Duncan Duo 6-16-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. Thanksfor joining us this Sunday on the Duncan

(00:03):
Duo Real Estate Show. I'm RobertJohnson, president of the Duncan Duo.
Here with Josh Fabello, one ofour newer agents to the team. New
being about a year. You've beenwith us about a year, Josh.
That's correct, awesome and he's actuallyone of our top agents already. So
Josh is doing awesome with us.He just transitioned over to working mainly with
sellers on our team. You know, our team runs a little bit different.

(00:25):
We have buyers agents, we havelisting agents, and Josh has recently
moved over to start working listings withus and is doing awesome. If you
are interested. That brings me toif you're interested in a career with the
Duncan Duo, we would love tospeak with you about a real estate career.
We're always looking for new agents.This year in particular, we're really
looking for new agents to grow ourteam. Reach out to us. Send

(00:48):
an email to Careers at the DuncanDuo. Sender resume over. We'd love
to speak with you again. Careersat the Duncan Duo dot com. That's
our email address. So Josh andI were talking before the show just about
different things that are going on inthe real estate market, because the real
estate market's always changing, especially thisyear, there's so much real estate news
going on, so many changes goingon. We could probably talk forever and

(01:14):
just pick random topics to discuss,because that's how much keeps changing in the
real estate world. But we'll startwith some good news this week, and
that's that this week rates did dipbelow seven percent for the first time in
a while, finally dropped, yep, finally. Towards the end of the
week, they were running at aboutsix point nine to eight percent, which

(01:36):
is a tiny bit under seven ButI think as of last week they were
at about seven point one point fivecorrect, So I feel like for one
week, that's actually a pretty significantdrop. Huge swing, yeah, a
huge swing. It doesn't sound likeit in the non real estate world.
But anytime where you have the averageprices at about four point fifty, any

(02:00):
kind of rate reduction actually impacts yourpayments a considerable considerable amount. It also
can loosen the real estate market upa little bit because it can actually get
people that are maybe thinking about purchasingsomething to put their home on the market
and then be comfortable buying something elseand maybe going from their lower interest rate

(02:22):
mortgage into a mortgage that's you know. I mean at one point in the
year we were going at about eightpercent, so high. Yeah, so
much higher than it was. Sonow we're at about six point nine to
eight. And I mean, Josh, you worked with the buyers for a
while mainly buyers. Were they reallyrate sensitive? I'm assuming they were.

(02:45):
I think every buyer was rate sensitivethat I work with across the price points
as well. But what was supergreat for us is that we were able
to negotiate because the market's kind ofchanging with the sellers for a rate buy
downright, that got them into anintroductory of you know, at some point
we were right below seven, sosome are even like five percent interest rates

(03:05):
for the first year, and thenyou had that right by down for the
next year to one percent of higher, so around six. So that at
ease like the cost of entry toget into a home, right, And
that helped out because he's like,some of my clients were lifelong renters.
I mean, the last one Idisclosed, she was thirty four years old
renting. Wow. Just wasting allthat that money, losing all that time
inequity right. And the thing aboutit is, you know, if rates

(03:28):
end up falling a significant amount,they can do a refin. And what's
great right now is a lot ofrender lenders for a certain amount of time,
we're offering a free refinance or somethinglike that. I don't know how
they rolled the fees in or whatever, but you know they're encouraging to buy
now and refinance later. And ifyou did buy up in the eight eight

(03:49):
point twenty five percent range and you'relooking at something in possibly the mid sixes,
I mean, that's going to causea huge amount of refics them.
It's interesting. I don't think peoplerealize how much the interest rates. You
know, you always think about buyersand how it's affecting buyers and how buyers

(04:09):
are going to have higher payments,But I don't think people realize how much
it's affected the resale market for sellerseven more so than buyers. Absolutely,
because sellers they're kind of I don'twant to say they're stuck in their homes
because they're not. They're choosing tostay there because of the interest rates.

(04:30):
And I mean, I think Isaw that there was an article that came
out this week that said fifty millionpeople had mortgages that were below rates where
they are now, like fifty millionmortgages are below rates the current rates,
which is a huge, huge,huge number. And it's said that just

(04:51):
in quarter two of twenty twenty twoand quarter for twenty twenty three, so
that amount of time, one pointthree million homes were not sold. So
they were just lost home sales becausethey calculate that one point three million people

(05:14):
would have sold their homes during thatyear had they had mortgage rates been you
know, more favorable, more favorablefor them. And it said for every
rise in a point of a mortgagerate, you were eighteen point one percent
less likely to sell your home,which is interesting. So they calculated this

(05:35):
and said that, you know,just I mean, there's been basically there's
been millions of home sales lost justin the past like year and a half
two years because of rates on theseller side because they just don't want to
get rid of their homes or youknow, they don't want to lose that
payment. You know, because mostof the time when you sell the home,

(05:56):
you're going to upgrade, right,certain people want to go down.
But majority of the time, evenlike myself personally, we're looking to upgrade
and we'm going to get bigger home. But it's hard, you know,
as it's looking from the sellar side, I'm like, Wow, I'm gonna
walk away from a sub two thousanddollars payment and go to a forty five
hundred to five thousand dollars payment andfor a house. You know, I'm
sure everybody thinks about it. Twoyears ago was probably worth four hundred thousand

(06:17):
dollars. Now we're looking at sevenhundred thousand dollars for the same house.
So I you know, I trynot. Of course you do look at
this. I do, but Itry not to. I feel like it
is more about monthly you know,I'm not being a car salesman here,
but for a real estate because ifyou're paying rent, like you have to
pay to live anywhere, okay,you don't necessarily have to pay to have

(06:41):
a car. You know, youcould have cash or maybe you paid your
car off or whatever you're paying forreal estate, okay, So I do
look at it more as a monthlyoutlay of cash, like okay, not
necessarily like oh, this home sevenhundred thousand and oh it used to be
four hundred thousand. I mean you'restill for it's equity, Yes, you're
still paying for it. But man, that's where the interest rate really messes

(07:08):
you up, is because it reallyaffects that monthly payment. I mean,
when you have your subject line istwo point five percent interest rate, and
then you're like looking at a sevenpercent loan, you're like, ahow right,
right. So you know that's whereI feel like it's really impacted people.
But you know, they keep saying, man, if we could get

(07:29):
interest rates down to the mid fives, that it would totally fall out the
market. It would change gang busters. So in the beginning of this year,
people that aren't you know, inthis every day. In the beginning
this year, we had a prettysignificant dip the beginning of January, which
is kind of a slow time forreal estate. Normally there's not a ton
of new listings on the market.A lot of stuff probably closed in December

(07:53):
because especially in Florida for tax benefits. But man, those rates went down
in early Jane anyway, and activitywent way up for about a month.
We had that little jump, yes, a little right, so you know,
then it really cooled off because ratesstarted trending back up, and they
think that man, if they couldget rates down to the mid fives,

(08:16):
that it would really thaw everything out. But it's such a catch twenty two
because then you're like, the pricesare gonna go the prices are going to
go so fast too, Yes,I mean yeah, I did see that
in Tampa Bay. There's about fourpercent more homes on the market now than
pre pandemic. So four percent isn'tthat much more. I've been in real
estate a very long time. Prepandemic, we actually were still very short

(08:39):
on inventory. So the market's cooleddown a little bit as far as inventory
is concerned, but you know,good homes are still going so fast.
And I know that if interest ratescame down. There's some statistic about how
you know, just like I talkedabout sellers a second ago, there's a
buyer statistic that also talks about howmany buyers would jump in the mines.

(09:01):
It's a ridiculous amount. So it'sjust going to happen. And that's where
people like you know, Barbara Corkoranor real estate you know Guru, She
used to endorse us, but differentpeople have been out there and they're like,
man, it sounds cheesy, butI would still buy now because it's

(09:24):
when the interest rates go down that'swhat's going to happen. And then you're
going to be paying more expensive Andeven if you're refi down the line,
because interest rates go down, youstill have the same balance. You know,
you're still paid for the house.So it's always better to hope.
I mean, you want to affordthe house now, and you need to
afford it now, but it's alwaysbetter to think. Man, you know,

(09:48):
let's hope that rates go down becausethat can be refied out. Whereas
the price price that's it. Soyou know I I have that's going to
happen. You know, they thoughtthat there was going to be a whole
bunch of interest rates this year,and the way the inflation data has gone,
it just hasn't been possible like theythought. You know, housing is

(10:09):
the biggest indicator of inflation. It'sthe biggest one of the biggest numbers that
is measured is rent and everything else. And man, they really really really
have to watch interest rates with housingbecause it takes up so much of our
economy that if housing gets expensive,it really throws the inflation numbers off,

(10:33):
and so you know, it's allpolitics. It's all political. But now
I think, especially as we getcloser to the election, it's going to
look real nice to get some interestrate cuts. And I think they're up
to the point where they're gonna cut. Yeah, they're not going to raise,
but they're definitely going to get toa point. They held out as
long as they could, but itstill is political. So my professional opinion
is they will cut rates, itwill have mortgages come down, everybody will

(10:56):
feel a little more confident about what'sgoing on. But I think right now,
and I say this every year,I don't think that activity could really
be that much lower. I thinkwe're at like kind of like, hey,
this is about the lowest that activitycan go as far as buying and
selling. I think we're in thevalley for sure. Yeah, so the
only way to go is up.And I really think when they start reducing

(11:18):
the interest rates, that's definitely thetrend. I know that even this week,
I've noticed that with the interest ratesgoing down, we've seen more showings
on our properties. So I thinkthat that's where it's going to go.
So I want to talk to youabout some other real estate news going on,
you know, reach out to us. We'd love to help you.

(11:39):
If you are looking to sell,you know, we want to get together
a plan with you, kind oftalk to some about some timelines how you
can get the most for your property. If you're looking to buy, we
also want to give you some strategieswhere we can help you buy. Reach
out to us. You can goto Duncan Duo dot com. You can
actually fill out a form there talkabout your home. We can estimate your
home's value just from our website.We can also get a little more detailed

(12:01):
and come out and take a lookat your property and give you an exact
estimate of what can can sell foron the open market. And we can
also talk to you about a cashoffer. We do cash offers on homes.
If you don't want to list yourhome, you just think it's too
much of a hassle, we cangive you a whole menu of options that
might work for you. So goto our website Duncan Duo dot com.
You can reach out to us onthere. We'll reach out to you as

(12:22):
well, or give us a call. Eight one three three five nine eight
nine nine zero is our office number, and we'll be back right after this
quick break here on the Duncan DuoShow. We're back here on the Duncan
Duo Real Estate Show. Thanks forsticking with us through that break. I'm
Robert Johnson, president of the DuncanDuo here with Josh Fabello, one of
our agents on our team. That'sawesome. Thanks for joining us, Josh.
What we wanted to talk about,so we were talking about costs associated

(12:45):
with home ownership as far as likethe rates. And obviously your mortgage rate
is a significant cost every month becauseit's going to you know, servicing the
loan. I mean, it's it'spart of how the lenders are making money.
So it's not just about the priceof the home. But something that
I think a lot of first timehome buyers don't always consider is the maintenance

(13:07):
and repair costs that are going tobe associated with your home during the time
that you own it, sometimes whenyou first get in there, because there's
going to be issues a lot oftimes when you purchase the home, or
maybe even stuff that didn't come upin the home inspection that ends up going
bad in the first year or twoof home ownership. So CNBC had a
good article that talked about the unwelcomesurprise for first time homeowners. I think

(13:31):
that's you know, a little negativespin on it. But you know,
I think that if you're doing yourdue diligence and you know, you're thinking
about it, every thing that youpurchase, whether it be a car or
a home or whatever, there's goingto be ongoing maintenance costs. So the
article says that there's an annual hiddencost of home ownership that averages around eighteen

(13:52):
thousand dollars nationwide according to a separatereport by bankrate dot com. I personally
feel that for the average first timehomeowner, right to me, that seems
like a very high nombent. Thatis incredible height. My eyebrows are raised.
They're probably talking about, oh,were you setting aside money for your

(14:13):
roof every year? You know,I think that that's I think that's a
lot. I also think that sayshidden costs of homeowners a home ownership average
eighteen thousand nationwide. But you know, are you are you taking all the
really high end part of the market, and like, are you throwing that
out of that average? Because Ithink that that's going to skew it really
upward, and so, you know, I do think that there are things

(14:37):
that you need to look at asfar as being a homeowner. And it
starts, and the article mentions thatit starts with the inspection. You know,
have a home inspector lined up.It says in April, according to
this that nineteen percent of buyers waiveda home inspection, which was down from
twenty two percent one month prior andtwenty one percent a year year earlier.

(15:01):
Now, Josh, I've worked inreal estate for fifteen years, and I
worked with a ton of buyers,especially when I first started, and I
see all the offers that come infor our listings that we have, you
know, even when the market wassuper hot, I can only count a

(15:22):
handful of times that I saw abuyer a buyer totally waive an inspection.
It's happened to me once once.I bet you. Yeah, okay,
So I would tell you that ifyou threw out all the cash investors out
of this number, that it wouldactually be much lower, because I think

(15:43):
that people need to do inspections,and I think their agent is also well
informing them of that. And Ithink that most buyers that are real buyers
not institutional investors, but real buyers, they're doing inspections. And I'll also
tell you that some of the institutionalinvestors that we work with very much do

(16:04):
inspections. Yeah, so I'm surprisedat that. I would gosh, I
would wonder where they got that number, but where the data comes from.
Yeah, but it says the hiringan inspector is essential and it's the most
important thing that you can do duringthe home purchase process. Absolutely, one
hundred percent. I completely agree.That saved me on two deals this year
at water damage. And if theydidn't do like the Fleer the infrared,

(16:26):
we wouldn't wouldn't have known. Wowwas it? It was all on the
baseboard on the exterior wall. Itwas a bungalow home. Interesting, So
the buyer would have if he didn'thave that particular inspection with the Fleer,
he would have never known. Gota house that's completely saturated. You couldn't
see it, couldn't touch it,but the walls are showing it completely saturated.

(16:48):
Wow. That's I mean, thereyou go, and I mean,
man, find a good inspector,because I'll tell you that some inspectors use
those in kind of common areas.You know that, Oh yeah, maybe
at the seam around the fireplace.That's a common spot for a leak,
and they'll use it. And I'veactually caught one of my personal property with
an inspector that did that when Iwas purchasing it. But there's other areas

(17:08):
too. But if you can findan inspector that gosh is doing it,
that detailed in the whole house,wow vide you'll walk through with the fle
was that one of our one ofour inspectors, that's our inspectorship. Man.
We worked with some really good inspectors. I mean I've seen I've run
the gamut with some inspectors that we'veworked with for fourteen years that I've worked
on the team. But the oneswe have now are really good. I

(17:32):
really like them. And you know, the article says, hey, kind
of it references you get what youpay for, you know, instead of
spending four point fifty or four hundreddollars on inspection, man, find a
really good one. And if theycharged six seven hundred bucks, use them.
And that's what they were. Theywere not a cheap inspector. Well,
and one of our companies is not. But the company that's not is

(17:52):
real good and they're more expensive,but man, they are really good,
you know. And if you're lookingfor a good inspector, even if you're
not working with us, you know, I mean, hopefully your agents referring
to somebody, but obviously you wantto get a lot different quotes. I
mean, call us, We'll referyour inspector. It doesn't bother us.
You know. I want you tomake a great real estate decision. And

(18:15):
I know that our inspectors, youknow, they don't work for us.
We're partners with them. They canwork with anybody, and man, they
do a great job. So there'sa couple more on this list that I
want to discuss with you. Guys. We could talk about this for a
long time, and we'll get backto that right after this quick break.
Here on the Duncan do a realestate show. Give us a call eight
one three three five nine eight ninenine zero. Even now we have agents

(18:37):
at the office. They'll be happyto speak with you. So we'll be
back right after this quick break Hereon the Duncan do a real estate show.
And we're back here on the Duncando a real estate show. Thanks
for sticking with us through that longerbreak I'm Robert Johnson, president of the
Duncan Duo here with Josh Fabella,one of the agents on our team.
We were talking before the break aboutdifferent things that home buyers needed to be

(18:57):
cautious of, especially during their firstyear, and really like the annual spend
and repair cost that you're going tospend to maintain your home as you would
anything else. You definitely want topay attention to yearly costs. And really
what we were talking about is oneof the most important things is keeping up

(19:18):
with yearly costs of your home.Don't let things go because the longer you
let them go, the bigger problemthat is, and the higher the cost
and the higher the cost. Yeah, so number one, have a great
inspector home buyer lined up when you'rebuying your home and inspector. Most important
thing what I always tell buyers andwhat I think is great is to me

(19:41):
on the inspection, you want tolook for any big red flags, and
you want to look for a lotof the four point items, especially for
insurance purposes. Four points the mostimportant those are really the things that you
want to pay attention to. Fourpoint is electrical roof You see they see
ye plumbing, plumbing, those areessential for insurance, everything else. You

(20:06):
know, the inspector they want tocover themselves too, So I always say,
man, the inspector's going to findeverything. Really, I treat for
the homeowner and I tell them alot of other stuff on This is just
like your to do list. Likethis is like your first year or two
of ownership. You want to addressthese things. Maybe address one or two
of them per month, you know, go through make sure you have a

(20:27):
great you know, a great planin place. But as you own a
home, there's no home that's perfect. Even inspections that we do on new
construction can be just as bad,if not worse than establish homest And every
home has a to do list,so don't let the inspection freak you out.

(20:48):
Number two on the list is lookfor deal breakers in the home inspection.
Again, this is just what wewere referencing. One of the big
deal breakers is really four point items. You know, if the house has
many cracks along the door or doorwayor windows, or feel a downward slope
as you walk across the floor,it could have foundational issues. This is
Florida absolutely, so you know thisis very relevant, especially in bungalow properties.

(21:12):
You know, you get those oldnineteen twenties, nineteen ten's crawl space
homes. For those of you outthere that don't know, this is Florida
and most of those homes are youknow, wood on block and the crawl
space is of everything above u's woodand overtime that wood can sag and warp

(21:36):
and you know, if it's notmaintained, well, this is a very
humid climate and it is going tocreate an issue. Yeah, So what
I always suggest is getting a reallygood, you know, engineer in their
foundation engineer, somebody that's really reputableand you know, is you can trust

(21:56):
if there's an issue, to getthem in there and they can talk about
it. But another major deal breaker, you know, water damage, huge
deal breaker. The article mentions termitedamage. Another thing about being in Florida,
for those of you that don't know, is that home Florida has two
types of homes. Those that havetermites are those that will have termite.

(22:18):
So every home pretty much in Florida, and I can say this pretty confidently,
at some point is going to gettermites. There's two different types of
termites subterranean, you know, andI don't know the Yeah, the driver
today right freaked out. Okay,well you don't want the subterranean No,

(22:41):
that's the ones you don't want.But the drywood termites they're going to swarm.
And you know, even when youget your house tinted, they give
you a five year guarantee. Well, if you tint the house and there's
eggs there, it takes about fiveyears for them to hatch anyway. So
yeah, so it's just it's anongoing issue in Florida. I always say,

(23:03):
look out for them, have thehomeowner treat it or get the place
tentted. You know, but generallyyou're okay, yeah, you know.
It's but people from up north dofreak out about the termites because up north
it's a lot of those instructions.Yes, and it's a lot of those
termites that are going to eat throughyour house. You know, we have
these little things that just are annoyingmostly, but you still don't want the

(23:29):
house to have it. So again, the inspection report, the article even
mentions something that I just talked about, is it really gives you a chance
to prioritize repairs for after you purchasethe property. Keep your critical eye as
a homeowner. You know, onceyou become a homeowner, it will be
important to keep up with routine maintenancein your house. Don't skip out on
having that air conditioner, furnace tunedup. It's like changing heat. Yeah,

(23:52):
it's like changing the oil on thecar. That's what the article says.
You want your CARDI lasts a longtime. I mean, my car's
got one hundred and eighty thousand milesten years. But it only does that
because you on top of the maintenanceschedule exactly, right, same thing with
your house exactly. My house istwenty three years old. I painted it
two years ago because you need anew paint helps seal the house and it
keeps the moisture from wicking in fromthe outside. But people don't, you
know, like right, the bareminimum, right. But you know,

(24:15):
these are things you just plan onspending, you know, again, going
back to a plan budgeting, justlike you do with your life. You're
like, Okay, I know Ihave this expense coming up on this car.
I got a fifteen hundred dollars serviceor whatever it may be. Well,
and I think when you're working witha good buyer agent, and Josh
is a great buyer agent, butthey're going to as a as a real
estate professional. You know, they'reyour advocate there. This is not car

(24:37):
sales like that. That agent isworking for you as your fiduciary and a
single agent relationship, so they're lookingout for your best interest. And a
good agent is going to explain toyou. You know, they're they're not
an inspector. They're not going tobe able to see every problem in the
house, but they're going to maybeexplain to you, hey, this could
be an issue for financing, orhey, this is going to to be

(25:00):
a problem with insurance. Here's ouroptions, you know, or hey,
here's what I see with this house. This could be an ongoing budget issue.
This is something that I that looksokay. Now, maybe I would
start budgeting for this down the line. So a good agent's going to come
to you with really a plan tohelp you. You know, if you
like the house, they're going tohelp you get into it, but also

(25:22):
give you kind of a game planfor what you need to look for.
I agree, but I also thinkthat what's overlooked is, you know,
what should be your game plan asa seller. You know, when you're
getting ready to sell your home,because this is a buyer coming in and
they're going to be doing the inspection. They're going to be looking at this
property. Now, I always recommendas an agent, and again I'm working

(25:45):
for the seller in this scenario,Okay, I do not recommend a pre
sales inspection. Okay, mostly becauseI don't you know, I think the
buyer is still going to do aninspection. They are, that inspector is
still going to come up with alist of a whole bunch of other things
that you didn't the other inspector didn'tpre inspection. Fine, right, And

(26:08):
also you know, I guarantee youthat we're not going to fix every single
thing on a pre inspection because someof a lot of the items you're not
going to need to fix. It'sjust for your knowledge. But then at
that point we're going to have todisclose legally, you need to disclose everything
to the buyer. So it justit creates a slippery slope. But you

(26:29):
know, when you're working with aseller, now, what are you telling
them as far as preparing their houseand making sure certain maintenance items are out
up to date. You know,I look at it in the eye as
a buyer, like I think it'svery crucial now now that we're going to
be listing your house, that yousee what you need to see that the
eyes of the buyer and the buyeris going to look at your house as
a product they want to buy,and it's a resource on our new home
construction. So they're going to belike, okay, what what is the

(26:51):
biggest thing. Then you look andit goes back to the four point items.
How old your roof? Have youbeen maintaining it? How about your
ac the water heaters at all?Because if it's over a certain years old,
now you can't get insurance. Theywant you to replace it before the
deal ends. I'm in that situationright now on one of mine. So
they're fixing the new the roof isfine, Oh yeah, no, you're
right years old? No, don'tthey want to ensure it until after that's

(27:12):
been replaced. Crazy, Yeah,I mean it's a four point I mean
everything's an issue. So I feellike sometimes but uh yeah, I always
try to make sure that the sellerunderstands that if you can see it from
the perspective of the buyer, likethis is what they're looking for. You
know, they're going to go awayfrom buying new construction and buying your home
because maybe you're in a great arealike Fishock Schools and you want to you

(27:33):
want to get that resale home done. It's going to be important to make
your house marketable. I think thebest and the better you can do that.
I think you're going to sell yourhouse quicker, right because what ultimately
what happens is you going to bepriced perfectly. The buyer is going to
come in, they're going to dotheir due diligence and they're going to see,
oh this this a sees so old. The roof is sold, it
needs to be replaced, and thenyou're going to be right back if something

(27:53):
you could have taken care of initially, yeah, I've been ready for or
at least say at the beginning ofthe listing, we're going to replace it
before the you know, the beforeclosing from that buyer. Well, I
think especially as a seller also youknow a well I mean even like a
home that's well taken care of,you know, it visually looks great.

(28:15):
I mean everything looks good. Ityou know, it's probably maintained well.
Yes, so I think that that'ssuper important. But just making sure that
all the items that should be working. You know, I would say like,
oh, if you have certain plugsin your house that aren't working,
you know, get an electrician inthere and get that taken care of exactly
exactly. And when you have littleor when you have big things like that

(28:38):
or I shouldn't say big because that'snot big, but obvious things like that,
you want to get those taken careof because why create the object exactly?
And then the house. You know, when there's a couple of little
things like that that are obvious,it makes the house overall not looked well
maintained. Yeah, you know,and you might have maintained your house really
nice. Maybe you never used thatplug or whatever, so it wasn't that
important. But when you go tosell your home, you want to do

(29:02):
that. I remember we sold ourfirst home back in like twenty fourteen.
I think, you know, therewas things that we knew we had to
do. You know, we hadthis fashion of work we had to do
and stuff that didn't ever bother us. But now when we sold it,
I'm like, man, we needto get this done because we want the
house to them to know that wewell maintained the house. And I think

(29:23):
that's super important and justify your sellingprice too. Oh absolutely, I mean
the buyer sees that and it's it'sa curb of feeling, right see that
right away? Well, and somebuyers when I was touring them around homes,
you know, not to give awaya ton of strategies, but you
know you'd go through and you'd belike, oh, yeah, we're going
to ask for money off when weget this inspection back because preconceived notion of

(29:45):
exactly exactly we're going to put theoffer in here. We're going to make
sure we get under contract, andI know that this issue, this issue,
this issue is going to come up, and then that's where we're going
to go back and we're going tonegotiate because we already have it under contract.
So let's get it under contrac.There's a really competitive market and this
is a really great area, andthis house might have multiple offers, so
let's get under contract and then we'regonna worry about negotiation later. So you

(30:11):
know, you don't want a buyeragent. Yeah, you don't want a
buyer agent to have that, youknow, leg up on you as a
seller. So and you don't wantto get caught in that scenario. So
again, just some different strategies talkingabout the first year of home ownership and
ongoing homeownership, maintenance, maintenance wiseand maintenance costs, but also strategies that

(30:33):
you need as a seller to getyour home ready to go so the buyer
doesn't come back and have a lotof first year maintenance issues. So again,
if you want to reach out tous, go to Duncan Duo dot
com and actually talk to us thereabout your home's value. You know,
fill out some forms, you know, we'll shoot you back a value of
your home. But if you wantto get really technical, we can come
out take a look at your property, let you know some different market strategies

(30:56):
we can use to get you themost money. Or if you're a buyer,
you can go to our website Dontodot com. You can browse every
listing that's on the MLS. Whetherit's our listings, another agent's listings,
it doesn't matter. It's actually updatedvery frequently, much more than a lot
of national websites out there that Iwon't mention. But again, Duncan Duo
dot com has a direct MLS feedwhere you can look at any listings.

(31:18):
If you're a buyer. Thanks forsticking with us, and we'll be back
right after this quick break here onthe Duncan Duo Show. And we're back
here on the Duncan Duo Real EstateShow. Thanks for following us down to
our last segment here. Glad you'rewith us this Sunday. I'm Robert Johnson,
president of the Duncan Duo, herewith Josh Fabello, one of our
great agents on our team. Thanksfor joining us, Josh. One of
the things I wanted to talk aboutto get you excited about buying a home

(31:41):
since we've kind of talked about somestressful things is the amount of equity you're
able to build as far as yournet worth and really your finances when you
own a property. So right now, there's a lot of data about how,
right now, this very specific second, it's actually cheaper to rent a
home than own a home. Ialways laugh at those moments. At this

(32:06):
moment, it is pinpoint of themoment right in time. So right now,
if you're just looking at monthly costs, that's that's the data, and
there are some people out there thatthat's what they look at. But next
year, when your rent goes upor stays the same. If you're lucky,
you know you're not gaining that equityof owning that house. That's typically

(32:27):
about three percent a year on average, some years more, some years less.
But if you bought since May twentynineteen, you've been in a real
good spot. So the equity gainsacross the US since May of twenty nineteen
have been measured, and there istop ten rankings of the best metro areas
for equity since that time. Numbersix is our favorite, our number one

(32:52):
spot. Tampa Florida. There itis there, it is so since May
twenty nineteen. The average cost ofa home in Tampa, Florida at that
time was two hundred and eighty fourthousand dollars. Wow, May twenty nineteen,
such a short blink of an eyeago feels like a lifetime ago.
I mean wow. Now the averagecost in Tampa, Florida is four hundred

(33:12):
and twenty five thousand dollars as ofMay twenty twenty four. So in Tampa
at number six, it has goneup forty it says year over year.
I don't quite know that, butyou've gained forty nine point six percent home
equity. So it doesn't make sensethat almost seems like one hundred, but

(33:34):
whatever. Yeah, it's about onehundred, right right, right when I
bought my house, yeah, right, right right. Twenty eighteen. You
know, it talks about the topten areas where equity has really gone up.
The most. Number ten on thelist is Hartford, Connecticut. It's
kind of a captive audience right thenortheast. It's like Maine and everything else.

(33:57):
At that point. The you know, May twenty nineteen, it was
three hundred thousand out its four hundredand forty seven thousand dollars. Las Vegas
was three hundred and twenty thousand outsfour seventy seven. That was number nine,
Boston, Massachusetts. I was alittle surprised that that one is on
the list. It is on thelist. It came in at number eight.
It was six oh two in Maytwenty nineteen. Now the average price
is nine hundred thousand. Tampa,Florida. Okay, we already went through

(34:27):
that one. Or excuse me,I miss San Diego. San Diego is
actually number seven. Tampa is numbersix, Memphis, Tennessee number five,
three hundred excuse me, two hundredand thirty thousand, and now it's averaged
at three point fifty. Number fourAustin, Texas three hundred and seventy one
to five sixty five. Now Austinactually recently has seen prices dropped going down.

(34:53):
Yeah, so this year, youknow, I don't think that people
it's not that people are leaving Austinreally that I think prices went up thinking
like this huge, like it wasgoing to keep going gangbusters, and people
were really like over inflating their homes. And then what you had was so
many on the market at one time, so overpriced, and now everybody's having

(35:15):
to lower their prices. Number threeProvidence, Rhode Island. Number two,
also surprising. Number two Los Angeles, California. Really average price was eight
oh five and now it's one pointtwo four to eight. Now, what
have I have heard is that alot of the national news talks about California

(35:38):
as a whole, but really Californiais very similar to Florida as far as
real estate markets go, where somemarkets are very very hot, right,
and some markets are very very cold, and the cold markets, if you
look at statewide, it kind ofdrags down the hotter markets. And I
have read that while San Francisco andall those areas have really taken a hit.

(36:02):
Southern California started off really hit,like, especially during the pandemic,
and then it went where it wentway up. Okay, So that's what
I have heard is that San Franciscois still really struggling, whereas at least
prices in Los Angeles have really wentup. I don't know why that is,

(36:22):
because we always think, oh,people are leaving California, people are
leaving California. But it seems Itore just going more to the metro a
right, right, So it's andit also seems like maybe La always has
had an underbuilt market, so peoplecould still leave and it could still be
very busy, and it's still couldbe really desirable. Number One on the
list, Nashville, Tennessee. Icould see that. Yeah, so it

(36:45):
was average in May twenty nineteen wasthree seventy five. Now May twenty twenty
four, it's five eighty eight.So home equity has risen the most in
those metro areas, so that wasn'tsurprising me. Was Memphis, Yeah,
you know, so sometimes I likesome of these lists are percentage based.

(37:07):
Yeah, so I think because homeprices were so cheap there to begin with
when they go up like one hundredk. Yeah, but hey, if
you're looking for deals, Memphis isout there. You'll notice a lot of
the housing markets that are really onfire right now are those cheaper areas Midwest,
you know, wonderful Ohio, Kentucky, you know, some areas of

(37:30):
southern Illinois, like that whole area. You know, when you look at
percentages, you're like, man,these homes are up like fifty percent.
Well, they were so cheap tobegin with, so you know, when
when when a home in Florida's fourtwenty five, I mean, I mean,
yeah, you can get like athree hundred thousand dollars home there and
it's an amazing property. So ifyou're looking for deals or hey, if

(37:52):
you're looking to relocate, those areareas where you can really still get a
lot for your money. And they'resome of the hottest markets right now.
And I think we have referral Park. Yeah, absolutely, So thanks for
sticking with us this week. Lotsof real estate news. Thanks for joining
us again. Reach out to us. Any of our socials were there,
dunkin Duo team, reach out tous on our website dunkin Duo dot com,

(38:13):
or give us a call at ouroffice eight one, three, three
five nine eight nine nine zero.Thanks for joining us this week Tampa Bay
here on the Dunkin Duo Real EstateShow. See you next time.