Duncan Duo 6-02-24

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 right here on WFLA News. When
we aren't on air, I wantto make sure you follow us on all
of our socials. We're regularly givingaway cool stuff like sign jerseys, tickets

(00:21):
to amily arena events and Lightning Events. Is the official real estate agents of
the Lightning four almost a decade now. If you're a Lightning fan and you
love free swag, make sure you'refollowing us. You'll get invites to our
events as well as some cool giveaways. Again at the Dunkin Duo, Twitter,
Instagram, YouTube, TikTok, Facebook, pretty much every social media channel.

(00:41):
At the Dunkin Duo not hard tofind us. And again at the
Duncan Duo to follow us so youcan stay up to date on everything that
is going on in Tampa Bay realestate. I want to talk about insurance
next, and again, insurance hasbeen a major obstacle the last few years

(01:03):
for our real estate market. Numberone, you know, insurance prices have
skyrocketed because you know, parts ofour state, even though Tampa Bay really
hasn't been impacted, parts of ourstate have been hit with storms. We've
had flooding, and then of coursewhenever we go periods of time where there
aren't storms or floods, insurance ratesarise almost on the prediction that that might

(01:25):
actually come. So the you know, we've seen this uptick in premiums and
then insurance carriers getting stricter and stricterwith what they'll allow from a condition standpoint.
You know, I remember when I, you know, got back into
the business. If a home wasbuilt, if home was older than fifty
years, we had to have whatwas called a four point inspection done.

(01:47):
And over the years it's gotten tighterand tighter and tighter, and now newer
and newer and newer homes have tohave a four point inspection to show the
four you know kind of you know, basic or not basic, the four
main criteria of a home are ingood enough condition that they're not going to
fail. So you know, roofs, electric plumbing, you know, structure,

(02:07):
all these things that you know inthe past have an NAC is another
one, and all these things inthe past have prevented homes that were older
than fifty years from having from beingable to gig insurance. Now it's like
sometimes some carriers are ten or fifteen, twenty years, five years, even
if it's not a brand new constructionhome, they're requiring a four point inspection,

(02:30):
or they're not going to ensure it, or they're going to ensure it
at a higher rate. So insurancehas really seen the highest annual spikes in
the country the last year. Somecoastal areas have seen double digit percentage rises
year after year, and they continueto rise. And so what I want
to talk about today and again thisthe reason for this is, you know,
severe weather inflation, rising home buildingand construction costs. Because keep in

(02:54):
mind, when they're ensuring your property, they're ensuring the ability to rebuild and
reconstruct the home. And when theywhen construction prices and materials rise and inflation
rises, the you know, ifthey have a claim and they have to
rebuild something in their home, it'scosting them more. So in essence,
what they're doing are you know,bumping rates up. So some homeowners you

(03:16):
know, are seeing more than fivehundred plus a month increase in insurance costs.
Large insurers have left Florida State farmall state farmers, they're all in
the process of leaving. And morethan a dozen insurance companies have declared insolvency
since twenty nineteen. So we're seeingthis, you know, rise and insurance.

(03:38):
But there is good news on theway the insurance areas. The insurance
costs across the country have continued torise, but the top ten markets where
insurance costs could rise the most,Florida is not in any of them.
Okay, So that is a goodsign. And because we've had these you

(04:00):
know, these storms that haven't hitus the last couple of years, it
sounds like insurance rates are starting tosoften and some of the carriers have actually
asked to lower insurance rates. Nowagain not all of them. But we
still continue to be the highest mostexpensive state for home insurance in twenty twenty
four. And you know, I'mtelling you this. Obviously it's not the

(04:23):
greatest news, but I want totell you this. You can understand it
as a home buyer or home seller. How it factors into the equation.
So the most expensive states again,Florida's number one, Louisiana two, Oklahoma
three, Texas four, Mississippi five. And then the list goes on projected
home insurance for end of year twentytwenty four eleven seven hundred and fifty nine

(04:46):
dollars, again the highest in thecountry. Now, what can you do
if you're shopping for homeowners insurance?What are your options? Okay number one,
and again this is not something Ireckon, but I want people to
understand this. If you don't havea mortgage, you are not required to
have insurance. Now I'm not recommendingthat, but there are certainly some people

(05:10):
who are in older homes where thevalue of their land and the land isn't
going to get knocked out by aflood. The land's still going to be
there. The value of their land, which isn't going to get destroyed,
is drastically more than the value ofthe house. And in some of those
instances sometimes it makes sense for peopleto say, hey, look, I
don't want to pay the insurance andI don't have to because I don't have
a mortgage. The second thing Iwant you to pay attention to is getting

(05:33):
multiple quotes from multiple insurers. Okay, making sure you're adding home protections.
Do you have tempered glass or dualpain windows, non flammable sightings, stuck
or fiber cement garage doors rated forwind speeds, dorm resistant features. You
want to make sure you have enoughcoverage, but you also want to make

(05:53):
sure you have all of those extraprotections. Flood insurance is not homeowner's insurance.
It is something completely separate. Soif you are in a flood zone
or a flood area, it's importantand required by your lender. Again,
if you have a lender, foryou to have flood insurance. If you
don't have a lender, again,same thing. You're not required to carry
any insurance if you don't owe anyonemoney. Now do we recommend it,

(06:15):
No, But are there certain consumersor people in certain financial risk tolerance positions
or with a high value of landthat choose to not floodsure even in a
flood area. Of course there are. The second part of the flood insurance
is that it's based on the elevationof the property primarily, so even if

(06:35):
you're in a flood zone or anevacuation zone, it doesn't mean you're going
to have flood insurance. The determiningfactor for flood insurance is the elevation of
the living area of the home.That is the main factor that comes in
if you don't if you're not ina flood zone and your base elevation is
above what is typically required for floodinsurance, your flood insurance will be drastically

(07:00):
less because FEMA determines or believes,based on that elevation that you're much less
likely for a flood claim. Theother things that you want to look for
with insurance. Again, shopping around, there are some carriers that like different
products other than you know, thanyou than others. So for example,
are carriers who are better on townhomes, or maybe they feel like they've

(07:24):
had a better claim situation with condosthan they have single family or certain parts
of town, or based on theyear built. So when you shop around,
you're able to compare and contrast thedifferent rates and coverages depending on the
product that you're looking to ensure.Again, the type of home, the
size, the elevation, all ofthose things. So we are going to

(07:44):
continue to be one of the expensivestates. But again several carriers have you
know, requested a reduction price,and there are more carriers looking like they're
going to come to Florida, andit appears this year we're going to see
about an eight percent increase in insurancewhere you know the past several years that's
been twenty plus percent. So again, still an obstacle for our real estate

(08:07):
market, but it is improving.It's not bad, It's not as drastic
of an increase as we're seeing.But make sure you're shopping around for those
insurance rates. So again you're listeningto the Duncan do a real estate show
when we aren't on there, makesure to fall us on w at the
Duncan Duo on all of our socialchannels Instagram, TikTok, YouTube, Facebook,
And if you're thinking about selling yourhome maybe a year or two from

(08:28):
now, I want to let youknow it's really important today, with all
the changes in the marketplace, toknow kind of the pace of the market.
If you haven't sold a property inthe last few years, maybe you
sold one, five, six,seven, eight, ten years ago,
how a property is sold today isso dramatically different. So forget what you

(08:50):
learned in selling a property in thepast and understand that today you've kind of
got to start the process a littlebit earlier, creating pent up to me
and getting home in the right condition, talking to an agent about condition and
staging of what's going on in yourneighborhood. So the tip that I want
to give our listeners today is makesure you know what's going on the value
of your home and your neighborhood,what's going on with the comps, what's

(09:11):
going on with what sells around you. And the best place to do that
is on our website at dunkin duodot com. You can fill out your
address, you get a quick valuereport. Our team's going to reach out
to you via text and say,hey, you know, what are some
extra features about your home? Youknow, we want to make sure to
update your value. We want toknow like how long out are you looking

(09:33):
before you think about selling, sowe can make sure to give you the
right information. Because the more preparedyou can be upfront, the quicker you're
going to get your home sold.It's taken a little longer for homes to
sell today. The market isn't ashot. We've got interest rates in the
sevens. This isn't like five yearsago if you went to sell a property,
interest rates were twos and threes andeverything was a bidding war. Does
that still happen, yes? Butis it as common No, So you've

(09:54):
got to do your homework ahead oftime. You've got to be prepared,
and you have to start the proas sooner. So step number one,
know what's going on with the value, know what's going on in your neighborhood,
with the comparables, with homes gettinglisted, with home selling, and
again the best website for that.We put this website together partnered with a
company that uses data from all ofthe different home value websites and blends them

(10:18):
all together, and then we addthe human element at Duncan Duo dot com.
So if you go on you typein your address, what we're going
to do is we're going to sendyou an automated evaluation. But I want
you to understand the reason why realestate agents have a job is because AI
can't replace us yet. Okay,an automated evaluation is just that it's going
to have a lot of flaws.It's going to be incorrect in some things.

(10:39):
It may not factor in the valuefor your pool that you recently did,
or it may not factor in theschool zone you're in versus the school
zone a few blocks away. There'sa lot of things that come into play
with real estate that can't yet becalculated with technology, So we put the
human element element into that and we'regoing to look at it. We're going
to say, Okay, those arethe right comps, those aren't the right

(11:00):
comps, and oh you have newwindows, or oh you have a new
roof or you redid your kitchen.We're going to be able to make adjustments
that the online portals that you goto to plug it in, you know
you're the estimate. You're not goingto be able to interact with that portal
to make sure the information is accuratenumber one in real time, and number
two to make adjustments based on featuresand conditions the right way. It just

(11:22):
doesn't work that way. So again, at dunkin Duo dot com, you're
going to get your best home valueestimate. And also if you're thinking about
selling your home, you can dothat as well. On the same website.
You can click a button that says, hey, I'm I'm interested in
a cash offer or I just wantto sell my home. Traditionally with an
agent, we give you all ofthe options so that you have the right
path that if you just want tosell your home quick and clean without a

(11:45):
realtor, we can bring a buyerdirectly to you to pay cash. If
you want to sell your home throughthe traditional process and maximize your profits and
list it traditionally with the real estateagent, we can help with that.
Or if you're just curious, youknow, you just want to stay up
to date on what's going on inyour neighborhood, where we want to provide
you for that. So we wantto provide a customer service element where we're
not just calling you and saying,hey, I want to list your house.
We want to help you understand yourvalue, help you improve it,

(12:09):
and help you maximize your return oninvestment in your property. So again,
you can do all of that atDunkin Duo dot com. We'll be back
after a quick break here on WFLANews. So back here on the Duncan
Duo Show talking about the Tampa Bayreal estate market here on WFLA News.
And I get this question a lotand it's confusing for people. So I
wanted to spend a few minutes talkingabout the tax ramifications of selling your primary

(12:33):
residence. So I want to reiterateyour primary residence. Okay, this is
the property that you have a homesteadexemption on that you spend more than half
of your time at do you claimon your taxes as your primary residence?
Okay? So if you were,and we have clients that kind of take
advantage of this tax benefit on theregular And if you are someone that is

(12:58):
living in your property as a primaryresidence and you've occupied it as a primary
residence for two out of the lastfive years, as a single person,
you can exempt up to a twohundred and fifty thousand dollars gain okay,
And as a married couple, youcan exempt up to five hundred thousand dollars
your gain, meaning that if yousell your property and you have a gain,

(13:20):
you don't pay taxes on it.Now, again, there are high
income earners that have some other things, and there's different variations in states.
We don't have it in our statement. In some states they do. So
I'm speaking totally about Florida, andI'm speaking about somebody that doesn't qualify for
some of the extra that has areally high income that pays some extra override
tax. Okay, So always makesure you get your accountant's opinion. So

(13:41):
this is just general advice, butthere are people that will sell that are
living their home every two or threeyears, and then they sell, and
then they move two or three years, and then they sell. It does
two things. One they take theirgain right and they take it tax free.
And then secondly, in Florida wehave portability, meaning that you're homestead
property, you get to take yourtax basis with you to the new property,

(14:03):
so your taxes still stay low,so your assessment doesn't get hit as
bad when you get reassessed. Okay, so you have an exclusion, A
capital gains exclusion of five hundred isa mery couple two hundred and fifty for
single files. And people ask,well, Andrew, what do you mean.
I occupy it as my primary residencetwo out of the last five years,
and it's it's pretty clear. Thatmeans that if you live in it

(14:26):
for two and then you rent itfor two and a half and then you
sell it before the five years isup, Okay, you're good, all
right. You could rent it fora couple of years and then you don't
as long as you occupied it twoout of the last five. So there
are a lot of people that dojust that, and I did it early
in my career. I would livein a home for two or three years,
then I'd rent it out for acouple, then I'd sell it.

(14:46):
Then I'd live in a home fortwo or three years, rent it out
for a couple, then I'd sellit, and i would just keep,
you know, taking that gain,you know, tax free. There are
not a lot of things in theeconomy that you can make a substantial profit
on and not pay taxes for.But there are a lot of people to
get into their home, they don'trealize that and they stay. And I
get that moving can be a hassle, but it is a strategy that a

(15:11):
lot of people take advantage of andthat they're unclear about. Now, you
want to make sure you have thetwo out of last five. If you
sell it before too, you couldget hit with some short term capital gains.
So you want to make sure thatyou live in it two out of
the last five. Also, oneother thing that a lot of people make
a mistake about is when they ownreal estate and they sell it. If

(15:31):
they own it a year before theysell it, they pay long term capital
gains instead of short term capital gains, so they save a little bit of
money on tax. But for yourprimary residence, you want to be two
out of the last five years fortwo hundred and fifty thousands a single person
five hundred thousand as a married person. You're excluded from taxes if it's above
If you gain above that number,then you're going to pay taxes above those
numbers, but you're excluded for upto those numbers. So again, you

(15:54):
know, we have people say,oh, I don't want to sell it
because I don't want to pay thetax. Well, if your gain is
greater than the five hundred and you'remarried, of course you're going to pay
some tax. If it's less thanthat, though you are you're exempted.
So again, it is an encouragingthing that people that are able to kind
of gamify this a little bit.They move every few years and keep taking

(16:15):
their gain. Again, imagine owninga stock for two years and then selling
it not having to pay tax.There's just something super beneficial about it.
It just does require a relatively shorttimeframe in each of the homes that you
live in, so you can dothat. However, what I would say
is sometimes two years isn't quick enoughto gain enough appreciation for it to make

(16:38):
sense to incur the cost of selling. So again, gauge that with whatever
appreciation's happening in your neighborhood or you'repart of town. Sometimes it may be
more beneficial to wait three or fouryears and then you've got enough appreciation,
you take your gain, and youmove on. But there are a lot
of people that are concerned that thiscould go away after the election. There's
a lot of tax discussions. Obviously, the country's in debt. There are

(17:00):
a lot of discussions about changing ourtax system or increasing taxes or decreasing taxes.
And it seems like every election cycle, the the you know, the
exemption on the exclusion on capital gainsfor selling your primary residence sounds like it
might hit the chopping block, butit ends up not so certainly, it
could depending on who's put in theWhite House. But for now it's still

(17:22):
in place. Uh. And thereare sellers that are taking their gains that
are saying, you know what,a's time for me to take my gain.
Uh. So I kind of protectmyself in case this, you know
this, you know gains exclusion goesaway. So hopefully this is helpful for
you if you're thinking about selling tounderstand tax implications. But always again,
make sure you talk to a CPA. Your accountant to verify you know,

(17:44):
ownership to period of time as wellas how it directly correlates to you.
But a general rule thumb is twohundred and fifty thousand for a single filer,
five hundred thousand for a married couple. Exclusion on capital gains when you're
selling your primary residence. So readback. We're can continue this conversation after a
quick break here on the Duncan Duoshow. So back here on the Duncan
Duo Show talking about the Tampa Bayreal estate market. And man, this

(18:07):
this topic I want to talk aboutnext is a fun one and it talks
about it is you know, it'sinteresting because Big Brother is watching. Smart
home technology has really changed the gamefor real estate and as it sits now,
we have these electronic lockboxes that areyou know, controlled via a phone
to get into a property. Soan agent, someone has to be an

(18:29):
agent to be able to open thoseup. You have to kind of go
through avetting process and then you youknow, you can show up and show
properties to your clients. Now here'sthe obstacle with technology that is advancing with
smart homes that real estate agents aswell as buyers and sellers haven't quite grasped
yet. We've had multiple situations recentlywhere our clients have cameras in a home

(18:53):
and they've witnessed agents and buyers doingthings highly inappropriate. Now, there have
been some horror stories and things thathave hit the you know, social media
and gone viral with real estate agents, you know, staying the night in
homes and hooking up with their affairpartner and all that kind of stuff.
We haven't seen that in my business. But what we have seen are people

(19:15):
that turn on the TV and watchfootball for an hour, drink beers from
the fridge. We've seen you know, people take a shower. Just understand,
like, if you are in someoneelse's home, there are cameras,
Okay, even if you don't seethem. You just have to assume.
Real estate agents don't leave your buyersin the house. Don't. Don't.

(19:37):
Don't open it up and let themhang out in there and then leave,
Okay, Like you have to staypresent. It's a it's a violation,
it's a major liability issue, it'sa code of ethics issue, it's there's
so many obstacles with this. Butwhat I'm saying is both consumers, buyers
and sellers have to understand that technologyis evolving and you're underwatch when you're looking

(20:00):
looking at a property, and youhave to be courteous. You have to
respect the person's space. You haveto you have to think what would you
be okay with someone doing in yourhome if you were thinking about selling it.
So again, even if you don'tsee the cameras, they're there,
real estate agents, you know they'rewatching. Another one that I have found
kind of interesting. And again,eventually, I believe real estate technology is

(20:23):
going to massively evolve to where youknow, the little lock box things,
everyone's gonna have a smart lock.It's going to be controlled via phone.
You're just gonna tap the phone.It's going to open it, or it's
going to do some sort of thumbscan or iris scan or something. Right
like, our technology is advancing tothe point where the little boxes that hang
on the door are going to beantiquated. And probably another six months to

(20:45):
a year and there's going to bea smart home solution. And again,
if you look at the homes beingbuilt by builders, they are all putting
in smart home with smart locks.It's just it's just a way everything's going
to be eventually and then you're gonnahave a code, or you're gonna have
a timed out, or you're gonnahave some sort of solution with an app
where you hold up your phone.So with that being said, cameras are

(21:06):
everywhere, and unfortunately sometimes there's audiobeing recorded. Now, my prior background
in the private investigation industry that Iworked for for five years prior to real
estate tells me that in Florida,you have to have consent or disclosure to
record audio. In other words,someone needs to know you're recording their audio.
Video is fine, but there hasto be notification or consent. They

(21:30):
have to be aware that you're recordingtheir audio. So there are times when
sellers are listening in on showings andthat's border There's definitely some borderline legality stuff
there about whether or not that's legal, even in their own home when they're
not present. So I'm not goingto speak to the legality or illegality of
it simply because I'm not a lawyer. But what I can say is that
from my experience, you're supposed tohave to have the person's consent. So

(21:52):
real estate agents same thing. Whenyou go out on the porch to talk
about the house, or to talkto your client about the house. If
they have a ring camera, theymight be listening to what you say.
We've had situations where sellers were justoutraged because people are sitting on the porch
talking about what they hated about thehouse, and then the sellers get all
offended. So my recommendation is understandthat when you're buying real estate, it's

(22:15):
a negotiation. You don't want totip your hand. You don't want the
other party to know what you're thinkingor that you're thinking about an offer or
what your pros and cons are,because you're giving them ammunition to using the
negotiation. So if you're a buyer, if you're showing a home, if
you're with an agent, agents don'ttalk about the property that much at the
property because the person might be listeningeven if they shouldn't be. So again,

(22:38):
video recording devices, it's everywhere.Get used to it. Technology is
evolving. Eventually, smart homes aregoing to be so you know, they're
going to be so intelligent that it'sjust you're just going to walk up and
the door's going to open for you. But as of now, there's video
and audio recording devices everywhere, getused to it and be prepared for or

(23:00):
you know, the the ramifications ofhaving conversations on the porch that someone might
possibly overhear. The other things thatI want to talk about, you know,
kind of going back to the smarthome technology thing, because we all
because there are our cameras everywhere andthere are all these devices, you know,
And I posted this up on myFacebook not long ago. There are
still a lot of properties that requirethe agent to accompany the showing. Okay,

(23:26):
so for example, it's much morecommon in the luxury market. We
do a lot in that space,and we just we've had three properties above
two million dollars sell in the pastcouple of weeks, all bidding wars of
our listings, by the way,So if you're thinking about sun and luxury
property, we know how to makeit happen and get you, you know,
massive traction and the best price.But in luxury space, it's more
common for the agent to accompany thebuyers and their agent. So there's two

(23:53):
agents there, the listing agent,the buyer agent and the buyers. And
in certain circumstances it can make sensebecause you can add value and explain certain
features of the home. Okay,However, it also makes the person uncomfortable.
In all the years that I've beendoing this, the buyer doesn't feel
comfortable in the home if it's someoneelse, if it's their adversarial representative,

(24:15):
the person representing the other party,they rush through, they don't take as
much time. You have a greaterchance of the property selling the longer the
buyer stays and the property. SoI'm not a huge advocate of listing agent
a company, except in circumstances whereit's required for security. If it's a
celebrity, again, if they havesomething really valuable. But again, cameras
and stuff can you know, canfix that. But it's a common practice,

(24:40):
and I think a lot of realestate agents do it wrong. And
what I mean by that is,if you're there for security and you're there
for questions, you really don't needto show that much of the property.
You need to let them experience theproperty, you know. I relate it
to the first date that I wenton as a kid, and you went
to the movies and your parents satright behind you and followed you around.
Were you really able to connect withthat person you're on a date with with?

(25:03):
You know, Mom, and dadright behind you. No, falling
in love is the same as fallingin love of the house. It's like
your parents are there following you aroundfrom room to room. You can't really
experience it or feel comfortable. Soa lot of real estate agents don't do
this right. They're a little tooyou know, a little too close,
a little too uncomfortable, and itmakes a person rush through the house not
see things because they're feeling like they'reon someone else's time instead of being able

(25:26):
to experience the house. So again, are there times for it, yes,
but more and more when I seeit in certain price ranges, it
just doesn't make sense. It's ifit's a luxurious estate ten thousand square feed
and you've got to make sure certaindoor at all doors get Okay, I
get it, But there are alot of times where the agent doing it
isn't. It isn't it's like,oh, here's the kitchen, like they

(25:47):
don't like they can't see that.So the point is is that it can
be uncomfortable and sellers the same thingif you're staying at the property during showings.
Okay, agents, especially good ones, experience about how to navigate through
that. Not all of them,but some of them do so they can
make that feel like a value addmake the people feel comfortable, and then

(26:07):
not follow them around the house.They're just there to kind of walk through
the house and make sure nothing's missand lock it back up. But in
reality, most of the time it'soverkill, and most of the time it
makes the customer uncomfortable and they wantto feel comfortable, and the longer they
spend in the home, aka theydon't feel like they're on someone else's schedule,
the more likely they are to buyit and fall in love with it.

(26:30):
So the first showing really isn't thatmuch of a fact finding mission.
The first showing is really more aboutexperiencing the home. In my opinion as
an agent, if you want togo to the second showing, that makes
more sense than the first showing,because the first showing should be really just
allowing them to experience and feel thehome. When they're you know, when
the real estate agent or the seller'sfalling them through the house, they feel
like, you know, they're youknow, they're getting stalked through the home

(26:52):
and they feel uncomfortable and they rushthrough because it's just not comfortable. So
again circumstances make it make since sometimesa lot of times it doesn't. But
sellers real estate agents have training howto do this, especially. I mean,
look, there's some great luxury agentsthat know how to do this.
I'm not saying anything about them.I've gone on showings. What are the
listing agent's there at The listing agentwas incredible at adding value, kind of

(27:15):
staying out of the way, butbeing there to answer the questions and point
out things that you can't see withthe naked eye, right, like not
point out like, oh, hey, here's the kitchen, but point out
like, hey, by the way, here's the here's the panic room,
and here's how you access Okay,in the luxury market, those are things
you might that you need to bethere for, right, you need to
see. But on average priced homes, the listing agent a company is just

(27:36):
it's just a bad look. It'sa bad take. It doesn't help.
It makes the people rush through thehouse and usually hurts it in its ability
to sell. Sellers falling around thebuyers is the same thing. Okay,
the buyers looking at your home,if they're with an agent, they've scanned
through the SUPRA in over three billiondollars in real estate sold. I've only
had one experience ever where something wentmissing for a property. Once thousands and

(28:02):
thousands of sales. Okay, noone's there to take your stuff. There's
so many protections in place. There'sinsurance, there's people scanning, there's people
getting idd and the thing that gotthe thing that was taken all right,
was not put away. It waslike out right. So sellers, if
you're really worried about stuff getting takenfrom a house when it goes on the

(28:22):
market, hide the stuff, putit in a safe, take it out
of the house. Okay. Period. But again, one in thousands,
something actually happens, and you're hurtingyourself when you follow the clients through the
house because they don't feel comfortable.They feel like they're intruding on your space.
They can't fall in love at thehouse, they can't emotionally attach because
you're following them through the house andthey're not comfortable with it. So sellers
don't be there, okay, vacate, don't follow them around. They don't

(28:45):
want to ask you questions on thefirst showings. The first showing isn't the
fact finding mission. The first showingis an emotional connection, let them experience
the house maybe for the second showing. You can be there, the agent
can be there. But again that'smy take. I think it's there's more
and more technology that's protecting security andeyes that are there to make sure nothing
goes missing. And then of courseyou can take those steps ahead of time.

(29:08):
But way too many real estate agentsand sellers make the mistake of being
present and kind of stalking people aroundthe house that makes them uncomfortable and doesn't
help contribute to the sale of theproperty. Again, luxury properties things with
unique features that can't be seen.You know, I get that right,
But the traditional typical home, aseller, an agent following the client around

(29:30):
just doesn't end up helping. Ifyou're thinking about selling your luxury home,
go to dunkin Duo dot com.We'd love the opportunity to help you.
You can pop in your address,you'll get a video about our luxury marketing
program and all the unique things thatwe do to help create bidding wars that
help create international demand for your home. Again, you can do that at
dunkin Duo dot com. If you'rethinking about selling a luxury property, we've

(29:51):
we've had a great track record.Recently, our luxury market is still going
strong. You know, we've broughtin buyers from all over the country with
some of our recent luxury listings.We'd love to do the same with your
high end property. If your homehas been on the market and failed to
sell. There are a lot ofreal estate agents that haven't adapted or cut
marketing budgets because of shifts in themarketplace and fewer transactions. That isn't us.

(30:12):
We're still out there spending money toget attention and eyes and exposure for
your property, especially your luxury property. We'd love the opportunity to, you
know, to take over if youhave a sale that doesn't go through or
an agent that isn't getting the jobdone again, you can do that at
Dunkin Duo dot com. We're goingto be back after a quick break with
our last segment here on the DuncanDuo Show. So we're back here on

(30:33):
the Tampa Bay Real Estate Show.The Dunkin Duo team talking to you every
Sunday about what's going on in Tampareal estate. And I want to talk
to you next about our statistics thingsthat we're seeing in the market. The
statistics so you know what's going onin Tampa real estate. And I want
to preface this by saying that realestate is hyper local. These statistics don't

(30:56):
apply to every single neighborhood. Okay, this is, you know, kind
of a market overview. I'm gonnadrill down into both what's going on in
our kind of average core market aswell as a luxury market. Right now,
in April, our average sale pricefour hundred and sixty one thousand and
eight sixty nine list to sell priceratio ninety eight percent, meaning that homes

(31:17):
are selling two percent off of askingon average. If you look at our
average sale price from April this yearto April last year, up a few
percentage points, so we are stillseeing appreciation, just not a lot.
Average days on market, fifty fivemonths, supply of inventory three and again,
three thousand, three hundred and fiftythree homes sold in April of this

(31:37):
year compared to three thousand, onehundred and thirteen last April, so we're
up about seven percent. We weredown about seven percent from twenty two to
twenty three of April, and we'reback up again. So we are seeing
a little bit of an uptick inin sales activity. However, if you
go back three years, we arethirty plus percent off you know, peak

(32:00):
of where we were in twenty twentyand twenty twenty one, where we were
seeing four thousand sales a month prettyconsistently. And again the contributing factor to
that interstrates, no question about it. So so again, fifty five days
on market, we have three monthssupply of inventory. Now, what does
three months supply of inventory mean?That means that if no more homes were

(32:21):
to be put on the market,it would take three months to sell all
the existing inventory. That's a prettybalanced market, but still a seller's market.
We went through the last the twentytwenty to twenty twenty two with you
know, zero point eight to twopoint zero months of inventory, and then
since interst rates rose the last coupleof years, we've hovered around that three

(32:42):
months of inventory. It's kind offluctuated a little bit, but it's been
pretty consistently around that number. Sostill a seller's market, you know,
not a ton of inventory, butbut it has risen a little bit.
And three point zero eight months ofinventory, Now, how does that translate
to higher end homes? And Iwant to talk about this because again the

(33:06):
average real estate market in terms ofhow home is sold in the statistics is
different than the luxury market. Sothere have been four hundred and twenty four
homes sold above a million dollars sofar in twenty twenty four. That is
over one hundred a month. Imean, cause these stats are only through
April. It's over one hundred salesa month. Okay. We are seeing

(33:27):
average days on market sixty five forthose homes. Now, I want you
guys to understand, the average inthe marketplace is fifty five. The average
for above a million is sixty five. Okay, So that means the supply
and demand curve for homes above amillion is not that much different than average
priced homes. Okay. We're seeingthe list to sell price ratio at ninety

(33:51):
five percent, so a home abovea million dollars is averaging five percent off
of hasking. Okay. We areseeing we have a eight hundred and forty
six homes for sale, with fourhundred and twenty four sold in the last
four months. We've got about fourmonths supply of inventory. So Tampa has
to become a luxury hotspot. Thereare a lot of people moving here from

(34:14):
all over the country, all overthe world really that are buying luxury homes.
They're moving their businesses here, thatare coming to Florida because lower state
income taxes, are moving from Miamibecause our prices are better. They're moving
from Orlando because they don't love howtouristy it is. Our luxury market is
performing incredibly well and it continues todo that. So if you have a

(34:36):
luxury property, we love the opportunityto help you sell it because the agent
really does make a difference, andin terms of maximizing your value, a
few percentage points difference in negotiation ona million dollar home can be a substantial
amount of money. But again,our luxury market continues to be strong.
It's healthy. We have people movinghere. People sometimes say, well,

(34:58):
how can there be that many peoplebuying million dollar homes in Tampa. Well,
it continues to prove the point thatwe are a destination market with a
lot of people moving here. Therewere again four hundred and twenty four homes
year today sold above a million dollars. I remember, in my twenty years
in this business, this is themost competitive and quickest turning market. The

(35:19):
last couple of years in our luxurymarket i've ever seen. I remember selling
real estate in two thousand and ninetwenty ten, when you would see eighteen
plus months of inventory. We hadsuch a small buyer pool for people above
a million dollars that has dramatically grownand now we are a very healthy luxury
real estate market. So again,if you're thinking about buying or selling the
luxury space, we'd love the opportunityto help you. I have dedicated agents

(35:40):
on my team that do just that, including myself personally. I assist a
lot of our clients that are thatare selling or buying luxury properties. Myself
personally and have some extra oversight onthat. But I have agents on my
team that are dedicated and experienced inthat realm, specifically where they only work
with luxury clients, so they're familiarwith the market, the negotiation strategies,
the inventory. We're finding Holmes offmarket for some of that crowd. So

(36:01):
again, duncan duo dot com orreach out to us at eight one,
three three five nine eighty nine ninetyyou're thinking about buying or selling the luxury
property and you want expert advice backby twenty years plus of experience and existence,
we'd love the opportunity to help you, and again, thank you so
much for tuning in. We're gonnawrap up the show. Thanks so much
again for tuning in every Sunday righthere at ten. Have an awesome rest

(36:23):
of your Sunday, Tampa Bay