Duncan Duo 6-08-25

Episode Transcript

Speaker 1 (00:00):
I'd be Sunday, Tampa Bay. We're with you for another

(00:01):
week here on the Duncan Duo Real Estate Show. Like
we are every Sunday talking to you about all things
real estate in Tampa Bay. When we aren't on air,
make sure to follow us. We are at the Duncan
Duo Twitter, Instagram, YouTube, TikTok, Facebook, pretty much every social
media outlet. At the Dunkin Duo follow us. We're always

(00:22):
giving away cool stuff. We talk about what's going on
in the real estate market, things going on in neighborhoods,
new listings, hot parts of town. If you want to
stay up to date on real estate, just follow us
at the Dunkin Duo. And if you want your home
value estimate, you want to know what's going on in
your neighborhood. You want to know who in your neighborhoods

(00:43):
in foreclosure. You want to know who in your neighborhoods
sold their home to a hedge fund and you don't
even know about it yet. Just go to Dunkinduo dot com,
type in your address and you can snoop on all
the neighbors and know all of the goods as it
relates to your neighbor's real estate holdings at Duo dot com.
So one of the things I've seen recently, there's a

(01:04):
lot of conversation starting to gain steam about property taxes,
going so far as even Washington politicians coming out and
saying the property taxes need to be abolished because you
buy something, you pay for it, you own it free
and clear, especially even if you've paid it off, like
a lot of our listeners today, a lot of our
folks that are listening to the station right now probably

(01:24):
have paid off homes they're retired, but they continue to
have to pay property taxes on their real estate and
those holdings, and that cost can get very substantial. I
was talking to someone not long ago who had a
home they'd owned for thirty years. It was now worth
a couple million dollars, but they were going to have
to sell it because they couldn't afford paying the property taxes.

(01:45):
Even though the property taxes were limited in terms of
how much they could raise because they homesteaded it so long,
it still got to the point where the expense was
so burdensome that they were looking to sell it. So
there's a big push right now in the state of
Florida to abolish property taxes for some homeowners. And when

(02:05):
I say some, it's because I don't believe it's feasible
when I look at the data and the math for
how much revenue this state and all the local municipalities,
because that's really where property taxes go. They go to
the counties and then they're dispersed to cities and different organizations.
But when I look at how much money we're talking about,
I have a hard time seeing that. You know, no

(02:26):
one's going to have to pay property tax anymore. Going
from the extreme of you know, a high property tax
state to no property tax, I think would be very
problematic for our budget in the state to be able
to provide services. So I don't foresee that happening. In
terms of all properties. What I do think has a
runway again, assuming a sales tax increase, some use tax increases,

(02:52):
some tourism tax increases, maybe some toll increases, seeing some
things increase, using some surplus, and in an abolishment of
property taxes for homeowners that own a home below a
certain percentage point or not below a certain percentage point,
below a certain price, or an exemption up to a

(03:12):
certain price. So the people that are above that price
still get a benefit. And then of course, you know,
probably not happening for commercial property owners, probably not as
much happening for you know, people that own income properties,
rental properties, investment properties, flips, things like that. It would.
My belief is that as I hear it over and
over again, it's really meant and geared towards you know,

(03:35):
homeowners and owner occupants. So anyway, if that happens, we
will see some improvement in our market, for sure. The
hope I think by a lot of real estate analysts
and certainly brokers like myself, is that a year or
two down the line, we you know, that finally passes,
Maybe it passes in you know, next year, and we
see some interest rate cuts and then we see a

(03:57):
huge spike in our real estate market. Again hard to save, sure,
but I certainly think that it could happen, and there
is a lot of runway for that. What we've seen.
Another thing that I think can help support that is
population growth. So again we have seen population growth pretty
considerably in Florida. It does put a strain on resources

(04:18):
and systems and infrastructure, but with new people moving in here,
that is you know, new money. That's more you know,
property taxes, more sales taxes, more tourism, more, more improvement
in GDP. And so last year Florida started to see
some fallbacks, some loss of population, especially in Tampa Bay.

(04:39):
We saw that because of the storms, you know. But
I've seen pundits and people on media recently saying, oh,
people are leaving Florida because of Florida's politics. People left Florida.
There were certainly some people that left for politics, but
there were a lot of people that left Florida because
the storms. They moved here during COVID When I talked
to people that were moving back to other areas. You know,

(05:01):
some of it is certainly affordability, which property tax relief
or property tax increases could certainly help some of those
people that struggle because their values could grow so they
wouldn't have to sell their home and leave and go back,
and they'd have less property taxes, meaning that their budgets
wouldn't be as strained by owning a home. But the

(05:22):
point I make though, is that if we get back
to seeing you know, population growth, which we've seen it
for a long time, it slowed a little bit, specifically
in Tampa Bay, because you did have those people that
moved here, never been through a hurricane, never dealt with it,
and we got hit back to back by a couple
of rough ones, and there are people who said, Oh,
I'm not doing this anymore, even though hopefully we may
go years again without any massive impact, just like we

(05:45):
went many many years before Helena and Milton showed up.
The point though, is that there is a group of
Florida Tax Watch Group that says Florida's economic growth pattern
should match or surpass national economic growth for the next
five years because of population growth by of one point
four million people by twenty thirty. So this, this report

(06:10):
by this nonprofit basically suspects and predicts that we are
going to see our gross domestic product increase a few
percentage points every year. The number of Floridians with jobs
will increase from ten million to twenty four to ten
point nine million by twenty thirty. The state's unemployment rate
is expected to increase from three point four to three

(06:33):
three point six. Though, however, if you look at the
increase in employment, that in that unemployment rate is dwarfed
by the population growth. So anyway, the expected growth of income.
All of these things are leading towards really good things.
What prediction, you know, nonpartisan TaxWatch group, what prediction they

(06:54):
can't factor in is what happens with storms, because I
can tell you unequivocally Tampa Bay was on a record
breaking population growth trajectory, even with some real estate slow
down the last couple of years prior to Helena and Milton.
Did we see some people leave, of course, but net
migration and population growth were very, very very positive. So

(07:17):
the wild card in all of this is what ends
up happening with with storms? What ends up happening with hurricanes.
If we have a you know, between now and twenty thirty,
if we have you know, really light impact from hurricanes,
I see this the study proving accurate. If we see
trends where you know, we get hit with more storms

(07:40):
I think, or were storms and they hit larger swaths
of the population. You know, we'd gone a long time
where a lot of our major storms were hitting areas
that were just sparsely populated, the Panhandle, stuff north of US,
stuff south of US. They weren't in you know, major
economic growth areas. They weren't in big cities, they weren't
in Orlando, Tampa, Miami. They were hitting lightly populated areas,

(08:05):
so it wasn't slowing things down. Well, Lean and Milton
kind of turn the tide a little bit, and now
we've seen highly populated areas have massive impact. So again
it remains to be seen what will happen with our
population growth. Florida Tax Watch Group predicts it will grow.
That will obviously be good for the real estate market,
whether it's good for our infrastructure, whether it's good for

(08:26):
a lot of people living here. You know, it's going
to cost more strains, more traffic. Nonetheless, if we do
see an increase of one point four million people, that
could help with the premise that you know, property taxes
could could be abolished for certain homeowners. And if that
does happen and we see interest rate drops, I believe

(08:47):
we're a couple of years away from another run up
in real estate where we'll start seeing appreciation. Again. Speaking
of appreciation, it is something we have not seen in
a while in Tampa Bay. We've been in a market
for the last couple of years where and when I
say appreciation, I mean like it is significant, Like if

(09:07):
the average cell price goes from four to seventy this
year to four seventy one next year. That's not really appreciation. Okay,
that's not even keeping up with inflation. I'm talking appreciation
that is substantially more than inflation and impactful for people.
So if you went from four seventy to five twenty
in a year, that's appreciation. If you go from four

(09:28):
seventy to four seventy four for eighty, that's really not appreciation.
And the last few years we've pretty much been in
a market where we have seen very little, if any
appreciation across most of our neighborhoods. So values have either
been stagnant stable kind of staying the same, or in
a lot of neighborhoods, they've dropped. There are a lot

(09:49):
of homeowners out there right now that haven't gotten the memo,
And there are a lot of homeowners that have homes
on the market that are pricing them what homes are
selling out a year or two ago, and they're five
to ten percent off because values in that neighborhood have dropped.
If you're a homeowner and your home hasn't sold, it's
a price today's day and age, with as much available
information as there is to consumers, the information that's out there,

(10:11):
the photos, the videography. If your home has not sold,
you need to lower your price or take it off
the market because it's not going to sell. You're going
to chase the market. And that's what a lot of
people do in a market like this. You know, I
grew my business during the Great Recession. You know, my
company helped hundreds of customers do short sales of voyage

(10:32):
foreclosure in a market where we were seeing much worse
numbers than we are today. We are seeing depreciation on
a month over month, substantial depreciation month over month, not stagnant,
not like a little bit of depreciation the year over year,
but month over month, I mean one month to the next.
The average Selle prices were just dropping across neighborhoods. And

(10:53):
even though it's not as substantial as that in a
lot of neighborhoods, it's it's comparable where you're seeing values drop,
and when you price your home overpriced and you're in
an area where it's depreciating, by the time, you know
there are going to be more homeowners in your neighborhood
more motivated than you either. They're ready to get back
up north or they got a bigger insurance settlement than

(11:15):
you did, or they're you know, they love a home
and they're going to get a great deal on it,
so they're willing to take a little bit more of
a haircut than you. As those people that are more
motivated sell their home, it pulls the values down in
the neighborhood. You're not going to be able to get
someone to overpay. The appraisal won't support it. And you know,
I hear all the time owners say, whoh, go find
us a cash buyer. You think people that are buying
homes of cash are stupid? I think they're dumb. You

(11:36):
think they you think they got cash at that point
in their life because they're stupid with money. No, they're
smart with money. They're going to look at the comps,
They're going to do an appraisal. They're going to see
that your home's overpriced. So if you want to get
your home sold today, you've got to beat the more
motivated homeowners in your neighborhood. You've got to cut to
the chase. You can't chase the market way. Too many
sellers today, based on all the data that's out there,

(11:57):
are doing just that. They're pricing their home. Let's say
it's worth four seventy five and they price at a
five hundred, then they lower to four eighty five. Well,
now the new numbers four to seventy. Then they lower
to four eighty Well, now the new numbers four sixty five.
Then they get to four seventy five, and all the
while they make these small incremental drops and prices, never
getting in front of and down to a number that

(12:18):
the market looks at and says, Okay, I'm a buyer
at that price. That's what too many sellers are doing today,
and there's a lot of real estate agents letting them.
So if you're a homeowner your home hasn't sold, lower
the price. We'll be back after a quick break here
on the Duncan Duo Show, speaking of homeowners whose homes
haven't sold, which is what I ended the last segment
with Andrew Duncan here with the Duncan Duo team LPT Realty,
The Duncan Due Real Estate Show. Been talking on this

(12:40):
station for fifteen years about what's going on in real estate.
And if you are one of the homeowners who has
had their home fail to sell, okay, I want to
tell you that as a twenty year veteran of this industry.
In a market like today, sometimes it's better to be
the second or third agent because the first and second
agent have to try and convince the client that they're

(13:02):
wrong about where the market is and where pricing is.
And by the time the homeowner gets to the third agent,
they're ready, willing and able to listen to get their
home sold and not overly speculate, and not overprice it
and not think that their home is worth what their
neighbors sold for a year or two ago, when the
market was in a completely different place and we were
in fantasyland and unicorn land. So now we're a challenging

(13:25):
market and we want to apply for the job. We've
sold thousands of homes that were listed with agents prior
to us getting listing, whether that agent canceled, whether it withdrew,
whether it expired, We've sold thousands of homes. We are
experts at repositioning a home. If your home has failed
to sell and you're unhappy, go to Duncan Duo dot com.

(13:48):
We would love to talk to you about a different approach,
different strategy. Every situation is different, but we're finding things
where the right schools weren't listed, or the photos you
know that photos were bad. Angles needed new editing, needed
just new photos or a new, fresh approach or a
better description what you're trying to do. When your house

(14:10):
has been on the market a long time, the reason
you need a different approach is because the consumers are
all clicking next and they've all already seen it. You
need something creative enough where when the customer looks at it,
they don't realize they've probably seen it before. It looks
like a new listing to them. Sometimes the home has
to come off the market for a little bit. We
tell customers all the time, get your market, get your
home off the market for sixty days, because at sixty days,

(14:32):
once it comes off and goes back on, it shows
up as a new listing again. If you terminate it
and put it right back on the market and you
don't change anything, all the consumers are going to see
what's going on, the agents are going to see what's
going on, and all the past history of how long
it's been on the market stays with the house. You
don't get to reset that clock. The idea is to
reset that clock because consumers are clicking next on your house.
They're not interested. And consumers are more vain than they

(14:55):
ever have. They have this. They're pre programmed to believe
that if a house has been on the market a
long time, there's something wrong with it. And there may
have been at the beginning. Maybe it was overpriced, maybe
it had bad photos, maybe it had a bad agent
that didn't properly position it. But maybe that's all been
corrected and now it's a great house. But it doesn't

(15:16):
matter because consumers, you know, I mean the majority of
society spend so much time on social media. They want
the likes. They want everyone to like what they like.
They want what's new and hot. When they see a
home spend on the market two hundred and thirty nine days,
even if it's got a new agent with new photos,
they see that two thirty nine and it's the scarlet letter.
You've got to reset that number otherwise it looks stale.

(15:38):
Imagine going to you know, to Walmart to buy a
product and you look and it's been on the shelf
for two hundred and thirty nine days. Do you want
to buy that product? You're gonna think it's stale, something's
wrong with it. Well, real estate's the same way. When
it's been on the market a really long time, consumers
will reject it. Now I'll tell you as an investor,

(15:58):
because I don't have an emotional attack, I look at
it purely from a financial perspective. As an investor, I
love looking at the stuff that's been on the market
for a while because it's a great deal. The sellers
are motivated a lot of times. They may have a
desperate agent that's ready for a sale and ready to
get rid of their clients. You may have a home
seller who's willing to undersell their price simply because they
let the days on market tack up too high. As

(16:20):
a home seller, as a buyer, I love those opportunities,
but as an agent giving you advice to best position
your home. If your home has been on the market
for a really long time and hasn't sold, you need
to come off and go back on in sixty days,
and then in sixty days it can look new again.
You can have new photos taken. Maybe the grass looks
better because we've had more rain. Maybe it's you know,

(16:42):
the neighbor's house has cleaned up. All things change different
photo angles. Maybe you updated some things in the house
regardless that day's on market is a scarlet letter that
gets missed way too many times by home sellers, home buyers,
and real estate agents. If that number gets too high,
it doesn't matter how great your house, lines books, and
how well priced it is. The majority of the market

(17:03):
is going to click next on it. So if your
home has failed to sell and your agent hasn't talked
to you about this, they've not talked to you about
coming off and going back on, maybe you don't have
the right agent, because the right agents today are telling
the customers, hey, look, if you can, if you can
afford it, maybe we take it off for a little
bit so we can go back on now that we're
priced right, now that we fixed all this stuff, you

(17:23):
need to come off for a little bit. And if
you don't have an agent telling you that, maybe you
don't have the right agent, because we tell it to
customers all the time. If your home expires or fails
on the MLS, you're going to get solicted by so
many realtors desperate for a listing you won't even be
able to keep. Your phone will blow up, and most
of them going to say, oh, come back right on
the market because they're desperate and they need listings. A
consultant the one that's going to give you the best
advice in the right information right now. If your home

(17:44):
comes off the market and it's been out there a while,
a good agent is going to tell you, hey, come
off the market for a little bit because they're going
to be happy selling your home sixty days down the
road and get you to your end result and get
a sale. Then they're not trying to force a sale
now where you're going to end up geting less money.
It's going to be a harder sale. They're a consultant.
The best agents are consulting you and giving you the

(18:05):
rid advice. That's what our agents do. So if you've
had to put home on the market a long time,
you need a different strategy, we'd love to help with that.
Once it comes off the market, we sit down, we
talk to you, we give you some strategy, some approach,
and then we go back on as a new listing
with the hope and expectation that consumers that might have
seen it before won't click next this time. So you

(18:25):
don't want the customer clicking next. We're going to be
back bringing continue this conversation again when we aren't on
air at the Duncan Duo. And if you need to
sell your home, if you want top dollar, if you
want to move your home fast, if your home failed
to sell, Duncan Duo dot com, we would love to help.
We'll be right back after a quick break. So back
here on the Duncan Duo Show talking about the Tampa

(18:46):
Bay real estate market. Andrew Duncan with the Duncan Duo
at LPT Realty. We are hiring if you're a real
estaday agent struggling, if you've not had the year that
you want, If where you're at isn't providing you in
enough opportunity for coaching, mentoring support, you're not getting leads,
you're not producing like you used to. You need a
swift kick and then you know what, whatever it is,

(19:09):
we'd love the opportunity to talk to you. Go to
join the duo dot com. We are growing our advertising campaign.
I'm using this as an opportunity to gain market share.
So I am spending way more on advertising this year
than I did last year, even if I don't expect
it to return wonderfully, because I'm preparing for market spikes
next year in the year following. So that's why I'm

(19:30):
running TV ads and billboards and radio at a higher
level than I was a year ago, because I am
building up for growth. And if that's what you want
to be a part of, go to join the Duo
dot com again. You can apply for any of our
open positions. You can register for our career night and
message us out of consultation, and we'd love the opportunity
to see if our team is the right fit for you.

(19:52):
And if you're a regular agent that doesn't want to
join a team, but maybe you've looked at LPT Realty,
you can go to that website as well. Again, Join
the Duo dot com. Would love the opportunity to help
you take your business to another level and take advantage
of the growth that I know is coming to the
market and with our real estate team. So we're in
flood season and let me tell you it is. You

(20:15):
know it is going to be a scary season for
Tampa Bay and are you ready? First and foremost, we
know that June isn't likely to bring hurricanes, not typically
you know, but it could. And so the reality is
if you are a Tampa Bay homeowner and you don't
have flood insurance. Now is the time, Okay, now is

(20:39):
the time to look at getting flood insurance. And let
me reiterate the billions of dollars in damage that was
caused by Helene and Milton in flood damage that wasn't
covered by homeowners insurance because people didn't have flood coverage
because they weren't in a quote unquote flood zone. Flood zone,

(21:00):
the flood map, the area that Florida the government, the FEMA,
the federal government says these are the areas that are
more likely to have a flood, and it's a bunch
of crap. Let me tell you about how FEMA determines,
and you know, the municipalities determine flood zones. It's like

(21:22):
throwing a dart at a dartboard. That's how horrible it is.
If you look at flood claims and then compare them
to the areas that are in flood zones, you'd be
amazed at how much flood damage happens outside of quote
unquote flood zones. The other thing is the majority of
the flood insurance expense is determined by your elevation. Okay,

(21:43):
that would be like imagine if they took you know,
car insurance, and with car insurance, you have all of
these variables, right, you have the driver, you have the car,
you have the safety, you have the area. With flood insurance,
just the elevation, that's it, Like just the elevation, not
not factoring in like historic information about how likely an

(22:05):
area is the flood, not factory in how often an
area has flood, not factoring in the drainage the area,
the tide height, the the you know, storm patterns, not elevation.
That's it. Imagine if the car, your car insurance was
only determined on one variable, okay, maybe just a driver,

(22:25):
meaning that a driver on a Ferrari and a driver
on a Kia Soul, you know, pay the same because
it's based on the driver. That's how insane flood insurance is.
And I hear people say all the time, well, oh,
I'm not gonna ge flood insurance because it's not required. Okay,
stop listening to the government about whether you need flood insurance. Okay,
just because they don't require it doesn't mean you shouldn't

(22:47):
have it. We live on a freaking peninsula. Every single person.
If you can't afford a flood insurance. And if you
can't stop going to Starbucks, you know, cut down your
public's budget, you maybe have one less trink a week something.
Because I'm telling you, I know so many people who
lost everything last year, hundreds of thousands of dollars in damage,

(23:08):
that didn't have flood insurance because they didn't have to.
Don't listen to you didn't have to. Don't listen to
the government about who should or shouldn't have flood insurance
because they have no clue that as we've learned with
those I mean, they don't even know where money's going
some of the things that they spend money on. Yeah,
you're going to trust them to tell you whether you
shouldn't have flood insurance. Every single person listening to the show,
if they can afford it, should have flood insurance. If

(23:31):
you aren't in a quote unquote flood zone or your
elevation is at high then it won't be that expensive.
It'll be inexpensive, so it won't be that much of
an expense. But man, I have to tell you the
peace of mind it gives you, you know, think about
adding flood insurance if you don't have it, think about
upping your coverage. Think about you know, the the you know,
the reviewing, updating coverage, adding extra living expense coverage. All

(23:54):
of these things matter, and so many people just got
got screwed because they trusted the government to tell them, oh,
I don't need flood insurance, and then their whole lives
were turned upside down and their house was flooded. I
can't say it enough if if you can't afford it,
get flood insurance. And I'm someone who is pretty anti
insurance truthfully, like I'm more of a I can take

(24:15):
care of it and I'll fix it myself. And I
own assets that don't have flood insurance, but I can
afford it, So I'm understanding that. Okay, if I have
a rental property and the land value is above a
certain percentage of the actual value of the house, and
maybe that's when I don't keep flood insurance on. But
I can tell you the majority of customers don't look
at it from that perspective or maybe can't afford it,

(24:36):
but they can't afford a few hundred dollars a year,
maybe in thousand dollars a year. If you can afford
flood insurance, please please, please get flood insurance. And again,
does that mean it's going to be sunshine and rainbows
if you have a claim. No, you've probably heard the
horror stories. But it's a whole lot better getting money
six months or nine months down the line than getting
nothing at all and just having to eat it. And again,

(24:56):
way too many customers I saw go through that. So
being ready for hurricanes season, it is, it absolutely is
time to get ready for hurricane season and look at
flood coverage. So you listen to the Dunkin do a
real estate show when we aren't on air at the
Duncan Duo, Twitter, Instagram, YouTube, TikTok, Facebook, all of those

(25:18):
things matter because we're out there giving you important real
estate information. So I want to talk about open houses
and home sellers at open houses and home sellers at showings.
Been running into this a little bit, and it's and it's,
you know, kind of a struggle because I think a
lot of home sellers don't you know, they're not trained

(25:39):
salespeople and they don't quite realize what really happens in
a first showing or at an open house. And you know,
open houses can be effective, but for most properties, it's
kind of overkill and it's just nosy neighbors or you know,
people that are the view and opportunity to see what's
going on in the house. You know, we've had people
that are you know, just professional house lookers that drive

(26:02):
around on weekends and get ideas from open houses. There
are houses, however, in hot neighborhoods, in parts of town
that don't have a lot of inventory or their price
really well, there are houses where open houses can make sense.
We certainly do them, but they could be an obstacle too.
But homeowners, please stop being there for showings, and please

(26:23):
stop being there at open houses. The struggle with homeowners
being at open houses or being at you know, showings,
is that they think them being there is helpful and
it's not. Typically now going for a second or third
showing that might be helpful because you could answer questions

(26:45):
the first showing. It's kind of like the first date.
The first show. He isn't about facts, Okay, the first
show he isn't about you know, your date, or the
first date isn't about your your date's resume. It's a
boy falling in love. It's about a feeling. It's about
feeling comfortable. Studies show us that the longer someone stays
in a home, the more likely they are to buy it.

(27:07):
And would you know that. I also studies show the
amount of time they spend in a home when the
homeowner is there is dramatically less then when the homeowner
isn't there, because people naturally feel like they're intruding. If
the homeowners here, oh, we need to rush through. They
want to get back to living their life, and then
they miss the great room or they miss something incredible
about the house because they're rushing through it. It's not

(27:28):
about facts. No matter what you know about your house,
mister homeowner, you shouldn't be there. The second thing is
is security. If you really think that people are going
to steal from your house in thousands and thousands of
home sales, has happened once in my entire career. Okay,
it doesn't happen. Statistically, it doesn't happen. There's cameras everywhere today,

(27:49):
the agent, you know, they are agents there to escort them.
There are people there keeping an eye on the property. Okay.
If you're worried about your stuff getting stolen, then put
your stuff in a safe or hide your stuff. Okay,
don't be there, you know, following people around. It feels
like it's super uncomfortable. It's like, you know, going on
a first date and have your parents sit behind you
at the movie theater. Right, that's what it feels like.

(28:10):
But a lot of homeowners don't understand how uncomfortable they're
making the buyers feel. And the buyers certainly aren't going
to sit there in the homeowner's house and be like, hey,
can you leave so we can feel comfortable. It's uncomfortable.
Don't be there for the open house. Don't follow people around,
don't walk them through, don't keep eyes on them. Don't
be there. It's weird, and a lot of homeowners don't
have great social skills, so you know, you may say

(28:33):
something that offends them. You may say something about the
shirt they're wearing or the car they drive, like, you're
not a trained salesperson. If you're not a trained salesperson,
sometimes the homeowners are. But if you're not, you're probably
gonna make a mistake. You're not helping. It's really not helping.
Don't be there. It's weird. You follow people around, you
make them uncomfortable, they leave quickly, and then they don't

(28:53):
buy your house. You know. I and again a second
or third showing, because then you may be able to
answer really specific questions because at that point they've spent
enough time in the house, they've kind of started that
process of falling in love. Like the second or third day,
you're gonna start to ask questions about that beautiful person
sitting across from you that you maybe wouldn't have asked
on the first date, because now you're more on the

(29:15):
fact finding mission. Now you've seen you there's a connection,
there's something there. Now you've got to see Okay, what
are the other things here? What are some other questions
I can get answered? The first showing isn't fact based,
it's it's emotion based. So again, I can't say it enough.
If you're a homeowner and you're showed up at showings,
if you're there for the open house, it's weird. It

(29:37):
doesn't help. I generally think the same thing about a
second agent being president at showings, you know, the listing
agent accompanying the people around like you know, I don't
like that either. I think that's a bad take. I
don't think that's what the consumer wants. I don't think
it's helpful except for in situations where we're talking like
a really valuable home with lots of intricacies, then I

(30:00):
could see the other agent a company. You know, ten
million dollar estate, of course that makes sense, but you know,
three hundred and fifty thousand dollars condo in Riverview. You know,
listing agent should in the company. The higher the price
of the home, or the more intricate the home, the
more a second agent can be helpful from a standpoint of,
you know, providing inside or pointing things out. But homeowners, please,

(30:24):
dead stop on being there. You're not helping. You're making
it worse. You know. I saw home recently and it
was like two hundred and eighty seven days on the market.
We'd shown it like three times to buyers, and every
time the homeowner's there and the homeowners like really uncomfortable,
follows people around, ask some personal questions, makes weird comments
like if you want your home to sell, trust the pros,
get out of the way and get it sold. All right,

(30:45):
We'll be back. We'inging continuous conversation wrap up 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 Bay real estate market, like we do
every Sunday at ten at the Duncan Duo and all
the social channels Duncan Duo dot com. If you are
a homeowner that is struggling, struggling to make payments, maybe
lost your job, maybe you're you're a little bit behind,

(31:10):
you know, I want to kind of flash back when
I first started in real estate, you know, you know,
I ran into some struggles. I had to kind of
make some decisions. And I think there are a lot
of consumers out there right now that are stuck in
a house that they can't afford, and they've got to
make a call like do they you know, do they

(31:30):
look at rent to get out? Do they look at
you know, finding roommates? And when I first started real estate,
I left a really good paying job and that's exactly
what I decided to do. I decided to get a roommate.
And there was an article that came out roommates can
help housing costs, and look, is it comfortable, No, but
it's certainly more comfortable than not having money for paying
your bills, or getting your home foreclosed on because you

(31:51):
can't make the payments or giving you extra spending money.
In areas like Tampa that have population growth, there are
a lot of people moving in area that are looking
to move into homes and be roommates with people. So
it is a common tactic, a very smart financial tactic
for people that are maybe running short, maybe need some
extra money, you know, maybe want to avoid a foreclosure

(32:15):
or having to do a short sale. So if you're
a homeowner, it's struggling before you go right to a
short sale or you know, losing your equity or giving
up on your house or renting it out at a loss.
Think about the possibility of a roommate number twelve in
the country where you could save the most money in Florida.

(32:36):
By finding a roommate, you can save you know, substantially
covering bills, covering costs. So think about a roommate now.
If that doesn't make sense for you, or if that
isn't enough to cover and you are contemplating doing a
short sale, we can help. Now. What is a short sale?
A short sale is basically a way for you to
avoid foreclosure and sell your property for less than what

(32:56):
it is worth, and the bank eats the difference because
if the bank had to foreclose on you, they'd spend
a massive amount of money on attorney fees and maybe
by then the home gets more damage and is worth less.
So banks are willing to do short sales and approve
homeowners to do short sales to allow for less credit
damage and less financial damage to the financial institution or bank.

(33:20):
So a lot of agents don't know how to do them. Man,
I've been doing you know, I've been doing them almost
you know, fifteen years, I mean almost twenty years, back
from when I first started in the industry, So we've
done them for a really long time. We know how,
we know how to structure them, we know how to
communicate with the bank, so we know how to process it.
If you're struggling, you can't make your payment, and that's
the direction you're heading, we'd love to talk to you

(33:40):
about a short sale, but before you do that, find
out is there a way that you can save it.
Do you have a three bedroom house and you live alone.
Do you have a three bedroom house and maybe you
have a spouse, maybe you guys get a roommate, maybe
maybe your kids bunk bed it. Maybe something to help
cover your costs in the short term period to try
and make ends meet, to make some financial adjustments in
order to get you know, over the hump, the financial

(34:03):
obstacle that you're in. And if if a roommate can't help,
then again looking to do a short sale. And the
short sale is a different type of sale because I
don't want to make it soundhue the sun that shine
and rainbows, because it's a long process. You're gonna get
an offer, You're gonna have to submit a lot of
financial documents to the bank. The bank's gonna take their time,
You're gonna have to jump through some hoops, and then

(34:25):
eventually the bank may say, Okay, we'll approve your buyer,
or will count your buyer, or we need this much
money from a buyer in order to allow this to happen.
It does typically have less credit damage. It does typically
not require money from the seller. You know, statistically, there
are times where it might, but for most people it

(34:47):
is a better path and letting a home go to
foreclosure and go back to a bank. And speaking of foreclosures,
even today, we're not seeing a lot of them. The
banks get ahead of them, they sell back debt to
another company that turns it into a rental and they
sell it as a bulk sale. Individual foreclosure sales end

(35:08):
up pulling market values down, and the banks and financial
institutions and probably the federal government at some point in
time had some influence over how and when and why
to foreclose on people. We just aren't seeing them. There
are enough workarounds and forbearants and different things to avoid them,
because that is what really kills the real estate market, foreclosures,

(35:28):
and the federal government learned the lesson during the Great
Recession that letting a lot of foreclosures happen would kill
the market. Now they have a lot more workaround process
to keep people in homes and to avoid homes going
all the way to foreclosure. So if you believe that
the real estate market is going to see some huge crash,
it's really not likely. It's not likely because they're enough

(35:50):
institutional cash investors to gobble up that inventory before we didn't,
you know, for a mutually beneficial reason, aka a bank
doesn't want us to go to foreclosure. Bank of America
on what any think going foreclosure because when it does,
it lowers the comps in the neighborhood, which lowers our
ability to loan money. That's what they're in business to do,
so they have a lot of workarounds to avoid foreclosures
and kind of kick the can down the road, allow
institutions to take it over, turn it into a rental,

(36:13):
do cash for keys, move the people out, do a
book sale, so you don't ever see the price that
the helme actually sold for in foreclosure, so the comps
never get pulled down. So the likeli of our market
seeing a crash is very, very very slim. Because of that,
that doesn't mean that our market sunshine and rainbows. I
talked earlier in the show, we haven't seen appreciation in
a couple of years. We're seeing depreciation now in a

(36:35):
lot of the neighborhoods. So the market isn't certainly rising.
But a crash that we had that happened during a
great recession just isn't ever going to happen again. They
fix the game, so hopefully that helps you. Hopefully this
show has been awesome for you and helping you make
real estate choices at the Duncan Duo and all thesocials
Duncan Duo dot com. If you need to sell your home,

(36:56):
you need to do a short sale. If you want
a cash offer, or if your home has failed to sell,
we would love the opportunity to try again at Duncan
Duo dot com and have an awesome rest of your weekend.
Tampa Bay