Episode Transcript
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Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're back here for another week
on the Duncan Duo Show, like we are every Sunday
at ten on WFLA News Andrew Duncan with the Duncan
Duo Team at LPT Realty anytime we aren't on air,
at the Dunkin Duo, Twitter, Instagram, YouTube, TikTok, Facebook, pretty
much every social media channel out there, we are there
(00:21):
at the Duncan Duo. If you want to follow me personally,
I am at the Andrew Duncan or look for Andrew
Duncan with the blue check mark on Facebook and you
can follow me there as well. So I was on
my way to shoot some video today and had somebody
send me this message from Groc, which is the AI
version of Elon Musk's X or Twitter, whatever you want
(00:45):
to call it, and it asked what the who the
best real estate team in Tampa Bay was? And I
was super proud that Groc and chat GPT because I
checked it there too, both spit out that the Duncan
Duo team at LPT Realty is the best real estate
team in Tampa Bay. Now, it did say here's a
few teams, you know, but it put us in the
(01:06):
first place, So it talked about some other teams that
were good, but I was ranked up there the highest,
and that is because we are constantly putting our twenty
year track record online to help customers buy and sell
real estate here in Tampa Bay. And what I want
to tell you about today is if you are a
home buyer or an investor and you are looking for
the best deal in the market, I'm going to give
(01:28):
you some tips today on where to find it. And
it's probably going to be kind of surprising to you
because I believe the most overlooked properties are the ones
that have the best opportunity. So, for example, I tell
all of my investor clients and me personally that the
best deals in the marketplace for a home buyer or
home investor come one of two ways. Either an off
(01:51):
market opportunity that not everyone else knows about so that
you have the ability to negotiate directly without competition, or
secondary a home that's been on the market for a while.
Now you might ask, what is a home that's been
on the market for a while, and what is an
off market property? Well, off market property is simply a
property that's not listed with a broker and not heavily advertised,
(02:14):
maybe a pocket listing, or you know, buying from an
owner directly without a broker involved or not presently on
the MLS. So when a home goes onto the MLS,
it is going to get more exposure and more interest,
so you're going to likely have competition and the seller
is in kind of a leveraged position. So those off
market opportunities are some of the best opportunities because there
(02:35):
isn't a broker on the other side, so that can
essentially sometimes reduce some costs, but it also may give
a buyer a better chance to get a better deal. Now,
there are reasons why a seller might choose not to
put a home on the market all the way. Maybe
they don't want the inconvenience, they don't want the neighbors knowing,
they want a quick and clean transaction, they have a
(02:56):
home that needs a lot of work. There are all
kinds of reasons for it, or simply they're just in
the beginning phases and they're thinking about selling and you
happen to find out that they're thinking about it. So
that is what an off market home is, and off
market home is just not regularly being advertised. So those
are great opportunities. We run into those all the time
for our buyers. We have an enormous database. We comb
that database all the time for people to use our website,
(03:19):
and their activity on our website gives us clues into
how likely they are to sell. AI helps us with
some of that. It helps identify people that match data
or demographics to make people think that they're likely to sell.
But we bring those opportunities to our buyers all the time.
So if you're working with an agent and that agent
isn't bringing you off market opportunities, you might have the
(03:42):
wrong agent, because those are some of the best opportunities
in the market. The next segment of the best opportunities
in the market. I talked about our homes that have
been on the market a while, and let me explain
why that matters and why those are some of the
best homes in the market. Well, first and foremost the
premise that or not really the premise, but just society
(04:03):
in general. Today. Everyone is so focused on social media,
social gratification, what other people think of them, to the
point where over time it's become harder and harder for
home buyers that aren't as educated and aren't necessarily thinking
about it from an investment perspective to fall in love
(04:25):
with homes have been on the market a while, and
for them, a home that's been on the market a
while is equivalent to making an Instagram post or a
Facebook post or a TikTok and getting no likes, comments,
or views. It means that no one likes that property,
and people don't want to buy a property that no
one likes. So naturally, when consumers see that a property
(04:47):
doesn't get liked by other people, just like the post
that they would make on social media that they may
delete because it doesn't get any traction, they skip the home.
They skip the home if other people don't like it,
if it's one hundred days, one hundred and fifty day,
two hundred days on market, they think something's wrong with it.
The reality is is that is not the case. It
can be the case, but it's not full proof. So
(05:08):
when a home gets stale, consumers start to think something's
wrong with it, and then it becomes a harder uphill
battle to get that home sold. So what does that mean?
That means as a home buyer, you have a great
opportunity to negotiate. Home has been on the market a while,
it's not getting as many looks as it used to,
and you have a seller that needs to sell, you
might be able to get a better deal on the house. Secondarily,
(05:31):
a lot of consumers think, oh, that house has been
on the market a while, there's something wrong with it,
or it's overpriced. The reality is is that society's norms
today work against that home. Now. That home may be
very well priced and have excellent condition and excellent photos now,
but when it went on the market, the agent or
(05:52):
the seller, depending on how the property is represented, completely
missed a boat, did bad marketing, overpriced it, maybe took
crappy photos. By the time they got that stuff corrected
and realized that was the problem, they'd already missed the
newness of the market. They'd missed it, and now they're
just fighting an uphill battle. The home may be very
well priced, it may be a great opportunity, it may
(06:13):
be a great house. Another thing that happens is that
real estate agents, unfortunately, especially in a market like today,
where it's where it is, you know, it's not as
many transactions, not as much money flowing. Real estate agents
cut out expenses. One of the expenses they cut out
professional photos, So then maybe they skimp on photos. Maybe
they take the photos themselves, maybe user their phone. Maybe
(06:36):
they don't tell the client to clean up the house.
Maybe the photos just look bad but the home was great.
Maybe they took the photos on a rainy day. Everybody's
clicking next because it looks dreary, it doesn't look like
sunshine and rainbows. And then all of a sudden, you've
got a home that's stale, all because photos on a
rainy day were bad photos. Maybe they get the photos corrected,
(06:57):
maybe the photos are great now, and then consumers are like,
why has this one sold? So there are a lot
of reasons why homes haven't sold after one hundred or
two hundred days, And most of the time the homes
get corrected in price, and the marketing stuff or conditioned
stuff gets corrected, and now that seller the market is
working against them because people think something's wrong with it,
and society has taught people to want what other people
(07:18):
want and want the new hot thing, so those properties
aren't considered new and hot, so everyone passes on them.
But those are the best opportunities to get instant equity.
To negotiate a great deal, to get great terms and
maybe get the house. Heer dreams. I can't tell you
how many times I've seen the same house marketed by
two different agents and look like a completely different house.
(07:39):
The one agent uses great photography, great marketing, great copy,
the other one doesn't, and consumers click next on the
one that doesn't and think something's wrong with the house.
Or they're just not as attracted to the house as
the one that uses the pro photography. So there may
be nothing wrong with that house. They may just have
a lazy real estate agent, or a real estate agent
(07:59):
doesn't have the money to spend on photos, and that
hurts the seller, of course, but you're not looking out
for the seller's best interest. You're the buyer. You're looking
out for your best interest. So work with an agent.
Tell your agent to show you old houses, and look
past the ugly photos and look at the price history.
You may think, oh, maybe it hasn't moved because it's
price to X. But if they've had a massive price drop,
(08:21):
maybe the price that's at now is market or close
to market or below market. If the photos look ugly,
go look at it in person again. The photos can
be deceiving. I've had plenty of times where the photos
look amazing, you show up and it's a crap house.
And then I've had it where the photos look like
crap and you show up and it's an amazing house.
But photos deceive consumers into looking at houses, and they
(08:42):
play the lazy game and they skip the property because
they're like, oh, these photos look ugly. But the house
checks all the boxes. The house checks every single box,
but the agent took the photos on a rainy day,
and then the buyer isn't as excited because everyone today
puts everything in their life through a filter or photos themselves.
They filter photos of their kids or cats or cars.
(09:05):
They can't put that house in a photo in a
filter because someone else took the photos and they look
at it through an unfiltered lens and they think something's
wrong with it. They need to go look at it
in person. So real estate agents take your clients to
old listings. Home buyers focus on some of the old
listings when you're not finding what you want or in
a competitive market, because that might be where the deal
is and your perfect home may just be sitting behind
(09:27):
some crappy photos or a bad agent that overpriced the
home at the beginning. So hopefully that makes sense. And
if you're curious about what's going on in your neighborhood,
you want to know what your home value is, you
want an instant cash offer, you want to see what
your neighbor's home sold for. Just go to duncanduo dot com.
We get this new website that pulls all the data
(09:48):
in your neighborhood and it sends you these valuation reports
every single month, so that you know what's going on
in your neighborhood. You know if in your neighborhood maybe
in full closure. In case, if that's the case, you
want to get your home in the market before that happens,
because that'll pull the market down in your neighborhood. You
may you may want to find you know, who's who
sold their house, what they sold it for, is it
(10:09):
under contract? You know all of those things you can
see Just go to dunkanduo dot com and our team
of agents will also reach out. Here's why this matters.
Consumers today don't want to talk to anyone, and I
get it. You want to you want to Amazon your
way to sell in your house, and I wish it
was that easy. Sometimes it can be you're just going
to give away a lot of equity for the convenience.
(10:30):
But if you want to maximize your value and know
what you can get at the top of the market,
know the highest amount you can get, let one of
our agents reach out and communicate with you, because they're
going to reach out and communicate with you and talk
to you about what you can do to improve your
homes value. What have you done to improve your home value.
(10:50):
Maybe the automated estimate that shoots out your home value
doesn't align with what you hope it's worth. And if
that's the case, maybe something about your home isn't connecting
with data. All of the online aggregators for home values
pull only data. They don't know if you upgraded the kitchen,
if you've never sold the home or never put it
on the market. They don't know that you redid your pool,
(11:12):
They don't know that you maybe even don't know that
you did an addition or that your school district changed.
So our agents will reach out to you and go
through the data of your property and the condition and
the features that make adjustments, so you can really know
what's going on with your specific home. Value. So if
you want that kind of expertise, you want one of
our top agents to reach out to you walk you
(11:34):
through the steps of how to understand the highest market
value you can get, share the features and conditions, share
the upgrades as well as give you advice about what
you might need to do. You just got to go
again to Duncinduo dot com again, that is Duncan Duo
dot com. We're going to continue this conversation when we
talk more. We're going to talk about Tampa Bay real estate.
(11:55):
Some exciting things happen in Tampa Bay. After quick break
here on the Dunkin Do So, you're back here on
the Duncan Duo Show talking about the Tampa Bay real
estate market. And you know, I've talked on the show
before about some of the most common real estate scams,
and I want to go through a few of those
really quickly. It's Andrew Duncan with the Duncan Duo team
at LPT Realty. Anytime that you are looking to rent
(12:19):
a property, there is a really common scam going on
right now where scammers will take a property that's on
the market for sale, that's not being advertised for rent.
They will take those photos, and they will post an
ad on Facebook or on Craigslist and advertise a home
that's for sale for rent so that they can again
(12:42):
people driving by will see that there's a sign out there.
People may you know, have interest in renting that property,
and usually because they know it's they only have a
small amount of time to capture and scam somebody before
it gets reported to the seller or the broker or
Facebook or Craigslist. They're going to have some ridiculously low
(13:04):
rent number and some story to why they're gonna rent
you this house that would normally be three thousand dollars
for eighteen hundred dollars a month. If something looks too
good to be true, it probably is. If you've paid
attention to the rent market and you've seen somebody in
a neighborhood advertising a house way below market, Look, people
(13:24):
don't give away money. The only time people are ever
renting properties below market are probably for friends or family members.
If it's not that, then guess what. They're probably a scammer. Okay,
And here are a few ways you can protect yourself.
Number one, you can try and get that person's name
and information and look them up and see are they
actually a real estate agent. Number two, you can look
(13:45):
up and see if they're the owner of the property.
In Florida, all of our properties are listed on tax rules.
You can find out who the owner is. You can
find out who the managing member of the entity is. Secondly,
if they aren't any of those, if they're not the owner,
if they're not a licensed real estate agent, the likelihood
is you're dealing with a scammer. The other thing that
(14:06):
you can do is you can ask them for their
driver's license. Okay, any successful legitimate property manager or real
estate agent in Florida is going to be unafraid to
share their driver's license with you if you're questioning their legitimacy. Now,
they may want to block out their address because they
don't want you to know to show up on their doorstep,
(14:28):
But ask for those things. Try and do some due diligence,
Try and confirm they work for a company they say
they're working with, because what they intend to do is
take you out to this property, tell you some ridiculous
low number, then get you to sign a lease and
put up a deposit, and then they're gone. Okay, that
is a really common scam right now, so it's why
I always recommend people do your due diligence, do your research,
(14:48):
look of who the owner is, try and confirm the
person's licensing ability, try and confirm the properties legitimately working
with a property manager. The next scam that's really common
is wire fraud, and this happened in the purchase of
a real estate of a home. When you go to
buy a house, you are going to have to wire
(15:09):
your down payment money okay, or your s grow deposit.
And what is happening is that some illegitimate organizations hack
into the email of either title companies or real estate companies,
or they use the name of the real estate agent
(15:29):
or the name of the title agent with a fake
email and a different domain name, and they are able
to find a way to communicate directly with people that
are going under contract on homes and sending them wire
transfer instructions that are not accurate, that are some probably
some account in Nigeria. So for your protection, I always
(15:49):
strongly encourage verbally verifying the wiring instructions. So if you
are closing a real estate deal, if you are the
buyer okay, and you are you're being told or emailed
first off, The wiring instruction should always come from the
title company, not from the real estate agent. Okay, real
estate agents stay out of that lane. Okay, comes from
(16:11):
the title company, the escrow agent. When the title company
sends this to you, call them to verify it. Call
them to verify it, because there are people that get
in between and find contact information to hack into CRMs,
figure out who's under contract, and then they reach out
an email you and say, hey, you know this is
so and so and so and so title company, and
(16:32):
you not paying attention, You don't look at the email address,
You don't look at the reply to to see that
it's some fake scam account. And then they send you
wiring instructions to some account in Nigeria and then you
wire the money and it's gone. So before you wire
any money, verbally, verify the wiring instructions. Call the person
(16:53):
and talk to them and say, are these the wiring instructions?
Even if it's from the correct email. What if somebody
hacked into the email. What if somebody jumped onto their
desk and send you some scam What if somebody gets
hired by a title company. You know, all these things
can happen, So never trust wiring instructions that are sent
to you electronically, double check them, verify them, call to
(17:14):
make sure because I have seen countless consumers get duped
by this and lose their deposit, lose their money, lose
their house all because they didn't verify the wiring instruction.
So always going to come from the title company. If
they come from someone else, don't trust them. And when
they come from the title company, call the title company
to verify the wiring instructions. So you don't send your
(17:37):
money to some Nigerian scammer and some other country and
then it's gone. So hopefully that helps. Those are two
common scams right now that I want to prevent people
from getting duped into. If you want to know more
about some of those follows on social we are always
giving out information to help guide buyers and sellers at
the Dunkin Duo Twitter, Instagram, YouTube, TikTok, Facebook, every social
(17:57):
media channel. Again at the Duncan Duo or We're gonna
be back with our next segment after a quick break
here on the Duncan Duo Show. So back here on
the Duncan Duo Show. Talking about the Tampa Bay real
estate market. I met with a client this week that
is selling an approximate three million dollar home and probably
buying something in the you know, in a comparable range
(18:20):
in South Tampa. Again Sandrew Duncan with the Duncan Duo
team at LPT Realty, and so he was looking for
feedback on kind of some steps and things to do.
And I think this is probably a situation a lot
of consumers are in right now because the drop in
interest rates back a few years ago caused a frenzy
of transactions, and now there's a lot of people kind
(18:41):
of sitting tight and saying, you know, I don't know
if I want to sell. I don't want to give
up my rate. I don't want to go out and
buy something at a higher rate. I think there's a
lot of people that are going to be surprised at
what ends up happening with property tax reform. And I
think I think if we do see some relief or
abolishment of property taxes, that that could substantially pop our
market and lower pay to comparable numbers to where they
(19:02):
were with two, three and four percent inch strates. So
I gave this client some advice because they were debating
whether they wanted to renovate their home or sell it
and move into another home. And they have the financial
means to be able to do it all cash if
they want to, but but they could also you know,
(19:22):
get a mortgage and maybe refinance it at a later date. Anyway,
as we walk through the house, it looked like to
you know, to get their home to really where they
wanted it, you know, it would probably take a couple
hundred thousand, maybe two hundred fifty thousand dollars to renovate
their large, three million dollar house. And my advice to
them was sell this one and go buy one that
(19:45):
you want that's more modern and new and has everything
you want. I have lived through multiple home renovations and additions,
and I can tell you most of the time it's torture.
So if you're a high end customer and you're debating
doing this and you're selling and you're thinking about, you know,
doing it or should you go buy something, man, I
cannot strongly encourage you enough sell your existing home and
(20:05):
go buy another. Living in a home all it's a
renovated is a nightmare. It infringes on your peace of mind.
It never happens on time ever, and it never happens
on budget ever, whatever you're told, add money to it,
whatever you're told on time, add time to it. And
then factor in no shows on the job, people not
(20:26):
taking care of your house the way that you want,
having to leave your house during certain times while they
do certain things, noise from it. If you work from
home or you're an executive and you're home a lot,
All of these things are a major reason why I
tell everyone that I possibly can living in a home
that is being renovated. Now, again, if you're renovating yourself
and you're making it a family thing and you guys
(20:47):
enjoy that, that's a different scenario, okay, But if you're
hiring people to renovate your home, I cannot recommend against
it enough. If you have the means to be able
to go move and sell that house and buy the
one that you want. This particular customer had a trade
off scenario because they're in a nearly five thousand square
foot house or kids have moved out. They don't need
(21:08):
five thousand in square feet, but they want their home
to be nicer, more modern, more updated. So you know,
they're happy staying in a comparable market and selling their
house and maybe buying a thirty five hundred or four
thousand square foot house that has everything that they want
updated and modern and letting someone else enjoy their home
(21:29):
that you know is maybe seven to ten years old
in terms of the features and the amenities, because there
are consumers out there that will buy it and comps
that support it. So most of the time I'm going
to recommend people if they're talking about their own primary residents,
not a home that you're buying to resell or for investment,
or not a home you're flipping, or not a rental.
(21:50):
But if you're talking about your primary residence, I rarely
am going to recommend to you to stay in it
and do some massive renovation. If you have the financial
means of being able to sell that home and buy
another one your peace of mind, you cannot put a
price on it. Maybe it does cost you a little
bit more money and interest rates for a few years,
(22:10):
but if you can afford it, separate yourself from the
cost and attach it to your ability to do it.
If you can afford it, do it, you'll lower the
interest rate later. Maybe you have a higher payment for
a little bit, but there is no price that can
be put on the peace of mind you get. And look,
I'm sure there's contractors out there listening right now, being like, oh,
(22:31):
I can't believe you're telling them, you're giving them bad advice,
and we can do this, and we can do that.
I've heard it all. I've heard it all, and I've
never seen it happen to whereas sunshine and rainbows. Getting
your house renovated, Okay, don't blow smoke to somebody that's
got the track record and the experience. If you are
going to renovate your home and you have the ability
to sell that home and buy another, strongly look at
(22:53):
that as an option. Strongly look at that as an option.
Just man, I've seen nightmares, I've seen horror stories. People
feel like they're tortured for months. I've seen people get
divorced over home renovations. Okay, so trust me when I
tell you, if you have the ability, maybe it costs
you a little bit more money and you're in a
high end home, strongly consider the idea that you sell
(23:14):
you're existing and you buy one that has all the
things that you want, that's new, that's you know, all,
that's perfect right, versus trying to patch up all the
things because you're it's going to the other thing I've
seen happen is they start tearing stuff up and they
find more stuff, and then they find more stuff. Look,
contractors are in business for a reason, so am I.
Of course I'm giving you advice that is in my
best interest. But I'm also giving you advice that as
(23:36):
a consumer, I've lived through it. I've lived through the renovations,
and I'm someone who has access to a lot of contractors. Okay,
I do, And I can just tell you it's a
bad idea. It is a really bad idea unless you
have the ability to go and live somewhere else and
move while the renovations are done. And and you know,
this specific customer had talked about a home that they
(23:57):
lived in prior and they had a kitchen renovation and
their goal in the kitchen renovation was for it to
take two months and it took six. Okay, imagine what
it takes when it's more stuff. It's just not going
to happen at the pace that you want. You're not
going to be able to control things. Our home is
where we find peace, and it is going to disrupt
your piece. So my strong recommendation if you're out there
(24:17):
thinking about renovating your home, really think twice about it
and ask yourself, especially if you've never gone through it before. Okay,
if you've never gone through it before, you're going to
be an optimist and you might buy the sales pitch
that it's going to come in on budget, that it's
going to come in in time, it's going to do this,
it's going to do that. It's not. Most of the time,
it's not. And if it does happen and it is
on budget and it is on time and it is
(24:39):
amazing and you can't wait to see the praises and
every day the contractors were in your house you enjoyed
them being there, then please send me that contractor's information
because I would love to hire them. Would that sounds
like a unicorn fairy tale? So my advice sell the house,
buy another. So again, you're listening to the dunk and
do a real estate show here on WFLA News, and
we aren't on at the Duncan Duo, Twitter, Instagram, YouTube, Facebook,
(25:04):
pretty much every single social media out there at the
Duncan Duo, and then me personally, I am at the
Andrew Duncan fled my team this week. Reminder, we are
approaching hurricane season. Man, it just doesn't seem real. It
doesn't seem like it is here already, but it is close.
(25:24):
If you're someone that lives in a home that is
in a flood zone, you should make sure that you
have your flood insurance and everything is good. If you
live in a home and you're not in a flood zone,
guess what. I don't care what FEMA says. You're in
a flood zone. Okay, We're a peninsula. Tampa Bay is
a peninsula. The whole thing's a flood zone. Okay. Don't
(25:45):
listen to what FEMA says what a flood zone is. Okay,
don't pay attention to ABC. Get flood insurance. Okay. The
majority of people that had damage during the last set
of storms, we're in non flood zones because as the
government besides and runs FEMA and picks flood zone based
(26:06):
only on the elevation of the house, and that is
the most flawed logic possible to determine how likely your
house is to flood. It's flood insurance is not determined
by how often your house floods. It is not determined
by the drainage in area, the proximity to water, the
likelihood of a house flooding, purely the elevation. That's it.
(26:29):
It's the only thing that matters. And I can tell
you that any insurance the factors in and put so
much emphasis on only one variable is very, very flawed. Okay,
So if you own a home, if you're buying a
home in Tampa Bay, get flood insurance. It is great
peace of mind. If you're not in a flood zone,
it's really cheap. And I can tell you the number
(26:53):
of people that I deal with on a daily basis
still today that have damage and flood from storms from
the last set of storms that did not have flood
insurance and weren't in flood zones. It's astronomical. So I
can't encourage people enough to look at getting flood insurance
even if you're not in a quote unquote flood zone
(27:15):
or your lender doesn't require it. Your lender is protecting themselves. Okay,
they have other insurance. They're not protecting you. Okay, protecting
you is get insurance. Get flood insurance. Okay, I'll say
it over and over and over again. The only people
that should not get flood insurance. Are people whose land
(27:37):
value is so massively high that even if the house
got demolished, the person wouldn't lose money. Those people, okay,
maybe they don't get flood insurance. Everyone else should have it.
If you don't have it, you're just asking for trouble.
You're going to be the next statistic at Look at Katrina,
Look at Helene, look at Milton. Look at all the
storms we've had and the areas that got hit, and
(27:57):
the massive amount of people that had their homes flowed
fooded from rain, even not even from the ocean, that
didn't have fun insurance, and the billions of dollars in damage.
Do not rely on the federal government to tell you
whether you should or shouldn't have insurance. They have no
idea what they're doing. It's a joke. It's laughable. I mean,
if you look at the statistics and see how many
people that are not in flood zones the flood every year,
(28:20):
it's hilarious. So get flood insurance. I can't say it enough.
If you're thinking about selling your house, look I want
to talk to you about cash offers. Okay, there are
a lot of people out there that will say, hey,
I will give you a cash offer. Okay, there are
other people who will say we'll give you a cash
offer if your home doesn't sell. We do that as well.
But I want you to understand that if someone's going
(28:41):
to buy your house for a cash offer, you need
to look at two things. One, you need to look
at the opportunity cost. What is that convenience worth to you?
How much of your equity are you leaving on the
table because nobody is giving you a free ride. There's
no such thing as a free lunch. No one's buying
your house for full market value. They're buying your hose
so they can make money so they can turn around
(29:02):
and either rent or sell your house. They want some
equity if they're going to buy your house cash before
anyone puts it on the market. Okay. There again, it's
a fairy tale to think that somebody with a cash
offer is going to come in and give you what
you think the house is worth. I want three hundred
for my three hundred thousand dollars house, and I want
it cash. Not happening, Okay, No one's doing that today,
(29:24):
just not the market for it. So you're gonna have
to give up something if you if you take a
cash offer, you're gonna have to give up some equity,
some terms, something. Okay. Now what we do is we'll
give you both options. We'll say, hey, look, if we
sell traditional, here's what we think you can get. If
we buy cash, here's what's going to happen. And to
each their own. Some people will take the cash and
be okay with a little loss of equity. Some people
(29:47):
want maximum dollars. You've got to decide what's more important
to you. Do you want the most amount of money
or the maximum convenience, because you really can't have both.
It's just not realistic. So if you want a cash offer,
or you want to go traditional, or you just want
to know your home value, hit up duncan duo dot
com again. That is Duncan Duo dot com, really quick,
(30:07):
easy to use form dunkin duo dot com. You can
also text us eight one three three five nine eighty
nine ninety and that's eight one three three five nine
eighty nine ninety and we can send you the information
that way as well. So we're going to be back
continuing our conversation with our last segment. After a quick
break here on the Duncan Duo Show. So we're back
here on the Duncan Duo Show talking about the Tampa
(30:27):
Bay real estate market. Saw a statistic this week. Sandrew
Duncan with the Duncan du at LPT Real See, it's
no secret that our real estate market isn't that as
strong as it was a couple of years ago. I
think we're hoping for maybe a turnaround in the third
or fourth quarter, but our market continues to be soft.
We see an increase in inventory, price is flattening a
little bit. We haven't seen appreciation for a while. We're
(30:49):
seeing fewer home sales. We hope and expect to not
have a busy hurricane season and that will hopefully fuel
the third and fourth quarter to pick up, and so
the twenty five can end up being a better year
than twenty four, which is what I predicted. I predicted
that twenty five would be better than twenty four, but
it would take the third and fourth quarter, you know,
(31:09):
some either inch straight relief or improvements in the economy,
which we started to see some trickling of reductions and inflation.
So I'm hopeful that we'll start to see that trend
start to appear, but price reductions are surging. In Tampa
Bay saw statistic recently that ranked states by the highest
(31:29):
share of homes that saw price reductions, and Florida was
second in the country. Twenty five percent of homes saw
price reductions, and consumers, unfortunately time and again, are not
listening to their real estate agents. And I'm dealing with
(31:51):
this on my team as well. Consumers had the run
up and they've just not separated reality with their own
house that they have an emotion attachment to. They think
we're still in the COVID years, so they want a
price at high and then lower the price when it
doesn't sell the price that they want because the price
that they want is Unicorn fairy tale fantasy land. Unicorn
(32:13):
fairy Tale fantasy Land is over Unicorn fairy Tale fantasy
Land was COVID when prices were dramatically rising thirty percent
a year. It's gone, Okay, you can't overprice your house anymore.
You missed it. You missed the market for that to happen. Okay,
if you go in and overprice your home now, by
the time you reduce the price, price is going to
(32:34):
be lower than what you reduced it to, and you're
just going to chase the market, and then you're eventually
going to be a stale listing. Like there are a
lot of people on the market, okay. And then when
you're a stale listing, most of the market, even though
I give the advice that is different than that, not
everybody listens. Most of the market's gonna skip next. They're
going to click next, they're going to go to the
next house. They're going to miss yours. Twenty five percent
(32:56):
of homes had to reduce their price. And guess what
would have happened if those twenty five percent of homes
didn't reduce the price and just listed the price that
they reduced it to at the beginning. A lot of
those homes would have sold. If you're thinking in your mind,
home sellers, listen to me here, okay. If you're thinking
in your mind, let's put it on the market and
then we'll reduce. If it doesn't work, you are setting
(33:16):
yourself up for failure. You are you are setting yourself
up for failure if you're going to put your house
on a market at a number you think the market
really won't even support, which is the whole reason why
in your mind, you're thinking, well, if it doesn't move,
will reduce it. Just reduce it, get it down, make
it competitive. Your best chance to get an offer right
(33:37):
now is the first month. If you overprice your house,
and then by the second or third month, you're upset
at your realtor all because you sold them on the
idea that your house should be priced higher, even though
they told you otherwise. Sellers get real with your price.
If you're one of those twenty five percent of people
that have to reduce your price, you're setting yourself up
for failure. The likelihood is your home may not sell.
(34:00):
Just fight the battle down. Just keep lowering, lowering and
lowering until you look like you're at the bottom of
the barrel, and then some investors is going to come
in and low ball you. You're setting yourself up for failure.
The best opportunity to get the most money for your
home as a home seller is at the very beginning,
with a proper price. If you don't price it right
at the beginning, you're not going to sell. It's not
the market for that. When prices were rising, you could
(34:21):
miss you could overprice your home, and the appreciation of
the marketplace would catch up prices now are doing the
opposite of that. You price it your four hundred and
fifty thousand dollars house at five hundred, then a month
later you lower to four to seventy five, and then
a month later you lower to four to fifty. And
guess what, it's not four to fifty anymore. Now it's
four and a quarter. Then a month later you low
it to four and a quarter. But now it's been
on the market one hundred days. Even if it's the
(34:41):
right price, everyone thinks something's wrong with it. Sellers are
going out with flawed logic that the market is what
it used to be. You can't overprice your home anymore.
If you have to price your home and reduce it,
the chances of your home not selling rise dramatically. Your
best chance to get the most amount of money out
(35:02):
of your house is to negotiate up, not to negotiate down.
You got a house that is worth four to fifty,
price up below four fifty, price at four to thirty,
get a bidding war. Your chance to get four to
fifty is much greater going that path than it is
by pricing it at five hundred, and everyone's skipping on you.
The game has changed. We're not in fantasy Land, Unicorn
(35:25):
fairy tale anymore. Okay, that is over. If you want
to sell your home today, you have to price it aggressive.
If you can't price it aggressive it, then don't sell it.
It won't a praise. Okay, it won't to praise anyone
with cash. I hear that a lot too. Well, just
find me a cash buyer. You think cash buyers are stupid.
You think cash buyers want to overpay for your house.
You think cash buyers want to fix your mistake. No,
(35:48):
cash buyers aren't stupid. There's a reason they're cash. The
reason they got cash to be able to buy house
to begin with, because they're pretty smart with money. They're
gonna look at the comps and they're gonna realize you're overpriced.
So sellers, if you want to help the real estate market,
if you want to help yourself, if you want to
help Tampa not be number two in the country for
the most price reductions, stop overpricing your houses. Start listening
(36:08):
to your agents. Start going with the best agents, not
the agents that lie to you to get a listing.
Start going with the ones to tell you the truth.
We just have one that long ago house is worth
one point five on a best day. The guy puts
on the market for like one to eight five just
keeps lowering it fell and market over one hundred days.
They just keep learning. I think they're down like one
six or one five, and eventually they're going to get
(36:31):
to the right price. They're gonna have eaten through months
and months of mortgage payments and are gonna get low
balled because the consumer is going to look at it
and say, what's wrong with this house for it to
be on the market so long. If you want to
sell your home in today's market, get to the right
price and be aggressive with it. If you're not going
to do that, your house isn't going to sell. All right.
That's all my podium speech about home sellers overpricing their
(36:51):
homes today. Thanks so much for tuning in. Hit up
dunkin Duo dot com. If you want an aggressive agent
that's going to price your home to sell and tell
you the truth, go to dunkin Duo dot com and
have an awesome rest your weekend in Tampa Bay
Happy Sunday, Tampa Bay. We're back here for another week
on the Duncan Duo Show, like we are every Sunday
at ten on WFLA News Andrew Duncan with the Duncan
Duo Team at LPT Realty anytime we aren't on air,
at the Dunkin Duo, Twitter, Instagram, YouTube, TikTok, Facebook, pretty
much every social media channel out there, we are there
(00:21):
at the Duncan Duo. If you want to follow me personally,
I am at the Andrew Duncan or look for Andrew
Duncan with the blue check mark on Facebook and you
can follow me there as well. So I was on
my way to shoot some video today and had somebody
send me this message from Groc, which is the AI
version of Elon Musk's X or Twitter, whatever you want
(00:45):
to call it, and it asked what the who the
best real estate team in Tampa Bay was? And I
was super proud that Groc and chat GPT because I
checked it there too, both spit out that the Duncan
Duo team at LPT Realty is the best real estate
team in Tampa Bay. Now, it did say here's a
few teams, you know, but it put us in the
(01:06):
first place, So it talked about some other teams that
were good, but I was ranked up there the highest,
and that is because we are constantly putting our twenty
year track record online to help customers buy and sell
real estate here in Tampa Bay. And what I want
to tell you about today is if you are a
home buyer or an investor and you are looking for
the best deal in the market, I'm going to give
(01:28):
you some tips today on where to find it. And
it's probably going to be kind of surprising to you
because I believe the most overlooked properties are the ones
that have the best opportunity. So, for example, I tell
all of my investor clients and me personally that the
best deals in the marketplace for a home buyer or
home investor come one of two ways. Either an off
(01:51):
market opportunity that not everyone else knows about so that
you have the ability to negotiate directly without competition, or
secondary a home that's been on the market for a while.
Now you might ask, what is a home that's been
on the market for a while, and what is an
off market property? Well, off market property is simply a
property that's not listed with a broker and not heavily advertised,
(02:14):
maybe a pocket listing, or you know, buying from an
owner directly without a broker involved or not presently on
the MLS. So when a home goes onto the MLS,
it is going to get more exposure and more interest,
so you're going to likely have competition and the seller
is in kind of a leveraged position. So those off
market opportunities are some of the best opportunities because there
(02:35):
isn't a broker on the other side, so that can
essentially sometimes reduce some costs, but it also may give
a buyer a better chance to get a better deal. Now,
there are reasons why a seller might choose not to
put a home on the market all the way. Maybe
they don't want the inconvenience, they don't want the neighbors knowing,
they want a quick and clean transaction, they have a
(02:56):
home that needs a lot of work. There are all
kinds of reasons for it, or simply they're just in
the beginning phases and they're thinking about selling and you
happen to find out that they're thinking about it. So
that is what an off market home is, and off
market home is just not regularly being advertised. So those
are great opportunities. We run into those all the time
for our buyers. We have an enormous database. We comb
that database all the time for people to use our website,
(03:19):
and their activity on our website gives us clues into
how likely they are to sell. AI helps us with
some of that. It helps identify people that match data
or demographics to make people think that they're likely to sell.
But we bring those opportunities to our buyers all the time.
So if you're working with an agent and that agent
isn't bringing you off market opportunities, you might have the
(03:42):
wrong agent, because those are some of the best opportunities
in the market. The next segment of the best opportunities
in the market. I talked about our homes that have
been on the market a while, and let me explain
why that matters and why those are some of the
best homes in the market. Well, first and foremost the
premise that or not really the premise, but just society
(04:03):
in general. Today. Everyone is so focused on social media,
social gratification, what other people think of them, to the
point where over time it's become harder and harder for
home buyers that aren't as educated and aren't necessarily thinking
about it from an investment perspective to fall in love
(04:25):
with homes have been on the market a while, and
for them, a home that's been on the market a
while is equivalent to making an Instagram post or a
Facebook post or a TikTok and getting no likes, comments,
or views. It means that no one likes that property,
and people don't want to buy a property that no
one likes. So naturally, when consumers see that a property
(04:47):
doesn't get liked by other people, just like the post
that they would make on social media that they may
delete because it doesn't get any traction, they skip the home.
They skip the home if other people don't like it,
if it's one hundred days, one hundred and fifty day,
two hundred days on market, they think something's wrong with it.
The reality is is that is not the case. It
can be the case, but it's not full proof. So
(05:08):
when a home gets stale, consumers start to think something's
wrong with it, and then it becomes a harder uphill
battle to get that home sold. So what does that mean?
That means as a home buyer, you have a great
opportunity to negotiate. Home has been on the market a while,
it's not getting as many looks as it used to,
and you have a seller that needs to sell, you
might be able to get a better deal on the house. Secondarily,
(05:31):
a lot of consumers think, oh, that house has been
on the market a while, there's something wrong with it,
or it's overpriced. The reality is is that society's norms
today work against that home. Now. That home may be
very well priced and have excellent condition and excellent photos now,
but when it went on the market, the agent or
(05:52):
the seller, depending on how the property is represented, completely
missed a boat, did bad marketing, overpriced it, maybe took
crappy photos. By the time they got that stuff corrected
and realized that was the problem, they'd already missed the
newness of the market. They'd missed it, and now they're
just fighting an uphill battle. The home may be very
well priced, it may be a great opportunity, it may
(06:13):
be a great house. Another thing that happens is that
real estate agents, unfortunately, especially in a market like today,
where it's where it is, you know, it's not as
many transactions, not as much money flowing. Real estate agents
cut out expenses. One of the expenses they cut out
professional photos, So then maybe they skimp on photos. Maybe
they take the photos themselves, maybe user their phone. Maybe
(06:36):
they don't tell the client to clean up the house.
Maybe the photos just look bad but the home was great.
Maybe they took the photos on a rainy day. Everybody's
clicking next because it looks dreary, it doesn't look like
sunshine and rainbows. And then all of a sudden, you've
got a home that's stale, all because photos on a
rainy day were bad photos. Maybe they get the photos corrected,
(06:57):
maybe the photos are great now, and then consumers are like,
why has this one sold? So there are a lot
of reasons why homes haven't sold after one hundred or
two hundred days, And most of the time the homes
get corrected in price, and the marketing stuff or conditioned
stuff gets corrected, and now that seller the market is
working against them because people think something's wrong with it,
and society has taught people to want what other people
(07:18):
want and want the new hot thing, so those properties
aren't considered new and hot, so everyone passes on them.
But those are the best opportunities to get instant equity.
To negotiate a great deal, to get great terms and
maybe get the house. Heer dreams. I can't tell you
how many times I've seen the same house marketed by
two different agents and look like a completely different house.
(07:39):
The one agent uses great photography, great marketing, great copy,
the other one doesn't, and consumers click next on the
one that doesn't and think something's wrong with the house.
Or they're just not as attracted to the house as
the one that uses the pro photography. So there may
be nothing wrong with that house. They may just have
a lazy real estate agent, or a real estate agent
(07:59):
doesn't have the money to spend on photos, and that
hurts the seller, of course, but you're not looking out
for the seller's best interest. You're the buyer. You're looking
out for your best interest. So work with an agent.
Tell your agent to show you old houses, and look
past the ugly photos and look at the price history.
You may think, oh, maybe it hasn't moved because it's
price to X. But if they've had a massive price drop,
(08:21):
maybe the price that's at now is market or close
to market or below market. If the photos look ugly,
go look at it in person again. The photos can
be deceiving. I've had plenty of times where the photos
look amazing, you show up and it's a crap house.
And then I've had it where the photos look like
crap and you show up and it's an amazing house.
But photos deceive consumers into looking at houses, and they
(08:42):
play the lazy game and they skip the property because
they're like, oh, these photos look ugly. But the house
checks all the boxes. The house checks every single box,
but the agent took the photos on a rainy day,
and then the buyer isn't as excited because everyone today
puts everything in their life through a filter or photos themselves.
They filter photos of their kids or cats or cars.
(09:05):
They can't put that house in a photo in a
filter because someone else took the photos and they look
at it through an unfiltered lens and they think something's
wrong with it. They need to go look at it
in person. So real estate agents take your clients to
old listings. Home buyers focus on some of the old
listings when you're not finding what you want or in
a competitive market, because that might be where the deal
is and your perfect home may just be sitting behind
(09:27):
some crappy photos or a bad agent that overpriced the
home at the beginning. So hopefully that makes sense. And
if you're curious about what's going on in your neighborhood,
you want to know what your home value is, you
want an instant cash offer, you want to see what
your neighbor's home sold for. Just go to duncanduo dot com.
We get this new website that pulls all the data
(09:48):
in your neighborhood and it sends you these valuation reports
every single month, so that you know what's going on
in your neighborhood. You know if in your neighborhood maybe
in full closure. In case, if that's the case, you
want to get your home in the market before that happens,
because that'll pull the market down in your neighborhood. You
may you may want to find you know, who's who
sold their house, what they sold it for, is it
(10:09):
under contract? You know all of those things you can
see Just go to dunkanduo dot com and our team
of agents will also reach out. Here's why this matters.
Consumers today don't want to talk to anyone, and I
get it. You want to you want to Amazon your
way to sell in your house, and I wish it
was that easy. Sometimes it can be you're just going
to give away a lot of equity for the convenience.
(10:30):
But if you want to maximize your value and know
what you can get at the top of the market,
know the highest amount you can get, let one of
our agents reach out and communicate with you, because they're
going to reach out and communicate with you and talk
to you about what you can do to improve your
homes value. What have you done to improve your home value.
(10:50):
Maybe the automated estimate that shoots out your home value
doesn't align with what you hope it's worth. And if
that's the case, maybe something about your home isn't connecting
with data. All of the online aggregators for home values
pull only data. They don't know if you upgraded the kitchen,
if you've never sold the home or never put it
on the market. They don't know that you redid your pool,
(11:12):
They don't know that you maybe even don't know that
you did an addition or that your school district changed.
So our agents will reach out to you and go
through the data of your property and the condition and
the features that make adjustments, so you can really know
what's going on with your specific home. Value. So if
you want that kind of expertise, you want one of
our top agents to reach out to you walk you
(11:34):
through the steps of how to understand the highest market
value you can get, share the features and conditions, share
the upgrades as well as give you advice about what
you might need to do. You just got to go
again to Duncinduo dot com again, that is Duncan Duo
dot com. We're going to continue this conversation when we
talk more. We're going to talk about Tampa Bay real estate.
(11:55):
Some exciting things happen in Tampa Bay. After quick break
here on the Dunkin Do So, you're back here on
the Duncan Duo Show talking about the Tampa Bay real
estate market. And you know, I've talked on the show
before about some of the most common real estate scams,
and I want to go through a few of those
really quickly. It's Andrew Duncan with the Duncan Duo team
at LPT Realty. Anytime that you are looking to rent
(12:19):
a property, there is a really common scam going on
right now where scammers will take a property that's on
the market for sale, that's not being advertised for rent.
They will take those photos, and they will post an
ad on Facebook or on Craigslist and advertise a home
that's for sale for rent so that they can again
(12:42):
people driving by will see that there's a sign out there.
People may you know, have interest in renting that property,
and usually because they know it's they only have a
small amount of time to capture and scam somebody before
it gets reported to the seller or the broker or
Facebook or Craigslist. They're going to have some ridiculously low
(13:04):
rent number and some story to why they're gonna rent
you this house that would normally be three thousand dollars
for eighteen hundred dollars a month. If something looks too
good to be true, it probably is. If you've paid
attention to the rent market and you've seen somebody in
a neighborhood advertising a house way below market, Look, people
(13:24):
don't give away money. The only time people are ever
renting properties below market are probably for friends or family members.
If it's not that, then guess what. They're probably a scammer. Okay,
And here are a few ways you can protect yourself.
Number one, you can try and get that person's name
and information and look them up and see are they
actually a real estate agent. Number two, you can look
(13:45):
up and see if they're the owner of the property.
In Florida, all of our properties are listed on tax rules.
You can find out who the owner is. You can
find out who the managing member of the entity is. Secondly,
if they aren't any of those, if they're not the owner,
if they're not a licensed real estate agent, the likelihood
is you're dealing with a scammer. The other thing that
(14:06):
you can do is you can ask them for their
driver's license. Okay, any successful legitimate property manager or real
estate agent in Florida is going to be unafraid to
share their driver's license with you if you're questioning their legitimacy. Now,
they may want to block out their address because they
don't want you to know to show up on their doorstep,
(14:28):
But ask for those things. Try and do some due diligence,
Try and confirm they work for a company they say
they're working with, because what they intend to do is
take you out to this property, tell you some ridiculous
low number, then get you to sign a lease and
put up a deposit, and then they're gone. Okay, that
is a really common scam right now, so it's why
I always recommend people do your due diligence, do your research,
(14:48):
look of who the owner is, try and confirm the
person's licensing ability, try and confirm the properties legitimately working
with a property manager. The next scam that's really common
is wire fraud, and this happened in the purchase of
a real estate of a home. When you go to
buy a house, you are going to have to wire
(15:09):
your down payment money okay, or your s grow deposit.
And what is happening is that some illegitimate organizations hack
into the email of either title companies or real estate companies,
or they use the name of the real estate agent
(15:29):
or the name of the title agent with a fake
email and a different domain name, and they are able
to find a way to communicate directly with people that
are going under contract on homes and sending them wire
transfer instructions that are not accurate, that are some probably
some account in Nigeria. So for your protection, I always
(15:49):
strongly encourage verbally verifying the wiring instructions. So if you
are closing a real estate deal, if you are the
buyer okay, and you are you're being told or emailed
first off, The wiring instruction should always come from the
title company, not from the real estate agent. Okay, real
estate agents stay out of that lane. Okay, comes from
(16:11):
the title company, the escrow agent. When the title company
sends this to you, call them to verify it. Call
them to verify it, because there are people that get
in between and find contact information to hack into CRMs,
figure out who's under contract, and then they reach out
an email you and say, hey, you know this is
so and so and so and so title company, and
(16:32):
you not paying attention, You don't look at the email address,
You don't look at the reply to to see that
it's some fake scam account. And then they send you
wiring instructions to some account in Nigeria and then you
wire the money and it's gone. So before you wire
any money, verbally, verify the wiring instructions. Call the person
(16:53):
and talk to them and say, are these the wiring instructions?
Even if it's from the correct email. What if somebody
hacked into the email. What if somebody jumped onto their
desk and send you some scam What if somebody gets
hired by a title company. You know, all these things
can happen, So never trust wiring instructions that are sent
to you electronically, double check them, verify them, call to
(17:14):
make sure because I have seen countless consumers get duped
by this and lose their deposit, lose their money, lose
their house all because they didn't verify the wiring instruction.
So always going to come from the title company. If
they come from someone else, don't trust them. And when
they come from the title company, call the title company
to verify the wiring instructions. So you don't send your
(17:37):
money to some Nigerian scammer and some other country and
then it's gone. So hopefully that helps. Those are two
common scams right now that I want to prevent people
from getting duped into. If you want to know more
about some of those follows on social we are always
giving out information to help guide buyers and sellers at
the Dunkin Duo Twitter, Instagram, YouTube, TikTok, Facebook, every social
(17:57):
media channel. Again at the Duncan Duo or We're gonna
be back with our next segment after a quick break
here on the Duncan Duo Show. So back here on
the Duncan Duo Show. Talking about the Tampa Bay real
estate market. I met with a client this week that
is selling an approximate three million dollar home and probably
buying something in the you know, in a comparable range
(18:20):
in South Tampa. Again Sandrew Duncan with the Duncan Duo
team at LPT Realty, and so he was looking for
feedback on kind of some steps and things to do.
And I think this is probably a situation a lot
of consumers are in right now because the drop in
interest rates back a few years ago caused a frenzy
of transactions, and now there's a lot of people kind
(18:41):
of sitting tight and saying, you know, I don't know
if I want to sell. I don't want to give
up my rate. I don't want to go out and
buy something at a higher rate. I think there's a
lot of people that are going to be surprised at
what ends up happening with property tax reform. And I
think I think if we do see some relief or
abolishment of property taxes, that that could substantially pop our
market and lower pay to comparable numbers to where they
(19:02):
were with two, three and four percent inch strates. So
I gave this client some advice because they were debating
whether they wanted to renovate their home or sell it
and move into another home. And they have the financial
means to be able to do it all cash if
they want to, but but they could also you know,
(19:22):
get a mortgage and maybe refinance it at a later date. Anyway,
as we walk through the house, it looked like to
you know, to get their home to really where they
wanted it, you know, it would probably take a couple
hundred thousand, maybe two hundred fifty thousand dollars to renovate
their large, three million dollar house. And my advice to
them was sell this one and go buy one that
(19:45):
you want that's more modern and new and has everything
you want. I have lived through multiple home renovations and additions,
and I can tell you most of the time it's torture.
So if you're a high end customer and you're debating
doing this and you're selling and you're thinking about, you know,
doing it or should you go buy something, man, I
cannot strongly encourage you enough sell your existing home and
(20:05):
go buy another. Living in a home all it's a
renovated is a nightmare. It infringes on your peace of mind.
It never happens on time ever, and it never happens
on budget ever, whatever you're told, add money to it,
whatever you're told on time, add time to it. And
then factor in no shows on the job, people not
(20:26):
taking care of your house the way that you want,
having to leave your house during certain times while they
do certain things, noise from it. If you work from
home or you're an executive and you're home a lot,
All of these things are a major reason why I
tell everyone that I possibly can living in a home
that is being renovated. Now, again, if you're renovating yourself
and you're making it a family thing and you guys
(20:47):
enjoy that, that's a different scenario, okay, But if you're
hiring people to renovate your home, I cannot recommend against
it enough. If you have the means to be able
to go move and sell that house and buy the
one that you want. This particular customer had a trade
off scenario because they're in a nearly five thousand square
foot house or kids have moved out. They don't need
(21:08):
five thousand in square feet, but they want their home
to be nicer, more modern, more updated. So you know,
they're happy staying in a comparable market and selling their
house and maybe buying a thirty five hundred or four
thousand square foot house that has everything that they want
updated and modern and letting someone else enjoy their home
(21:29):
that you know is maybe seven to ten years old
in terms of the features and the amenities, because there
are consumers out there that will buy it and comps
that support it. So most of the time I'm going
to recommend people if they're talking about their own primary residents,
not a home that you're buying to resell or for investment,
or not a home you're flipping, or not a rental.
(21:50):
But if you're talking about your primary residence, I rarely
am going to recommend to you to stay in it
and do some massive renovation. If you have the financial
means of being able to sell that home and buy
another one your peace of mind, you cannot put a
price on it. Maybe it does cost you a little
bit more money and interest rates for a few years,
(22:10):
but if you can afford it, separate yourself from the
cost and attach it to your ability to do it.
If you can afford it, do it, you'll lower the
interest rate later. Maybe you have a higher payment for
a little bit, but there is no price that can
be put on the peace of mind you get. And look,
I'm sure there's contractors out there listening right now, being like, oh,
(22:31):
I can't believe you're telling them, you're giving them bad advice,
and we can do this, and we can do that.
I've heard it all. I've heard it all, and I've
never seen it happen to whereas sunshine and rainbows. Getting
your house renovated, Okay, don't blow smoke to somebody that's
got the track record and the experience. If you are
going to renovate your home and you have the ability
to sell that home and buy another, strongly look at
(22:53):
that as an option. Strongly look at that as an option.
Just man, I've seen nightmares, I've seen horror stories. People
feel like they're tortured for months. I've seen people get
divorced over home renovations. Okay, so trust me when I
tell you, if you have the ability, maybe it costs
you a little bit more money and you're in a
high end home, strongly consider the idea that you sell
(23:14):
you're existing and you buy one that has all the
things that you want, that's new, that's you know, all,
that's perfect right, versus trying to patch up all the
things because you're it's going to the other thing I've
seen happen is they start tearing stuff up and they
find more stuff, and then they find more stuff. Look,
contractors are in business for a reason, so am I.
Of course I'm giving you advice that is in my
best interest. But I'm also giving you advice that as
(23:36):
a consumer, I've lived through it. I've lived through the renovations,
and I'm someone who has access to a lot of contractors. Okay,
I do, And I can just tell you it's a
bad idea. It is a really bad idea unless you
have the ability to go and live somewhere else and
move while the renovations are done. And and you know,
this specific customer had talked about a home that they
(23:57):
lived in prior and they had a kitchen renovation and
their goal in the kitchen renovation was for it to
take two months and it took six. Okay, imagine what
it takes when it's more stuff. It's just not going
to happen at the pace that you want. You're not
going to be able to control things. Our home is
where we find peace, and it is going to disrupt
your piece. So my strong recommendation if you're out there
(24:17):
thinking about renovating your home, really think twice about it
and ask yourself, especially if you've never gone through it before. Okay,
if you've never gone through it before, you're going to
be an optimist and you might buy the sales pitch
that it's going to come in on budget, that it's
going to come in in time, it's going to do this,
it's going to do that. It's not. Most of the time,
it's not. And if it does happen and it is
on budget and it is on time and it is
(24:39):
amazing and you can't wait to see the praises and
every day the contractors were in your house you enjoyed
them being there, then please send me that contractor's information
because I would love to hire them. Would that sounds
like a unicorn fairy tale? So my advice sell the house,
buy another. So again, you're listening to the dunk and
do a real estate show here on WFLA News, and
we aren't on at the Duncan Duo, Twitter, Instagram, YouTube, Facebook,
(25:04):
pretty much every single social media out there at the
Duncan Duo, and then me personally, I am at the
Andrew Duncan fled my team this week. Reminder, we are
approaching hurricane season. Man, it just doesn't seem real. It
doesn't seem like it is here already, but it is close.
(25:24):
If you're someone that lives in a home that is
in a flood zone, you should make sure that you
have your flood insurance and everything is good. If you
live in a home and you're not in a flood zone,
guess what. I don't care what FEMA says. You're in
a flood zone. Okay, We're a peninsula. Tampa Bay is
a peninsula. The whole thing's a flood zone. Okay. Don't
(25:45):
listen to what FEMA says what a flood zone is. Okay,
don't pay attention to ABC. Get flood insurance. Okay. The
majority of people that had damage during the last set
of storms, we're in non flood zones because as the
government besides and runs FEMA and picks flood zone based
(26:06):
only on the elevation of the house, and that is
the most flawed logic possible to determine how likely your
house is to flood. It's flood insurance is not determined
by how often your house floods. It is not determined
by the drainage in area, the proximity to water, the
likelihood of a house flooding, purely the elevation. That's it.
(26:29):
It's the only thing that matters. And I can tell
you that any insurance the factors in and put so
much emphasis on only one variable is very, very flawed. Okay,
So if you own a home, if you're buying a
home in Tampa Bay, get flood insurance. It is great
peace of mind. If you're not in a flood zone,
it's really cheap. And I can tell you the number
(26:53):
of people that I deal with on a daily basis
still today that have damage and flood from storms from
the last set of storms that did not have flood
insurance and weren't in flood zones. It's astronomical. So I
can't encourage people enough to look at getting flood insurance
even if you're not in a quote unquote flood zone
(27:15):
or your lender doesn't require it. Your lender is protecting themselves. Okay,
they have other insurance. They're not protecting you. Okay, protecting
you is get insurance. Get flood insurance. Okay, I'll say
it over and over and over again. The only people
that should not get flood insurance. Are people whose land
(27:37):
value is so massively high that even if the house
got demolished, the person wouldn't lose money. Those people, okay,
maybe they don't get flood insurance. Everyone else should have it.
If you don't have it, you're just asking for trouble.
You're going to be the next statistic at Look at Katrina,
Look at Helene, look at Milton. Look at all the
storms we've had and the areas that got hit, and
(27:57):
the massive amount of people that had their homes flowed
fooded from rain, even not even from the ocean, that
didn't have fun insurance, and the billions of dollars in damage.
Do not rely on the federal government to tell you
whether you should or shouldn't have insurance. They have no
idea what they're doing. It's a joke. It's laughable. I mean,
if you look at the statistics and see how many
people that are not in flood zones the flood every year,
(28:20):
it's hilarious. So get flood insurance. I can't say it enough.
If you're thinking about selling your house, look I want
to talk to you about cash offers. Okay, there are
a lot of people out there that will say, hey,
I will give you a cash offer. Okay, there are
other people who will say we'll give you a cash
offer if your home doesn't sell. We do that as well.
But I want you to understand that if someone's going
(28:41):
to buy your house for a cash offer, you need
to look at two things. One, you need to look
at the opportunity cost. What is that convenience worth to you?
How much of your equity are you leaving on the
table because nobody is giving you a free ride. There's
no such thing as a free lunch. No one's buying
your house for full market value. They're buying your hose
so they can make money so they can turn around
(29:02):
and either rent or sell your house. They want some
equity if they're going to buy your house cash before
anyone puts it on the market. Okay. There again, it's
a fairy tale to think that somebody with a cash
offer is going to come in and give you what
you think the house is worth. I want three hundred
for my three hundred thousand dollars house, and I want
it cash. Not happening, Okay, No one's doing that today,
(29:24):
just not the market for it. So you're gonna have
to give up something if you if you take a
cash offer, you're gonna have to give up some equity,
some terms, something. Okay. Now what we do is we'll
give you both options. We'll say, hey, look, if we
sell traditional, here's what we think you can get. If
we buy cash, here's what's going to happen. And to
each their own. Some people will take the cash and
be okay with a little loss of equity. Some people
(29:47):
want maximum dollars. You've got to decide what's more important
to you. Do you want the most amount of money
or the maximum convenience, because you really can't have both.
It's just not realistic. So if you want a cash offer,
or you want to go traditional, or you just want
to know your home value, hit up duncan duo dot
com again. That is Duncan Duo dot com, really quick,
(30:07):
easy to use form dunkin duo dot com. You can
also text us eight one three three five nine eighty
nine ninety and that's eight one three three five nine
eighty nine ninety and we can send you the information
that way as well. So we're going to be back
continuing our conversation with our last segment. After a quick
break here on the Duncan Duo Show. So we're back
here on the Duncan Duo Show talking about the Tampa
(30:27):
Bay real estate market. Saw a statistic this week. Sandrew
Duncan with the Duncan du at LPT Real See, it's
no secret that our real estate market isn't that as
strong as it was a couple of years ago. I
think we're hoping for maybe a turnaround in the third
or fourth quarter, but our market continues to be soft.
We see an increase in inventory, price is flattening a
little bit. We haven't seen appreciation for a while. We're
(30:49):
seeing fewer home sales. We hope and expect to not
have a busy hurricane season and that will hopefully fuel
the third and fourth quarter to pick up, and so
the twenty five can end up being a better year
than twenty four, which is what I predicted. I predicted
that twenty five would be better than twenty four, but
it would take the third and fourth quarter, you know,
(31:09):
some either inch straight relief or improvements in the economy,
which we started to see some trickling of reductions and inflation.
So I'm hopeful that we'll start to see that trend
start to appear, but price reductions are surging. In Tampa
Bay saw statistic recently that ranked states by the highest
(31:29):
share of homes that saw price reductions, and Florida was
second in the country. Twenty five percent of homes saw
price reductions, and consumers, unfortunately time and again, are not
listening to their real estate agents. And I'm dealing with
(31:51):
this on my team as well. Consumers had the run
up and they've just not separated reality with their own
house that they have an emotion attachment to. They think
we're still in the COVID years, so they want a
price at high and then lower the price when it
doesn't sell the price that they want because the price
that they want is Unicorn fairy tale fantasy land. Unicorn
(32:13):
fairy Tale fantasy Land is over Unicorn fairy Tale fantasy
Land was COVID when prices were dramatically rising thirty percent
a year. It's gone, Okay, you can't overprice your house anymore.
You missed it. You missed the market for that to happen. Okay,
if you go in and overprice your home now, by
the time you reduce the price, price is going to
(32:34):
be lower than what you reduced it to, and you're
just going to chase the market, and then you're eventually
going to be a stale listing. Like there are a
lot of people on the market, okay. And then when
you're a stale listing, most of the market, even though
I give the advice that is different than that, not
everybody listens. Most of the market's gonna skip next. They're
going to click next, they're going to go to the
next house. They're going to miss yours. Twenty five percent
(32:56):
of homes had to reduce their price. And guess what
would have happened if those twenty five percent of homes
didn't reduce the price and just listed the price that
they reduced it to at the beginning. A lot of
those homes would have sold. If you're thinking in your mind,
home sellers, listen to me here, okay. If you're thinking
in your mind, let's put it on the market and
then we'll reduce. If it doesn't work, you are setting
(33:16):
yourself up for failure. You are you are setting yourself
up for failure if you're going to put your house
on a market at a number you think the market
really won't even support, which is the whole reason why
in your mind, you're thinking, well, if it doesn't move,
will reduce it. Just reduce it, get it down, make
it competitive. Your best chance to get an offer right
(33:37):
now is the first month. If you overprice your house,
and then by the second or third month, you're upset
at your realtor all because you sold them on the
idea that your house should be priced higher, even though
they told you otherwise. Sellers get real with your price.
If you're one of those twenty five percent of people
that have to reduce your price, you're setting yourself up
for failure. The likelihood is your home may not sell.
(34:00):
Just fight the battle down. Just keep lowering, lowering and
lowering until you look like you're at the bottom of
the barrel, and then some investors is going to come
in and low ball you. You're setting yourself up for failure.
The best opportunity to get the most money for your
home as a home seller is at the very beginning,
with a proper price. If you don't price it right
at the beginning, you're not going to sell. It's not
the market for that. When prices were rising, you could
(34:21):
miss you could overprice your home, and the appreciation of
the marketplace would catch up prices now are doing the
opposite of that. You price it your four hundred and
fifty thousand dollars house at five hundred, then a month
later you lower to four to seventy five, and then
a month later you lower to four to fifty. And
guess what, it's not four to fifty anymore. Now it's
four and a quarter. Then a month later you low
it to four and a quarter. But now it's been
on the market one hundred days. Even if it's the
(34:41):
right price, everyone thinks something's wrong with it. Sellers are
going out with flawed logic that the market is what
it used to be. You can't overprice your home anymore.
If you have to price your home and reduce it,
the chances of your home not selling rise dramatically. Your
best chance to get the most amount of money out
(35:02):
of your house is to negotiate up, not to negotiate down.
You got a house that is worth four to fifty,
price up below four fifty, price at four to thirty,
get a bidding war. Your chance to get four to
fifty is much greater going that path than it is
by pricing it at five hundred, and everyone's skipping on you.
The game has changed. We're not in fantasy Land, Unicorn
(35:25):
fairy tale anymore. Okay, that is over. If you want
to sell your home today, you have to price it aggressive.
If you can't price it aggressive it, then don't sell it.
It won't a praise. Okay, it won't to praise anyone
with cash. I hear that a lot too. Well, just
find me a cash buyer. You think cash buyers are stupid.
You think cash buyers want to overpay for your house.
You think cash buyers want to fix your mistake. No,
(35:48):
cash buyers aren't stupid. There's a reason they're cash. The
reason they got cash to be able to buy house
to begin with, because they're pretty smart with money. They're
gonna look at the comps and they're gonna realize you're overpriced.
So sellers, if you want to help the real estate market,
if you want to help yourself, if you want to
help Tampa not be number two in the country for
the most price reductions, stop overpricing your houses. Start listening
(36:08):
to your agents. Start going with the best agents, not
the agents that lie to you to get a listing.
Start going with the ones to tell you the truth.
We just have one that long ago house is worth
one point five on a best day. The guy puts
on the market for like one to eight five just
keeps lowering it fell and market over one hundred days.
They just keep learning. I think they're down like one
six or one five, and eventually they're going to get
(36:31):
to the right price. They're gonna have eaten through months
and months of mortgage payments and are gonna get low
balled because the consumer is going to look at it
and say, what's wrong with this house for it to
be on the market so long. If you want to
sell your home in today's market, get to the right
price and be aggressive with it. If you're not going
to do that, your house isn't going to sell. All right.
That's all my podium speech about home sellers overpricing their
(36:51):
homes today. Thanks so much for tuning in. Hit up
dunkin Duo dot com. If you want an aggressive agent
that's going to price your home to sell and tell
you the truth, go to dunkin Duo dot com and
have an awesome rest your weekend in Tampa Bay
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