Duncan Duo 6-15-25

Episode Transcript

Speaker 1 (00:00):
I'd be Sunday, Tampa Bay. We're with you for another
week here on the Duncan Duo Real Estate Show talking
about the Tampa Bay real estate market, like we do
every Sunday at ten. When we aren't on air, make
sure to follo us on all of our socials at
the Dunkin Duo Twitter, Instagram, YouTube and TikTok. And if
you're curious about your home value thinking about selling your
home on an instant cash offer, maybe you just want

(00:22):
to know whose house in the neighborhood is on the
market or whose house is in forclosure. Do you want
the goods? Just go to dunkinduo dot com. Type in
your address. You get a report every single month letting
you know what's going on in your neighborhood. And of
course you'll get the goods on the neighbors that are
struggling paying their mortgage duncinduo dot com. So I want

(00:45):
to talk about pricing your house to sell in a
market like today. This is something I spoke to my
agents about today and something that a lot of home
sellers haven't quite figured out with what is happening in
our market. Unfortunately, we are in a market where a
lot of our neighborhoods across Tampa Bay are depreciating. It's

(01:06):
something we haven't seen in a long time, probably since
the Great Recession. And I was slinging real estate back
then too, so I remember it. And so the struggle
when prices are dropping and we're seeing a lot of
customers make this mistake. You get used to prices going up,
and when they stop going up and either they stabilize,
which has kind of been the last couple of years,

(01:26):
and then more recently we're seeing some depreciation. When that
does happen, it takes a while for the consumer to
figure out that it's going on and for the home
seller to kind of stop the pattern of, hey, look,
my neighbor's house sold three months ago or six months ago,
and now I want to sell higher than them. Because
the market normalized appreciation, we just assumed it that if

(01:48):
somebody sold three or six months ago and our house
was maybe a little bit better and the market had improved,
that our house was going to sell for more. Well,
now we're seeing the opposite of that happen. And when
the opposite of that happens, it takes a while for
consumers to figure it out. The data trail, the public
data trails. What we get to see as real estate
agents in terms of the stats and the home sales,

(02:11):
so we see the trend quicker than consumers. So what
I'm seeing a lot right now are home sellers overpricing
their homes. And here's what happens when you overprice your
home in a market where we're seeing values drop. I'll
use an example. Let's just say that you have a

(02:31):
house that you think is worth five hundred and in
all reality is worth four fifty or for seventy five,
either way. So you overpriced the house hoping that a
consumer will overpay. And I hear this a lot. We
hear our clients say, well, can't you find some wealthy
guy from another country or from up north with cash. Well,

(02:55):
those wealthy people that have cash aren't stupid. They're going
to look at the values. They're going to do the research.
And today with AI, you know, and all the data
that's available to you through all the online real estate porter,
it's not hard to get a pretty good understanding of
what's going on in a neighborhood and wear a homeless price,
whether or not it's accurate or overpriced. So because of

(03:17):
that data, and the likelihood that the buyer will have
a real estate agent representing them and they're best enters
trying to earn their fee and negotiate in in good
faith to get them a good deal. The likelihood that
you're going to find that person with a lot of
money that's really stupid really doesn't exist. It's like Unicorn
fairytale fantasy lane. You're not going to have some cash

(03:37):
person that's dumb and going to overpay for your house
just doesn't exist. So if you overprice your house, first off,
the consumers are going to realize it. They're going to
see the data and they're going to know that your
home is overpriced, and they're just going to click next.
You know, this idea that consumers want to negotiate or

(03:58):
let them make me an offer, that's just not reality.
The majority of consumers are uncomfortable negotiating. They don't want
to negotiate. It's why they don't go buy things at
a flea market. Okay, they go to Amazon and click
a button. Okay, they go to Walmart dot Com they
click a button. They don't want to negotiate, Okay, they
don't have time for it. They don't have the patience
or the skill set. So if they believe something is

(04:20):
priced too high, no different than what they do on
an online shopping app. They're just going to click next,
or they're going to keep searching. So if your home
is on the market and it doesn't get activity pretty quickly,
it's overpriced. So what consumers do a lot of the
time is they say, hey, you know, call me. Then
if we haven't gotten an offer in a period of time,
call me. So twenty or thirty days happened and the

(04:42):
home hasn't sold because it's overpriced. A realtor calls the
customer and the customer says, oh, well, what marketing are
you doing? Or can you put it in more places? Okay,
look at overpriced house that's been on the market. Being
put in more places isn't going to solve the problem.
It's not going to get the home sold. It's just
going to waste a bunch of money and give you
some belief that something will happen. The reality is is,

(05:03):
no matter how much you market an overpriced house, it's
still an overpriced house, and consumers are going to click next.
Getting more eyes on it doesn't solve the problem. Getting
more eyes on it when it's priced right now. That's
a strategy that will lead to success. So what ends
up happening is that at the thirty day mark, instead
of the seller being willing to accept reality and lowering
their price to where it should be to move the house,

(05:25):
they don't. They find some other reason to kick the
can down the road. Look, no one really wants to
lower their price. But they continue to eat that mortgage payment,
pay those property taxes, pay that insurance, and continue to
not live where they really want to live. So they
kick the can down the road on price. The agent
tells them, hey, look, you need a lower to hear
they say no. Another month goes by, same thing, But

(05:45):
finally a few more weeks or maybe another month, and
they say, you know what, mister agent, We're gonna listen
to you now. We're going to lower the price to
what you told us two months ago. The problem is
is that that number isn't the number anymore. Now, it's
a lower number. So you lower it because prices are depreciating,
so you lower it to that number, and then the
whole cycle repeats itself. All the while you just keep
chasing the market down as prices depreciate to the point

(06:08):
where you waste months and months of mortgage payments, and
in a lot of instances, you don't sell. Look, I
worked through the Great Recession in real estate. I've been
in the business for twenty years. I helped countless customers
who lost everything, who went to short selle, who went
to foreclosure, all because they weren't willing to listen to
the reality of a challenging market. They didn't want to

(06:29):
take the truth serum, so they kept kicking the can
down the road, thinking that all the sudden prices are
going to start rising. Look, real estate is not the
stock market, Okay, it is a very very slow moving
When it gets trending in a direction of prices lowering,
it's not like it just all no, there's no news
or a government event that's going to all of a

(06:49):
sudden start rising prices in a local neighborhood, especially with
hurricane season on the forefront. So if you're a home
seller and your home hasn't moved, probably not your realtor.
It's probably your price. And it's sad that your realtor
didn't give you that advice and wasn't firm with you
because I'm going to tell you what my company is
now trending to do when we list a house if
the customer isn't willing to listen on price, or simply

(07:14):
you know, they're hesitant, or they simply think that the
market will do. You know, the will do things that
us professionals that are in the industry have sold billions
of dollars in real estate. We don't know anything. They
know more than we do. So the reality is when
that happens, we have a form where we have the
seller signed it up front that every thirty days the

(07:34):
price drops. The reason for that is because if you
don't aggressively drop your price and the depreciating market, especially
if you start ambitiously high that the market doesn't support,
you're never going to get in front of You're going
to kick the can down the road. You're going to
lower it. But every time you lower it, you're too late.
You're behind the market. Sometimes in rare circumstances, of course,

(07:56):
are their unicorn fairy tale fantasy land scenarios where homes
might sell even if they're overpriced, if they're super super unique. Possibly,
but the reality is, if your home hasn't sold with
all the data that's out there today with how real
estate agents market it. If your home hasn't sold, your
price is probably off, and maybe your real estate agent

(08:17):
wasn't honest with you, maybe they signed off on your price.
But we're marketing experts. Our goal in you hiring us
is getting the home sold, and your goal obviously is
the same, and we certainly want to get it as
high as we can. But if the market doesn't support it,
then you're just you're wasting time and you're losing money

(08:37):
all the while you're continuing to pay the debt service,
the tax is the insurance, and you're chasing the market.
And look, I get people that say, hey, look I
don't have enough money or I don't have enough money
to come to the table. The market doesn't care about
what you owe. It doesn't care about what you bought
it for. The buyer that's buying your home doesn't care
about why you're in the situation you're in. What they

(08:59):
care about is what is it worth and what is
the comparable sales? What does the data point towards it
being worth? And especially with high interest rates today, high taxes,
high insurance, we've had a huge population growth buyers are
just sitting on the fence and they need to be
knocked off the fence with a good deal. And if
you can't knock them off the fence with a good deal,
they're just going to keep waiting. They know the market's soft,

(09:21):
they know we're trending towards a buyer's market, and they
know that they're going to eventually get a good deal.
Maybe not on your house, maybe on another house. So again,
if your home seller and your home isn't selling and
it's sitting on the market, maybe you got bad advice,
maybe you have bad marketing, but you probably need to
adjust your price. Pricing is so crucial, the most important

(09:44):
part of a marketing plan for selling real estate. It's
a price. You can spend a fortune of money advertising
a home, but if it's overpriced, it doesn't matter how
many eyes you get on it. The consumers are all
going to do the research on their own. They're going
to plug it into AI. They're going to ask GROCK
or chat GPT, or they're gonna plug it into one
of their favorite large language models, and it's going to

(10:04):
spit out a number and it's good. The number is
going to be lower than where you're at and here's
the deal. They don't want to make you a low offer. Okay,
they don't want to offend you. They're not comfortable with negotiating.
It's why they buy from Amazon. Okay, they don't want
to negotiate. They want to press a button and have
magic happen. They want they want to simply place an order.
So if your price isn't right, you're not going to

(10:26):
get there. If your price isn't close enough to get
them to negotiate, they're not comfortable with it. They simply
know that your price is so far off that the
number they believe it's worth isn't going to get done,
and they just click next. So if you've not sold
real estate in a long time, or you sold it
in a different market, or you sold it before AI,
it's just different now people realistically, even if your house

(10:50):
is dramatically overpriced and it's the perfect home for that customer,
so many people are just gonna click next instead of
making you a low offer. Your price is your first impression.
Your price gets eyes on the house, and your price
needs to be the best it can, the most aggressive
it can, that can that you can tolerate Initially, and

(11:11):
if not, then you need an aggressive plan to lower
that price strategically over an agreed upon period of time.
That's what our agents are going to present to you.
We're going to say, hey, look, we'll put it out
there at your number for this long, but then we
need lower it to here, here, and here, because we're
gonna spend all this money to market this house. It's
a challenging market. If you don't get the price right,
doesn't matter. And that means if you can't get to

(11:32):
that number, then you either rent the house or do
something else, or wait till the market changes in a
couple of years. It ain't changing in a month or
two or six. Okay, the data just isn't there. The
real estate's super slow moving. We are going to be
in this grind market where a lot of our neighborhoods
are sellers' markets for a long time. So home sellers,
if you want to sell, you need to take the

(11:54):
truth serum on your price. You need to look at
the deity. You need to understand prices aren't rising anymore.
In fact, they're dropping. We have crushing hurricane we're now
in hurricane season. We've got high interest rates. If you
if you don't have to sell, then don't. If you
have to sell, then then you've got to get real
with your price, or you know, you've got to have

(12:14):
a plan that gets you real with price, because again,
the market is shifting and we're seeing depreciation. So if
you don't get in front of that downward trend on price,
you never will and you'll keep losing money and all
the while. So and I'll give you an example. Not
long ago, we had one where the customer said, oh,
I want five hundred. It was worth four to fifty, okay.
They said, now let's put it at five. We put

(12:34):
it at five. Then they lowered a four to seventy
five okay. Then they waited a few months. They didn't
listen to us, they didn't take our advice. They kept
eating the mortgage payment. They got to a point where
they couldn't afford it. They didn't even make the payment.
Then they start going behind on the payment while the
property is depreciating all the while their equity is gone.
Their adjustment that they make in price, the market isn't
going to bring their equity back. It's already gone. But

(12:56):
they're going to keep making payments or they're going to
keep incurring debt, hurting their credit. This person ended up
in foreclosure all because they didn't cut to the chase.
They could have broke even or maybe even put a
little money in their pocket if they'd have been realistic
about the price from the jump. But they had to
lower it a few times until they finally, you know,
got to the point where they didn't have any equity

(13:16):
left because they lost it. So I hope that doesn't
happen to you. If you're selling your home, price it
aggressively or else it's not going to sell. We'll be
back continuous conversation after a quick break here on The
Duncan Duo Show. So we're back here on the Duncan
Duo Show. And I had a question about my last
segment where I really preaching to sellers that if you're
selling today, you've got to price it aggressively and you've

(13:36):
got to lower the price. Customer says, what if I
undersell my house? Hey, this is Andrew Duncan with the
Duncan Do at LPT Realty, and I just want to
tell you, in a retail setting, I don't believe that
that's even possible. If you were doing an auction where
it was a small window of time where you know
you then could you under sell a house. Yeah, But

(13:59):
in today's real, esty state world, with number of eyes
that are on a house, if you price it at
a low number and the market realizes it, then you'll
get a bidding war, and the bidding war will then
drive it up to what the market is worth, assuming
even a reasonably decent marketer has your home listed on
the market. In other words, like they've taken photos, they've

(14:19):
written a description, they've got a video, they're a licensed agent,
they're even remotely remotely decent. It's going to get enough
eyes on it that if it was such a good deal,
you would get more than one offer. If that doesn't happen,
that's the market's way of saying it's not worth that number.
So you're not really underpricing your house because you're pricing

(14:40):
it maybe lower than what you want, but that's what
the market will bear. Because it's not your opinion or
my opinion or how much you owe. It's worth what
someone will pay. So what we do, and what we
recommend to a lot of our clients is if they
really do want to be ambitious about the price, then
they can put it out there to number for a
few weeks. Few weeks, we cut to the chase and

(15:01):
we get real and then every month from there, if
it hasn't sold, we pre discuss the idea of lowering
the price because we know the market is depreciating. So
at each point, as you lower the price, if it
doesn't move over that twenty or thirty day period, the
market is rejecting the price. The market is saying it's
not worth this number, because it's got tens of thousands

(15:22):
of millions of eyes on all these listings that if
a buyer thought it was worth that number, it would move.
So at some point you hit the point in which
the buyers step up and raise their hand. So if
you sold the house in you know, three days, seven days,
maybe there's a chance that you could have left a
little money on the table, But you also have to

(15:43):
factor in the convenience of a quick sale. But if
you're someone who a month in or two months in
and we're dropping the price and you're afraid you're going
to undersell, it just not realistic. All the buyers have
seen it, it's had millions of eyes on it. When
it gets dropped if there was enough interest, then you'd
get a bidding war. So the idea that you can
undersell real estate in today's market, that gets put on
the retail market. Now, I'm not talking about wholesaling your

(16:05):
house or selling to a cash buyer. We do that
as well. In those scenarios. Of course, you may give
away some of your equity for convenience to somebody cash.
But if you put your house on the retail market
with a reasonably competent real estate agent who takes reasonably
decent photos and video, puts a nice description out there
and has all the data correct. There are so many

(16:26):
funds and companies out there buying real estate, so many investors,
so many eyes on the listings that the idea that
you can undersell your house is just not realistic. It
just doesn't. It just doesn't happen that way. Again, as
long as you're patient, and that's something that we do.
If we do get an offer, our goal is to
try and get another one. We know the seller's best

(16:48):
chance to get a higher numbers by having more than
one offer, So we play the game a little bit.
We're gonna countor we're gonna go back and forth. We're
gonna keep showing it. We're gonna let those people know
thaty're looking at the house. Hey, look we have another offer.
The seller's best chance to maximize the most amount of
money is by getting more than one person competing for
the home. So the best chance for that is early.
If that doesn't happen, then maybe at one of the

(17:10):
reductions it does, and your goal would then be to
try and play the game to determine who wants to
house the most, who can pay the most, who can
give the best financing, the best s, grow the best contingencies.
So our goal whenever we get an offer isn't just
to try and put a deal together and sell to
that buyer. Of course, that's the way it works a
lot of the time, but realistically we would love to

(17:32):
get another buyer for the house. We would love to
counter back and forth and play the game a little
bit and hope another buyer raises their hand. So the
seller's best position is when you create a seller's market
for their house. A couple of years ago, the entire
market was a seller's market. This was the norm. It's
not the norm anymore so because we are in a

(17:55):
buyer's market. The way that you flipped. The script is
that you price it aggressive the hope that you can
get more than one person competing on it, and then
when they make a commitment in writing and they get
excited about it and they start thinking about it, and
then someone else shows up, and then they're emotionally invested,
and then ultimately you could, in essence, get more than
a home is worth. It's no secret during the COVID

(18:17):
years and even during some of the great run up
in the early two thousands, that plenty of homes are
selling for way more than they were worth because people
had the money to afford it, and then the market
was super hot. The goal is to try and do
that same thing with your house, and if it doesn't
happen early, it still can happen on one of those
first couple of reductions as long as they're aggressive enough.
But once you get to the point where you're on
the market a few months, it's a it's a challenging,

(18:40):
challenging obstacle to get your home sold. And that's what
I want to avoid customers doing today. I coached my
agents today being brutally honest about how aggressive people need
to price their home today to get it moved. And
if that is you, that's what we are. We are.
We are aggressive. We want to aggressively move your house.
We want to We want to help you accomplish your goal.

(19:00):
We don't want to blow smoke. We don't want to
tell you, you know fantasy land, unicorn, fairy tale ideas that
you know a lot of agents to sell two homes
a year will tell you. We're going to tell you
the truth. We want to move the house. We're gonna
be honest with you and if the if the market
will bear more than that, then great, then we'll put
it on the market and get a bidding war. But
the likelihood is you're gonna have to be aggressive with

(19:23):
your price if you're going to move your home today
reevac Continuous conversation after 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. I
want to talk about taxes. Look, there's a lot of
discussion going on about taxes right now. Again, Andrew Duncan,
the Duncan Duo at LPT Realty, duncanduo dot com. For
your home value estimate or an instant cash offer taxes

(19:46):
right now are an ongoing debate because we've got a
few things working right now. First, we have the big
beautiful bill being put up by President Trump and going
through Congress and Senate that is meant to give some
tax relief to you know, to consumers. We also have
some discussion in there about the possibility of some reform

(20:08):
as it relates to the capital gains exclusions for the
for homeowners. So and in addition, we have property tax
discussions and property tax relief coming in Florida. So first
I want to talk about something that still today gets
missed by customers, but there's a big push to change

(20:29):
this and improve it. But as it sits right now,
the tax code says that if you are an individual homeowner,
you can exclude up to two hundred and fifty thousand
dollars in capital gains from the sale of a primary
residence as a single person, and up to five hundred
thousand dollars for married couples filing jointly. So those gains

(20:51):
you don't pay capital gains taxes. You don't pay taxes
on those gains. Now, these caps remained unchanged since nineteen
ninety seven. Okay, even though home values have steadily climbed
during the nearly thirty year period, a capital gains cliff
is coming from the middle class, and by twenty thirty,
more than fifty six percent of home owners could have

(21:11):
equity exceeding the two fifty and that could rise to
nearly seventy percent, with over thirty eight percent surpassing the
five hundred thousand mark. So a lot of people are
calling this the stay put penalty. The effect is a
disincentive that housing comes are calling a stay put penalty.
Seniors and appreciating markets they don't want to sell because
they don't want to pay the gain taxes. They don't
want to pay the taxes on their gain because you know,

(21:33):
maybe that's where most of their net worth is is
in their real estate. So again, right now, if you
sell your home as an individual and you have up
to two hundred and fifty thousand, you don't pay a
cap gain, and if you're a married couple up to
five hundred. This also requires you to live in it
too out of the last five years as your primary residence. Okay, can't.
This doesn't apply to homes that have always been investments

(21:55):
or homes you're flipping to you add to filed as
your primary residence had to be your primary home for
two out of the last five years. There's a lot
of consumers that miss this too. They'll they'll live in
it for two or three years and then rent it
and then they lose track of time, so it's two
out of the last five. There is legislation right now
that the National Association of Realtors is pushing called the

(22:17):
More Homes on the Market Act that is doubles the
exclusion to five hundred thousand for individuals and one million
for married couples, and it adjusts the caps to reflect
reflect future inflation. It frees up millions of homes by
reducing the tax distance and i to sell. We know that,
you know, real estate has had, you know, issues with

(22:37):
consumers not wanting to sell because of interest rates. But
there's certainly no doubt that a lot of customers are
not selling their home because they don't want to be
a big capital gain tax. So if you're one of
those consumers, get behind this. It is something that is
that is being pushed. Congress created this exemption for a reason.
Home ownership is a primary way middle class America builds wealth,

(22:59):
So there is the discussion that it could be improved.
Prior to the current administration, there was discussion of it
going away because that administration was all about taxing people more.
But there is now some runway that we could see
this improve. And I'm a proponent of it because I
think the two hundred and fifty and five hundred thousand
exclusion is realistically kind of laughable considering that it hasn't

(23:21):
been adjusted in almost thirty years and how much home
prices have risen during that time. So I think that
it is due to be adjusted. I'm hopeful that this passes.
Maybe it becomes part of the big Beautiful Bill, maybe
it's something that gets passed later. But in states with
exceptionally high priced markets, such as like California, Massachusets to Colorado,

(23:43):
the trend is even more pronounced. By twenty thirty five,
twenty states are projected to have over forty percent of
homeowners facing these tax penalties simply for having built equity
in their homes over time. So that is something that
could affect, you know, some home sellers and their decision
and to sell. Another thing that is impacting home ownership

(24:04):
in our state is the again, the dramatic rise in
properties has caused a dramatic rise in property taxes. Governor
DeSantis back probably a few months ago, put out a
post on X. I used to call it a tweet.
I can't call it a tweet because it's not Twitter anymore.
So he put out a post on X or a
tweet on X, however you want to call it. That.

(24:25):
He supported abolishing property taxes in Florida because otherwise you're
not really you don't really own the home, You're just
you're just paying rent. Still, you're paying for the home
that you already bought, and you're continuing to pay for
the home that you already bought for what reason. So
whether or not that passes, or whether or not there's
some I think there will be some reform. The premise
that that you know that that that is going to

(24:50):
be applied to all properties owned in Florida, I think
missus the mark, I think that's unrealistic. I don't see
that happening. I talked to you know, Florida State Reports sentatives,
and my belief is is something along the lines of
you know, the and again, this is not up to
any politicians. They'll write the amendment. But this requires a

(25:12):
super majority passage voting amendment in the state of Florida,
which wouldn't get on the ballot until next year. So
this is not something coming next week, but it is
something that could come by next year. And if it passes,
it needs to pass. Sixty percent of the public need
to vote and pass this amendment. The amendment would in essence,

(25:34):
as a lot of people are saying, abolished property texts,
I don't think that's realistically enough to support financially the
local municipalities. I don't believe that will pass. I believe
some version of dramatically raising an exemption for homestead maybe everyone.
But and again I'm spitballing because this is not this
is not something that's being you know, announced. This is

(25:57):
just me talking to influential people and representative and me
doing the math on my own. I could see something
passing for an exemption up to a million dollars for
owner occupants aka all the hedge funds and investors don't
really get as much relief as an owner occupant. And
I certainly don't think it'll touch commercial property tax as much.

(26:17):
But I believe there is going to be some massive
property tax relief coming. So if we if we do
see this adjustment towards the capital gains, we get some
property tax relief, and within a year or so we
see interest rates come down some while we're in a
challenging real estate market now that is seeing depreciation in

(26:41):
most neighborhoods, not all, but most. If these things change,
if if that gets passed in Florida, if this, if
the if NAR gets this adjustment to capital gains exclusions through,
we could see an improvement in our real estate market
relatively quickly next year, not coming this year, but next year,

(27:02):
and then maybe by late mid late twenty six or
twenty seven, we start to see a spike up again.
So what does that mean? Smart money right now sees
the odds on these things. Okay, they measure the odds,
and they want to get in front of these things
because if these things happen, if we see rates drop,
if we see property taxes get you know, in some

(27:25):
ways abolished, reduced dramatically cut, prices will rise pretty dramatically.
No different than when we saw two and three percent
interest rates. We saw prices rise dramatically twenty five thirty
percent a year in some neighborhoods. If property taxes go
away for those owners up to a million, their payments

(27:45):
start to become like they were when we had two
and three percent interest rates. People can afford that. That'll
spike the market. That'll create demand. That'll also create people
moving here from other high priced parts of the country
where they can come here and have a million dollar exclusion,
or maybe it's higher than that, who knows. That's again
speculative on what will end up being on the you know,

(28:06):
on the ballot, but it would really spike our real
estate market. So the the scarlet letter to all of that, though,
So let's say this thing does pass, and let's say
we do put a ballot out there is if we
have a bad hurricane season this year, considering we had
a bad last year that we haven't quite recovered from,
I am hoping, praying and knocking on wood that our

(28:26):
our hurricane season for Tampa Bay is relatively light this
year in terms of the economic damages and the property damages.
If it is not, that could slow us down and
cause uh, you know, kind of this this hangover that
we have in our real estate market to continue. But
the data tells us that when prices. When when payments drop,

(28:48):
prices rise. When there are tax incentives in place for
homeowners to sell prices, you know, more activity happens at
the same time that prices could rise. That could us
back in another boom again for a year or two.
So I'm hopeful for those things. Hard to say whether
or not they happen. And again, you know, the belief

(29:09):
that all property taxes could be abolished, I don't believe
the local municipalities which depend on those property taxes could
make that up in other ways very effectively, which is
why I think they're going to shrink the pool of
people that they abolish it for, or set some sort
of maximum price to benefit owner occupants below a certain
price that need to relief more than somebody that's in

(29:31):
a million dollar home. And look, I'm in a million
dollar home. I'd love to have all my property taxes wipe,
But I also understand the reality of it, and the
likelihood is that my businesses would greatly benefit as well
as my own home value by that adjustment. Because of
the way that real estate works, it's a move up market.
So if you reduce or abolish taxes for the three
hundred thousand dollars people, It creates buyers. Those people that

(29:52):
sell this three hundred move up to five hundred, those
people that sell the five hundred move up to eight hundred,
and so on. And it's a domino effect or a
snowball fact that affects all price ranges. That guy that
sells the eight hundred that wants to move up to
a two million doesn't want to sell his eight hundred
because of his cap gain and doesn't want to give
up his interustrate, his low interest rate. Well, now, when
property taxes relieve, we get some relief on interest rates.

(30:14):
And I could see two years from now US having
a really great real estate market. So smart money right
now is buying good assets. Smart money is looking to
buy and if you can make it work for the
next couple of years, if you can make the rate work,
if you can afford it, I think two years from
now we're going to see a If again a lot

(30:35):
of people predict these things happen, we could see a
really really healthy, skyrocketing real estate market two years from now, again,
assuming no major impact from the storms. And speaking of
the storms, if you don't have flood insurance and it's
not required, Okay, understand that it's not required. Is the
federal government simply using the elevation of your house to

(30:58):
determine how much flood insurance you should pay and whether
you need it, no other factors. It's crazy. There are
so many people in Tampa that got crushed and the
second hurricane this year from rain. Nowhere near bodies of water,
nowhere near the bay, nowhere near the gulf, nowhere near
a lake that got crushed with rain. If you aren't

(31:20):
required to have flood insurance, don't listen. Get flood insurance,
Get quotes for flood insurance if your house. If your
house means something to you and it's and you're not
in one of those flood zones, and your elevation doesn't
quote unquote require it by your lender, but you can
afford it. It is amazing peace of mind compared to

(31:42):
the hundreds of thousands of loss and equity you could
have if your home gets flooded and you don't have it.
When you're not in one of those flood zones. Your
flood insurance is really cheap, and it's better to do
it now than to wait until the storms start popping up.
We're in a hurricane season now, and look, I'm praying
that we have a light hurricane season, that it's lighter
than last year. But I tell everyone, and I'll see

(32:04):
it all day long on this show. Get flood insurance.
We're a peninsula. They'll everyone in this state should have
flood insurance. Revack continues conversation wrap up 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 Bay real estate market when we aren't
on air. At the Duncan Duo Duncan Duo dot com
for your home value estimate and instant cash offer, or

(32:28):
just to snoop on what your neighbors have going on
and your neighbors in foreclosure. Obviously that can hurt your
neighborhood's value. Not as many of those today, despite what's
happening in the market. The federal government figured out foreclosures
with forbearans and we're just not ever going to see
a lot of them again. The trade assets, the big
banks trade assets with hedge funds, they sell off bad debt,

(32:49):
turn them into rentals. You're just not going to see
individual foreclosures anywhere near the number that you used to.
So if you're using that to believe to sit on
the sidelines to wait for prices to a massively drop,
it's not happening now. Look, I've spoken in this whole
show today about how we're seeing depreciation, but I want
to be clear. We're not seeing depreciation anywhere near like

(33:09):
we saw in the Great Recession. We're seeing a few
percentage points. We're seeing the average cell price and a
lot of neighborhoods go from four to fifty to four
seventy over or four seventy to four to fifty over
a few month period. Not enormous, Not like back when
I was selling homes during the short cell and foreclosure crisis,
where you might see the average cell price drop ten
percent in a month in neighborhoods it was. It was

(33:29):
massive and rampant. We won't ever see foreclosures again, so
we won't see those massive drops. There's like a protective
cloud over the residential real estate market. But stop to
price you home aggressive. I had somebody asked me recently, well, Andrew,
you mentioned this idea that pricing aggressive. Why would I
not just auction my house and the downside of auctioning

(33:49):
your house is that you have a small window of
buyers that show up. But I think that same kind
of mentality can help you move your home. If you're
a seller right now and you're motivated and you want
to be aggressive, if we're the place for you, go
to dunkaduo dot com. We want to help you. We
want to help you initiate an aggressive plan to get
your home sold. And I just listed, and I just
throw a sign up in the yard, but get it moved.

(34:10):
And one of the one of the things that I
really believe in, it's not quite necessarily running an auction,
but a similar strategy. You want to create a seller's
market for your house, even though we're in a buyer's market.
And how you do that is to get more buyers
chasing your house. And the number one way that you
do that is in your price. So I'll give you

(34:30):
an example. We recently had somebody say, Hey, I want
to list my house for five point fifty, but I'd
be willing to take five hundred. Okay, Well, first off,
no one's going to make you an offer when you're
listed at five to fifty To get you to five hundred.
No one wants to negotiate. Consumers want to click a
button on Amazon and have stuff like magic show up
at their house. They don't want the resistance, they don't

(34:53):
want the conflict. Most of them are, you know, mostly
everyone wants to do things via text and so media.
They don't want to have conversations. They don't want to
go through complicated stuff. They want to be able to
push a button and make magic happen. So the idea
that you can overprice your house and get an offer
and still sell it at five hundred isn't as likely
as what's more likely for you to get five hundred

(35:15):
would be to take your house that it's worth five
hundred and price it at four four fifty and then
create a frenzy and then have all the people can
compete for it. Then they get emotionally invested, they get excited,
they put pen to paper. They're chasing the house because
other people want the house. Okay, you're more likely to
upsell somebody and sell for a higher price by pricing

(35:36):
it low than you are by pricing it high and
negotiating down. The market is shifted, the economy has shifted.
How people get information is shifted. How consumers want their
products has shifted. The idea that you're going to price
your house high and negotiate down just isn't as effective anymore.
You're way more effective pricing at low and negotiating up

(35:57):
and creating a frenzy. So not quite an auction, because
an auction usually has like a small window, but create
that frenzy where you're now getting all these people to
compete with each other over a few day period. You
pile up these offers and then you say, hey, look
it's Thursday. We're gonna give everyone the weekend. We're gonna
request highest and best, and by Monday we'll pick our offer.
Then you're in the driver's seat. That's what works in

(36:20):
today's market. That's will get you the most money. That's
we'll get people to compete for your home. When the
market was a seller's market, naturally, that automatically kind of happened.
What we have to do today is kind of force
that same activity. Everyone knows that they made the most
amount of money when the bidding wars were happening. Okay,
sellers profited the most. Well, you just have to do this.
You have to change your mentality and you have to
do the same thing for your individual house. Not long ago,

(36:43):
I had a client, personal client I've known a long time.
They said, he really want to get four I really
want to get four hundred for my house. I think
I should price it like four fifty at four to
seventy five, and I said, price of the three fifty.
Listen to the expert. Done this for twenty years. My
team has done thousands of trains actions. They're all very
well trained on these strategies. Priced at three fifty, we

(37:04):
sold it for four and a quarter. We sold it
twenty five grand above asking in a horrific market neighborhood
with flooded homes, because the strategy was different, because we
are different than everyone else. We weren't chasing the market.
We're getting the market to chase us. Everybody saw that
house at three fifteen and thought, man, that's a steal,
and then they bit it up three seventy five, three
eighty five, four hundred, four to twenty. And then you

(37:24):
get somebody that really, really really wants it and guess
what go on to anyone's social media? Okay, they want
likes and comments. There are people, There are people in
this in this world. Today that if they make a
post on social media and they don't get enough likes
on it, they don't get enough comments, they're depressed. We've

(37:45):
we've become obsessed with social gratification. Same thing applies to
real estate. If you put your house on the market,
the offers on when you're making an offer on a house,
the offers are the likes. If you see the likes
piling up, akay more offers, it makes you want the housebore,
makes you feel it's more valued. It gives you the
social gratification that knows that you're picking a house the
other people want, not just the house that no one

(38:06):
else wants. So you have to use that societal pressure
for social approval today and how people are trained with
social media, how they're brainwashed. You have to use that
to your advantage. So if you're selling a home today
and you want a certain number, you have a better
chance of getting that number if you're dead set at
a number by pricing up below that number. Now that

(38:27):
doesn't mean you'll get it. There's no guarantee that you
get it, but you have a better chance of creating
an energy for your house and demand for your house,
and a multiple offer situation by trying to make your
house a seller's market in the midst of a buyer's market.
And it doesn't certainly always get to the number that
you want it to get to, but it gets to
the number that the market will bear. And that's all

(38:49):
you can do. When you're selling real estate. The strategy
is obviously to get the most amount of money, but
it's a market that tells us what it's worth. If
you put it on the market and you get five
or six offers and you've been them back and forth,
you get to a number and you don't like the number.
Oh that's the market. No one likes the number, and
a market that's challenging. Okay, that's what it'll bear. And
you get to decide do I want to take that

(39:09):
offer or not? Do I want to keep eating mortgage payments?
Do I want to risk that my home value could
get worse? Which is happening to a lot of customers.
So our strategy in today's market price aggressive. If you
want the aggressive real estate agent. Do you want the
aggressive price? If you like that strategy, hit us up
at dunkin Duo dot com. Call our team, tell our team, Hey, look,

(39:29):
I want what Andrew did, what you talked about on
the radio. I want to price on my home aggressive.
I want to create a bidding war because I have
a better chance at getting to the number that the
market will support by getting people to compete. So hopefully
that's helpful Again, Duncan Duo dot com. When we aren't
on the air at the Dunkin Duo would have an awesome
rest of your Father's Day weekend, Tampa Bay