thatare crushing it, but there are a

(03:27):
lot that really aren't. You lookup their sales and are like, they
must be getting paid for this TVshow because they're not really selling that much
real estate. So real estate agentsare envied. But I think it's because
this public has the public has thisperception that every single real estate agent gets
into the business and just makes itrain and makes all kinds of money because
there's a lot of fakeness on socialmedia, or there are outliers you know

(03:49):
that you know, like myself.Look, of course I drive exotic cars,
and I live in a great house, and I've done very well.
But I've been in the industry fortwenty years. So the idea that you
can just walk right in and dothat isn't the norse. So anyway,
the interesting thing is is that youknow this article, you know, basically

(04:09):
puts luxure real estate agents operator realmwhere opulence and dreams converge. So a
professional luxury real estate agent was mostcoveted among survey respondents in states such as
Connecticut and Delaware the most envy jobsin America, so luxury real estate agent
came in number four. The otherswere wildlife photographer, chocolate teer man.

(04:30):
I would be a real fat dude. If I was a chocolate teer,
I would just be eating it allday. Long adventure, tour guide,
vineyard manager at craft brew or socialmedia influencer, which a lot of real
estate agents think that they are environmentalscientists, video game developer, cheese artists,
marine biologists, fashion designer, TVanchor, aerospace engineer, web designer,
magazine editor, and an entertainment lawyer. So again, the norm in

(04:56):
real estate is not making millions ofdollars. A norm is grinding for a
year, years and years and yearsbefore you finally build up a business to
make a great income, you sacrificefor years. My first year, i
sold one house and that was tomy parents, so it really shouldn't count.
So the reality is that way toomany people think that getting into real
estate is easy and they're going tomake it rain and unfortunately, the ease

(05:18):
of entry into real estate costs alot of people to get in and the
failure rate to be massively high.So do not think just because you see
you know, one agent being successfulon Instagram or a TV show, that
that is the norm. There aremillions of real estate agents that didn't sell
a house this year, millions thatdidn't sell a single home. So the

(05:40):
barrier of entry is easy. Thatdoes not mean that you can't be successful
in real estate. Clearly, I'man example of that. I think the
agent's on my team. And ifyou have the right work ethic and you're
willing to grind and not expecting tojust show up and have money rain from
the ceilings, and it's a placefor you, and we'd love the opportunity
to talk to you. If thatis the case for you again, join
the Doo dot com. If youwant to have a built blueprint for success,

(06:03):
a roadmap to help you be asuccessful real estate agent again, you
can join our team or LPT Realtywith me as your sponsor by going to
join the Duo dot com. Butyeah, I just find it wild reality
TV. Some of them are myfriends, and I have to tell you
so much of it as staged andfake. You watch those shows and you

(06:24):
think, man, that looks likesuch an amazing life. It's a TV
show. What do you expect?Like? That is not really the way
that that things happen. So newhome sales are climbing, builder incentives continue
to pay off. Where builders arebuying rates down paying incentives. The median
sales price of a new home wasfour hundred and thirty thousand seven hundred in

(06:47):
March, compared to a little lowerthan four hundred thousand and four resale homes.
About twenty two percent of builders saythey cut prices in April, with
an average reduction of six percent.Home price is more. Rates are high,
but prices have been rising a littleslowly, but builders have figured it
out. The thing that is holdingpeople back from purchasing right now is not

(07:08):
the price as much as it isthe payment. People rarely buy real estate
for the price, they buy forthe payment. So with interest rates above
seven percent on a thirty year fixedthere are obstacles for a lot of people
looking at trying to qualify or beingcomfortable spending and buying a home in that
price range. Whereas you know,a few years ago we saw rates in

(07:29):
the twos and threes. So thebuilders smartly have figured out and a lot
of resale home sellers and agents havefigured it out too, that the interest
rate, buy down and incentives toget your payment lower for a period of
time is what is driving people.So that's what builders have been doing.
It's why a lot of people areflocking to new construction. They're certainly the

(07:50):
risk that that extra cost of thosebuydowns is inflating the price of the home
and thus, you know, couldcause problems exiting if you have to exit
quick quickly. But with prices risingat five to seven percent, as long
as you're not wanting to exit theproperty in a year or two, you
should be in pretty good shape.Even if the price is slightly inflated because
of the incentives you get to lowerthe price to get you into the property.

(08:13):
So hopefully that makes sense. Ijust shot a video. This is
on our YouTube channel if you wantto watch it, and I go over
the pros and cons of buying anew construction home. You hear a lot
about the pros, but you don'talways hear about the cons. So the
pros and I'll give them to youvery quickly. And if you want to
watch the full video YouTube dot comthe Dunkin Duo slash the Duncan Duo.

(08:35):
Go to our YouTube channel and youshould see it there. You can also
catch it on any of our socialsat the Dunkin Duo. But pros of
new construction, you're going to havelower utility costs, lower insurance, typically
lower taxes because the first year alot of times you're being taxed on land.
You're going to be able to havesome control over fixtures and features.

(08:58):
You're also going to have a propertythat someone has not lived in, and
you're gonna have some warranty stuff tocover items that a resale property may not
typically have some of the cons andthese get lost sometimes people. You know,
people naturally focus a lot on newconstruction, on the benefits, but
there are some negative aspects of buyingnew construction, and I want to share

(09:20):
a few of those. So thecon of buying a new construction home,
Number one is you're in a communitywhere the construction is gonna keep going.
You may be getting woke up onSaturday morning at seven am with the beep,
beep beep. The roads may bedirty, You're gonna have laborers all
over the place. You're gonna you'regonna be dealing with the extra traffic,

(09:41):
nuisance, dirtiness, materials, noisesof living in a community that's under construction.
Now again, of course, ifyou buy a home that is in
a resale community and the construction's alreadydone, you could forego some of that.
But buying in a new construction communitythere is going to be some of
that. That nuisance aspect. Thesecond part of it is that a lot

(10:03):
of consumers believe that new construction homesare somehow different or better than resale.
Look, I promise you people buildingnew construction homes make just as many mistakes,
and there's just many things found oninspection report as there are in resale
property. It is a man madeproduct. People may mess up, people
cut corners, things get you know, missed. So don't expect because you're

(10:24):
buying a new construction homes there's goingto be nothing wrong with it. Still
need to get a home inspection.There still are some obstacles. There are
also the other side of the newconstruction coin. Like I mentioned before,
everything being under construction, you've alsogot the constant moving in of people.

(10:46):
You know, in addition to theconstruction, you're gonna have moving trucks.
You're gonna have all of that happening. And not to say that doesn't happen
in other neighborhoods. But if anew construction community just finished twenty four homes,
twenty four people are going to bemoving in and there's again there's going
to be some nuisance associated with that. So if you want more pros and
cons about buying a new construction homeversus a resell property again good our YouTube

(11:07):
channel or any of our socials atthe Dunkin Duo and if you are thinking
about selling your home, we giveyou all the options. We're able to
give you an instant cash offer.We're able to say, hey, look
if you don't want the cash offer, here's what happens if you sell your
home traditionally. Here's what that lookslike. We're also able to take your
property to investors. So there aremany paths that you can go when selling

(11:31):
your home with us, and we'regoing to give you all the options from
as quick as we can buy itand clothes in a week to here's what
a traditional sale looks like and everythingin between. You can do all that
at duncinduo dot com. Get aquick home value at duncan duo dot com.
It'll keep you updated on what's goingon and then allow you to choose
your journey from selling your home again. Whether you want a value, whether

(11:54):
you're thinking about selling traditionally, orwhether you want to sell it to an
instant cash offer situation again, youcan do that at duncanduo dot com.
So we'll be back We're going tocontinue this conversation. After a quick break
here on WFLA News, We're backhere on the Duncan Duo show talking about
the Tampa Bay real estate agent Reeltormagazine posted an article this past week what

(12:16):
real estate agents wish buyers already knew. And this is interesting because you know
my show. Obviously the purpose ofmy show is to educate the audience,
certainly to expose my business, butalso to educate the audience about what is
going on in real estate. Andthey polled real estate agents and they said,
hey, what is it that youwish buyers knew about, you know,

(12:39):
buying a home. So here isthat list. Survey respondents say,
the top way to make a realestate transaction goes more smoothly is to help
buyers be more realistic about property prices. So here are the following aspects as
key to a smooth home purchase forbuyers be realistic about property prices. Forty
nine percent of the survey respondents saidthat they wish buyers were realistic. So

(13:01):
again, statistically, the list ofsell price ratio in Tampa Bay overs around
ninety seven to ninety eight percent,meaning that homes are selling pretty close to
average. Foreclosures aren't aren't existing pricesaren't dropping. The bottom is not falling
out of our market. The ideathat you're going to be able to get
a mortgage and steal some type ofproperty in today's real estate market just doesn't

(13:24):
exist. Are there investors that havecash and can close quick and you know,
are able to, you know,get good opportunities. Yes, but
they're few and far between compared towhere they were in the past. And
certainly we're not in a real estatemarket that's struggling. So realistic about prices.
They're not dropping. Like if youthink they're dropping, like, you
know, forget it. Like foreclosuresaren't going to happen. The banks and

(13:46):
the hedge funds, everybody figured itout. They're not going to let homes
go to foreclosure. They're simply goingto do swaps. They're going to trade
assets, They're going to sell stuffin bulk to hedge funds. They know
if they take a property all theway to foreclosure, it's a new component
neighborhood. That new comp drives downvalues, which then creates the domino effect
of what we had back in theGreat Recession. They learn their lesson.

(14:07):
It isn't happening again. So keepso. If you're somebody sitting on the
sideline saying, oh, foreclosures arecoming, they're not because they figured it
out before. A property we'll evergo to foreclosure, it'll get sold to
a hedge fund and a bulk deal. The hedge fund will eventually work the
person out of the property, maybethrough some sort of deed. In lou
you'll never get reported as a foreclosure, will never get reported as that low

(14:28):
sale. It's just not happening forbarons. Also, they allow of people
just kick the can down the road. They learn their lessons. In residential
real estate, we're not seeing foreclosuresagain. Nothing like we saw before.
Be communicative and responsive. So alot of times buyers will say they love
a house and then they'll get spookedand they'll go st the real estate agent
and they'll not communicate, or they'llbe a counteroffer or something the buyer needs

(14:52):
to respond to, and they justdon't understand the complexities of buying and selling
process. This is where I thinkagents fail, and it's because the bare
of entry for our industry is solow and there's so many people in it
getting bad advice, but buyers andsellers being educated about the process. Understanding
the current market I think goes backto being realistic about prices, but maybe

(15:13):
more timeline, so the current market. And when I say the current market,
I want you to understand that thatdoesn't mean like the market as a
whole. It means that specific neighborhoodand price point. Real estate is hyper
local. You say the real estatemarket, it really it's kind of hard
to say the real estate market becauseI'd be like saying that the high degree
the high temperature in Tampa today isseventy or the high temperature in the United

(15:37):
States of America is seventy seven.It might be that in Tampa, but
in New York it's probably cold,so it's while they're all moving here.
Anyway, Understanding the current market Ithink goes back to being realistic about prices,
but it also I think relates totimelines, what you can expect to
ask for, what it might taketo get a house you know under contract,
what a timeline is, all ofthose things, and then be transparent

(16:00):
about financial capabilities. This is aninteresting one. My mortgage friends can appreciate
this. I cannot tell you howmany times people have called and said,
oh, yeah, my credit's great, I make six figures, I have
a great job, and and it'sa lie. Their credit is bad.
They've got issues, they've got youknow, they've got stuff on their credit.

(16:23):
They are self employed, their incomeisn't as high, they're rite off
a bunch of stuff, so theirfinancial capabilities are not what they think.
And then they get bad advice becausethey try and prop themselves up to be
in a different financial position than theyare get themselves in over the head.
So be transparent about your financial capabilitiesto your real estate agents so they don't

(16:44):
give you bad advice, and alsoso they don't waste their time. You
know, you have to understand thatreal estate agents don't don't get a salary.
They don't get they don't get paidto show you houses. They only
get paid if you actually close.If you can't, if you can't actually
buy a house, and you don'tactually intend on buying a house, and
you're having a real estate agent showyou around, it's a real it's it's
selfish, or you're taking them awayfrom their family and for other opportunities to

(17:07):
earn if you're not going to actuallytransact with them, or have the capability
of transacting with them, then youknow, just go to an app,
look online, don't don't waste theirtime. So if you don't have the
capability of buying, and you haven'tgone through the steps to confirm that you're
financially viable to be able to buya home, then then don't waste people's
time. Unfortunately, there are alot of people out there that do just
that. So so those are somethings obviously real estate do. You just

(17:32):
need to educate consumers about that.But but when it comes to being realistic
about price, I promise you alot of times that we have thousands and
thousands of real estate transactions, we'regiving the client the advice, but you
know, with they think they knowbetter because they saw TikTok. So again,
those are the things that people thatreal estate agents wish consumers were more

(17:53):
prepared on them, more knowledgeable about. We're going to continue the conversation about
the Tampa Bay real estate market aftera quick break when we aren't on air
again at the Duncan Duo. Andif you want the best website for getting
your home value no matter where inthe country, you are, okay,
duncanduo dot com. With this newtool we use if you own property anywhere
in the country, we can keepyou updated on what's going on with your

(18:15):
value. It blends all the differentservices out there and adds the human element
where we can actually talk to you, learn about features and upgrades and make
adjustments, and you get a dashboardso you get to see everything that's going
on in your market, all thecomps, all the sales in a very
user friendly environment. Again, youcan do that at duncinduo dot com.
And we'll be back after a quickbreak here on the Duncan Duo Real Estate
Show. So back here on theDuncan Duo Show talking about the Tampa Bay

(18:37):
real estate market. When we aren'ton air at the Dunkin Duo, Twitter,
Instagram, YouTube, TikTok, Facebook, pretty much all of them at
the Dunkin Duo. What is thissumable mortgage? We've get this question a
lot, and what I want toexplain is that this is a rarity,
okay, a rare circumstance. Ifyou're a consumer and you think that there
are gobs and gobs of homes outthere with assumable mortgage at great interest rates,

(19:02):
I want to make it clear toyou that this is a rarity.
It is not the norm, Okay, but I want to tell you what
it is so that you can understand. An assumable mortgage is a type of
home loan where the buyer takes overthe seller's loan instead of applying for a
new loan. Okay. Now it'scommon in FHA and VA loans. It's

(19:25):
rare in other circumstances, but itallows the buyer. And again where it
makes sense is let's say somebody boughta house a few years ago and they've
got a three percent interest rate,Okay, and they go to sell their
house and they've got an assumable mortgage. That property is more marketable because the
person buying it can assume the threepercent mortgage where rates today are seven percent.

(19:48):
Okay. Now here's the caveat toit. You have to be able
to qualify number one number two.You typically, not always, but typically
have to make up the difference incash. You may be able to subsidize
with a second more btrigage or aline of credit, but for the most
part, prepare that the difference betweenyou know, the the the prior mortgage
that you're going to assume and thenew purchase price it's more than likely going

(20:14):
to be need to be cash.So it's a longer process than typical closing
because banks aren't used to doing them. But it is common in VA and
FhG mortgages, but it's rare forthose deals to work out. We get
consumers all the time saying, hey, I want an assumable mortgage. We
can certainly search for it. Okay, but again, the reality is if
someone has a three percent mortgage andI bought a few years ago, it's

(20:37):
likely to have a substantial amount ofequity for you to be able to qualify.
You either need cash to make thedifference, or you get a second
or mortgage that's at a much higherrate than you know than a regular mortgage
and the blended rate ends up beingnot as good. So again, are
there circumstances where it can make sense. Yes, But an assumable mortgage again
allows a new buyer to take overthe seller's mortgage and assume it and accept

(21:03):
responsibility for it. Now, afew caveats to it. If it's an
FHA mortgage, just doesn't apply ifit's a VA mortgage. Let's say someone
has a two hundred thousand assumable VAmortgage and you're gonna assume it as a
seller, and then you take onthat mortgage. You just have to qualify.
You don't actually have to be aveteran in this assumption. You can
assume a VA mortgage and not bea veteran. However, the veteran loses

(21:27):
that two hundred thousand dollars until yourefinanswer payoff in terms of its ability to
qualify for a VA. Now thatdoesn't mean they can't go out and get
a VA loan. It just meansthat they are buying power or the amount
that they could qualify for with theircurrent situation is reduced by the amount of
that. There are plenty of peoplethat have more than one VA loan.

(21:48):
So let's just say that they couldqualify for six hundred thousand VA mortgages and
they've got a two hundred that you'regonna assume. Now they can get four
hundred from VA. So that's kindof the caveat to it with with the
assumables, are their circumstances where itmakes sense, Yes, very very rare,
not a common thing, but thatis what an assumable mortgage. Is
it allows someone to pay the differencein cash or get financing and pay the

(22:14):
difference and assume the seller's mortgage ispart of a purchase. Now, I
want to preface this because the banks, you know, it kind of reminds
me of dealing with short sales backin the day when the short sales first
started happening, back in the GreatRecession. The banks were not prepared,
did not know how to handle them, and they were kind of a nightmare
to deal with. Assumable mortgages aren'tas bad, but the banks really don't

(22:37):
know how to handle them. They'rethere, they're divisions, and they're used
to, you know, bringing inmoney and giving out money. They're not
used to like deploying these these nontraditional methods. So it's it's a little
bit of a hoop to jump through. Can it be done yes? Is
it smooth no? Is it quick? No? But but those are kind
of the the norms when it comesto dealing with an assumable mortgage, and

(23:00):
it also as a seller, it'sone thing if you know that you have
an FHA or a VA loan andyou can confirm that it's assumable and you
have a low rate. It doesmake your property more marketable to where you
might be able to get a littlebit more value out of your house if
someone can, you know, canassume it at a lower rate. So
hopefully that's helpful for you. Again, when we aren't on air, make

(23:22):
sure to follow us at the DuncanDuo Twitter, Instagram, YouTube, TikTok,
Facebook, all of them at theDuncan Duo. Want to talk about
the luxury real estate market. Mentionedin the first segment about how the luxury
real estate agent is the most enviedprofession. I think a lot of it
is because the perception of what aluxury real estate agent has been, you

(23:45):
know, kind of a myth fromwhat reality TV shows. But the luxury
real estate market in Tampa Bay isstill extremely healthy. You know, we've
been crushing it lately. We hada bidding war on a two point eight
million dollar condo, so we've gota bidding more on a two million dollar
estate in Lakeland. We just puta property on a contract on the water

(24:06):
on Treasure Island. We've got anoff market two point two million dollar clearwater
land development opportunity on really close tothe beach. So we've been doing really
well putting a lot of properties inthe luxury space under contract. But I'm
also seeing a lot of mistakes.There are a lot of real estate agents
that got into the business in thelast few years that are putting luxury homes
on the market that aren't great negotiatorsor marketers. And what ends up happening

(24:32):
is maybe that real estate agent hasdone a lot of business, so somebody
says, Okay, maybe I'll givethem a shop. But selling luxury and
negotiation on that side of things iscompletely different than a traditional real estate agent.
Just because the real estate agent's donesome deals or been in the industry
a little while doesn't mean they havethe experience to navigate through the non traditional

(24:53):
path that a lot of luxury saleshappen, as well as dealing with you
know, the consumers and sometimes thethe type a personalities and the ego and
navigating through all of that to getto a successful closing. It can be
an obstacle, and it's we havea dedicated team of people. So I
have fifty people on my team.There's only a handful of them that are
qualified to work with clients that areyou know, buying and selling you know,

(25:15):
above a million dollars, and thoseare the best of the best that
have lots of experience in that inthat price range, that have bought that
have helped buyers and sellers sell homesabove a million dollars a lot of them.
And you know, I personally assistsome of our clients with that.
So if you have a luxury propertyto sell, it hasn't sold, or
you've talked to some agents and youdon't quite think that they have the track

(25:36):
record, make sure you look atthe track record. Pull up there.
You find a way to pull uptheir stats. It's out there. Look
and see how many homes above amillion dollars they've sold. Not long ago,
I had somebody say, oh,well, you know, I'm thinking
about going with this agent, andI showed the client I said, this
agent has never sold a home abovea million dollars, like ever, Like
they make cool videos on social media, but they've never sold a home above

(25:59):
a million dollars. It is acompletely different path to success, a completely
different marketing strategy. The marketing reachthat you have to have can't just be
local. You've got to expose theproperty outside of the country. So selling
your luxury property has never been morechallenging because there are so many real estate
agents and there is so much noiseand so many of them that really don't
know what they're doing. So makesure you have an agent that is experienced

(26:22):
at it. If you do reachout to us at dunkin duo dot com
to sell your luxury property, Ipromise you you're going to get an agent
that has experienced in luxury, thathas sold homes above a million dollars,
that has a track record, thatknows how to negotiate, that knows how
to navigate the nuances of marketing ahigh end property, not just locally but
nationally and internationally, and knows howto use video and knows how to use
high end photography, knows how toknow is successful and wealthy, and knows

(26:47):
how to talk to the success whenwealthy. So if if that is up
your alley and you're thinking about sellingor buying something on the high end,
you can hit us up at Duncinduodot com. Again, that is Duncan
Duo. I want to talk nextabout the seasonality of real estate because it's
kind of a myth in Tampa Bay, so we get people all the time

(27:11):
moving here from up north. Plentyof my friends want me to put out
on the air that Florida has closed. Please stop moving here. We're getting
too congested. The traffic is youknow this and that. I'm not going
to say that, but we've gota lot of people that have moved here
from northern and cold climates, andwhen they move here from northern or cold
climates sometimes have this assumption that theytry and translate into the Tampa Bay real

(27:34):
estate market about seasonality. Oh,we're not going to put it on the
market in the winter. I don'tknow about you, but it didn't snow
this year in Tampa. We didn'tget any freezes. Okay, Like we
don't have the seasonality that you havein these northern states where the real estate
market slows because of the weather becausepeople don't want to go out in a
snowstorm. People want to go outand it's freezing and look at houses,

(27:56):
so they wait to sell until thespring and summer. We just don't have
that saying it's a myth. Theonly reason we might have some of that
is because people have this myth intheir mind that really doesn't translate to Tampa
our real estate market. The onlyseasonality slow down we really get is kind
of January February are a little slowbecause those are sales during the holidays.

(28:18):
The holidays are not because are slowour slight slow down during those months not
because of the weather. It's becausepeople are off on vacation, they're taking
time with their family, they're outof town for Christmas there, you know,
so are we don't have the seasonalitythe spring, fall, summer,
winter. We just don't have theseasons the same way in other parts of
the country. So we see veryslight seasonality. So if you're someone that
says, oh, it's it's youknow, may you know I'm gonna put

(28:42):
my house in the market. Idon't want to put it on the market
in October. I'm gonna wait untilthe spring. That just doesn't make sense
here, and in fact, justabout every year, one of the best
months of the year is December.So you have people that will starting in
October, say oh, I'm gonnawait till the spring. That is a
huge mistake here. You can sellyour property any any month of the year.

(29:03):
Here, the seasonality curve is notthe same as it is in other
parts of the country. We havea little bit of it. But again,
it's not climate driven, it's notweather driven. It's really a seasonality
around you know, the holidays witha little bit of slowdown that brings closings
in January February down a little bit. Outside of that, it seems like
the last five years, it's adifferent month every year that's the best month

(29:25):
of the year. So trying topredict which month that's going to be is
pretty much impossible. Some of it'sdriven on rates, some of it's driven
around, you know, whether wehave storms or bad weather. But nonetheless
we don't have these huge fluctuations.You know, I talk to somebody the
other day and they're like, well, you know, do people really want
to look at houses in the summer. It's so hot? They're retired,

(29:47):
right, so to them, it'sreally hot. But that's when families have
the ability to travel down here andlook at properties. That's when kids are
out of school. Of course,people are buying and selling in the summers.
Take take away whatever perception you haveand talk to a professional real estate
agent that looks at the data andcan tell you that whatever thought you have,
if it's not data driven, it'sprobably wrong. If you're comparing it
to any real estate market you've livedin other than Tampa Bay. Hopefully that's

(30:11):
been helpful. Again, go toDuncan Duo dot com for your free home
value es. I'm going to getan instant cash offer again at Duncan Duo
dot com. It's a very easyform to fill out. You get a
dashboard. We can personally update what'sgoing on in the marketplace with your property.
We can update your features and keepyou updating on all the comps in
the neighborhood in a very user friendlyfashion. And again you can do that

(30:34):
at Duncinduo dot com. I'm gonnabe wrapping up the last segment here on
Cinco de Mayo. It is Syncode Mayo today and hopefully you're enjoying it.
I know I'm going to be enjoyingit. I'm gonna I'm gonna indulge
in lots of festivities a little bitlater today. Uh, and we'll be
back after a quick break here onthe Duncan Duo Show. So we're back

(30:56):
here on the Duncan Duo Show,wrapping up with our last segment. Get
your home value estimate at Dunkin Duodot com. Get an instant cash offer
at Duncan Duo dot com. Iflip a lot of real estate, I
buy a lot of homes. Webring a lot of investors to the table.
Again, get a cash offer atDuncan Duo dot com. So four
beloved mortgage rules that home buyers mightwant to consider breaking right now. The

(31:19):
first one is you should get onlya thirty year fixed rate mortgage. Now.
Historically, you'll hear a lot offinancial coaches say a fixed rate mortgage
is what you should get because you'resafe and you're not gonna have these huge
fluctuations. However, most people predictthat interest rates are at a peak and
they're gonna come down at some pointin the future. They're gonna hover around

(31:41):
where they're at. They may bumpup a little bit, but we're going
to see some reprieve. Most economistsare predicting that reprieve. So there are
a lot of people saying that thethirty year fixed mortgage rate is a bad
idea, that you should look atan adjustable rate mortgage for five years,
or you should look at a twoto one buy down where you get the
seller to pay closing costs of buyyour rate down for a couple of years

(32:02):
again to give you time to refinance. So again, is the thirty year
traditional mortgage fixed mortgage the safest thing? Yes, but it might also be
the most expensive right now. Soway the pros and cons of getting a
thirty year mortgage compared to an adjustablerate mortgage or getting the seller to buy
down your rate. Another rule,you should have twenty percent down payment.

(32:28):
Okay, there are plenty of opportunitiesout there for you to buy with lower
down payment. There are plenty ofopportunities for you to earn more money on
your money, and there are plentyof opportunities for you to get again those
lower down payment mortgages, so youdo not have to have twenty percent down
again, is it safer? Yes, it is safer. However, if

(32:52):
you're trying to save twenty percent downand you're gonna wait, let's just say
it's gonna take you two years tosave twenty percent to get down, you
were going to lose so much equityopportunity because in that timeframe over the next
few years, if we expect pricesto average five to seven percent appreciation,
our average sell price around the fourto fifty range, you could be dealing

(33:15):
with a five hundred and ten thousanddollars house. Before you saved your twenty
thousand, you lost forty grand.So saving for a twenty percent down payment
may not be the path to goin an appreciating market where you can still
qualify for lower or no money down. Another one, don't ask sellers to
pay closing costs. I was acouple of years ago during COVID. A

(33:36):
couple years ago during COVID, manthe sellers to get whatever they want.
We're still a seller's market. It'sstill we're still seeing bidding wars and certain
price ranges. I mean, wehad two bidding wars recently on homes above
two millions, so it still happens. Not as common though, and it's
also a lot more common for sellersto pay closing costs. So if you're
a buyer, don't be afraid toask for closing costs concessions. In today's

(33:59):
real estate market, it's much morecommon. Back in COVID peak, we
were seeing one hundred and three percentlist of sale price ratio. Today we're
seeing ninety eight percent, and alot more sellers are agreeing to pay closing
costs. So your likelihood of youknow, and again, trust your real
estate agent, especially if they're withthe duncan do. Oh, They're going
to give you the right advice.Every neighborhood is different. Some neighborhoods you
may not be able to get closingcosts. Some neighborhoods that may be a

(34:21):
bidding war. Some neighborhoods are stillreally hot. However, you're more likely
to get closing costs covered by theseller in a negotiation today than you were
a couple of years ago. Don'tpay points to buy down interest rates and
so this was something a couple ofyears ago it didn't make sense to do.
Today, it can make some senseto buy down your rate. Okay,

(34:45):
again, is it right for everyone? No, but there are plenty
of circumstances where two to one buydown may give you the reprieve and the
lower payment for a couple of yearsuntil you go to refinance and hopefully rates
are down in a couple of years. Now, Look, there's a chance
they may not be. There's alwaysthat risk. A lot of economists and
more people are predicting within the nextcouple of years we will see a drop
in rates down to a number thatpeople will be able to write refinance.

(35:07):
Now we're gonna see rates dropped downto twos again. No, but could
they get to five possibly, youknow, and if they do, then
you'd have the opportunity to refinance.And a lot of lenders are doing a
program where they'll give you a freerefinance if you do it within a certain
period of time. So not payingpoints down on interest rates isn't necessarily what

(35:28):
the best advice is today in today'scurrent rate environment and real estate market.
So hopefully this has been helpful foryou. We talk on the show every
week. We also educate real estateagents, buyers and sellers on all of
our social channels at the Dunkin Duo, so make sure you're following us.
And if you are a real estateagent, look, I want to explain
to you this market is challenging.However, there are plenty of people out

(35:51):
there thriving and kicking butt like theyare on my team right now. If
you're interested in, you know,joining a team twenty year track rereck that
has a long list of accolades,that knows how to adapt, that has
been through the worst of the worstreal estate markets, that knows how to
still grow despite the market and Pivotstill continues to mass advertise and create thousands

(36:13):
of leads every single month. Goto join the Duo dot com again,
that's Join the Duo dot com.And if you're a real estate agent listening
and you don't want to join ateam, but you're kind of curious about
LPT, wouldn't you like to learnfrom me with my business what made me
make the switch. You can setup a private consultation with me at Joined
the Duo dot com or Doovermovement dotcom where I will jump on the phone

(36:36):
and tell you what opened my eyesand had me leave Remax after thirteen years
to jump over to LPT and lookat what they have to offer. And
it isn't just what they have tooffer for me, what they have to
offer for consumers, for my clients, and what they have to offer for
my agents. So again you cando that at Joindduo dot com or Doovermovement
dot com. Would love the opportunityto talk to you about a real estate

(36:58):
career with LPT or with the DuncanDuo team, either one. We have
a path whether you want to bean independent agent or whether you want to
join our team again. You canhit us up at Join the Duo dot
com and we hope you have anawesome rest of your Sinko de Mayo Sunday,
have a great rest of your weekend, Tampa Bay. Thanks for tuning in.