Duncan Duo 7-7-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the

(00:02):
Duncan Duo Real Estate Show, likewe are every Sunday at ten am talking
about the Tampa Bay real estate market, like I have been doing for more
than a decade. When we aren'ton air, make sure to follow us
at the Duncan Duo again. That'sat the Duncan Duo. Twitter, Instagram,
YouTube, TikTok, Facebook, youname it at the Duncan Duo and

(00:23):
that will connect you with us.And today I'm going to talk about something
to start the show that I haven'ttalked about in a long time, and
it is short sales. For thoseof you real estate veterans out there,
are real estate agents, people havebeen in the game a long time.
You probably know what a short saleis, but I would imagine there's probably
some people listening to the show thatdon't know what it is or need a

(00:46):
refresher course. So, a shortsale is when a homeowner sells a property
they don't have equity in and theydon't have the money to make up the
difference. So an example would beyou have a four hundred thousand dollars house,
the owner os four and a quarter. It's only worth four hundred and
they don't have the twenty five thousandplus fees, costs, expenses, and

(01:08):
commissions to make up the difference.It's something we haven't dealt with in a
long time because we've had this niceequity run up for a really long period
of time. We had years whereequity was, you know, growing twenty
seven to thirty percent in Tampa Bay, some neighborhoods even more. However,
I want to preface this by saying, by no means is our real estate

(01:29):
market in the verge of a crash. But there is a small segment of
the population that is now starting toget into tough positions where they need to
short sail, and I want totalk about it because we're experts at it.
I've done hundreds of them, man, from two thousand and eight to
twenty eleven. It was a lotof my business. We have negotiators that
we work with and our goal isto help you avoid foreclosure and negotiate with

(01:52):
a bank to allow you to sellthe property short of what's owed instead of
coming up with the cash difference thatyou may not have. So again,
short sale is a sale where thebank allows the sale to happen and approves
it, and the homeowner doesn't coverthe difference between what it's worth and what
it could sell for, and yousell it to an end user consumer want

(02:13):
it avoids foreclosure, sitting in aneighborhood, which tends to drive values down
too, helps preserve the homeowner's creditin a better place than foreclosure. And
three, you need an experienced agentthat knows how to do them. There
are a lot of real estate agentsthat have gotten into the business the last
few years. I have absolutely noidea how to do one. I've been
around twenty years. If you're thinkingabout doing a short sale, you need

(02:36):
to be with somebody that is anexpert that knows the process, that knows
the game, that knows how towork with the banks, that knows how
to get an offer quickly. Allof those things really matter in terms of
getting a short sellf facilitated. Butwho's really applying to right now? Because
I want you guys to understand thatour market isn't going to crash. So
many of our homeowners in Tampa Bay, nearly half of our our deals are

(02:57):
cash, and nearly half of thepeople mortgages have rates in the threes and
fours. So there's a really strongsegment of our population. It's kind of
protected by what's happened in the lastyear or two where where home values are
kind of stagnated. So what endsup happening is if home values stagnate,
someone's in a seven percent interest rateand they now have to sell and they
can't make up the difference, theyhave to go down the path of a

(03:19):
short sale. And it's really thatsegment of the population that bought between maybe
late twenty two, but truthfully twentythree and twenty four that now are in
a tough position. They have ahigh interest rate, they bought, market
prices haven't risen, so they don'thave equity, and they're either forced to
move, divorce. A lot ofvariety of situations, but those are the

(03:43):
two common ones that we're seeing.And someone loses a job, forced to
move, or divorced and now theyhave to sell their property and the values
haven't risen enough for them to beable to sell it and cover all the
costs. That is essentially what ashort sale is. And if that is
you, we would love to helpyou. Duncanduo dot com, We've got
a team of negotiation who've got legaladvice that we can provide for you.

(04:03):
We can definitely help facilitate the shortsel market it the way that it needs
to be done, because we havea track record and experience an sop for
helping people navigate through those challenging situations, and so it's not going to be
a large segment of the marketplace.Again, these are consumers that have bought,
you know, for the most part, or extended home equity lines of

(04:24):
credit, you know, tap theirequity too much when they bought it near
peak of market, and we haven'tseen enough value increase in that particular neighborhood.
So there are plenty of neighborhoods wherewe've still seen a value increase where
this wouldn't be applicable. But it'sa lot of new construction neighborhoods, homes
where there's a lot of saturation ofpeople that bought during that same timeframe and

(04:45):
they're still building there. Values haven'trisen. People don't have equity, and
that's that's what we're seeing. Soif you are one of those people again,
dunkin Duo dot com thoughts, reportour agental reach out. Just make
sure you let them know that you'reyou're in a negative position, you're you're
thinking about doing a short sale,and you need some advice and we'd be
happy to help you with that.So it's something that we're seeing, not

(05:06):
something we're seeing a lot of,but I'm getting calls and talking to consumers.
They're in that position for the firsttime in many, many, many
years, more than a decade.I think we've done one short sale in
the last probably several years, andthere's a handful of people that have reached
out to us recently they're in thatposition. So hopefully this is helpful in

(05:28):
terms of explaining what a short saleis. As far as the credit damage
from a short sale, it canvary. It depends on how it's reported,
it depends on how many payments youmiss. But ultimately there are people
who have either gotten fourbearances for aperiod of time and increase the amount they
owed, they lose a job,they don't have the money to pay,
they're in a high interest rate sothey can't rent it out and get the
cost covered, or a divorce.So if any of those situations apply and

(05:53):
you're in a negative equity position,you want to make sure that you're dealing
with somebody that knows how to navigatethrough that, and a lot of new
real estate agents don't know what they'redoing. They've not been properly trained,
they don't have the right certifications.So if you are in that boat again,
duncanduo dot com, reach out.We'll give you a free consultation,
give you some advice, and helpguide you down the right path. So
again we're listening to the Duncan duA real estate show talking about the Tampa

(06:15):
Bay real estate market, like weare every Sunday at the Duncan Duo.
When we aren't on air, Iwant to talk about some credit misconceptions.
There are a lot of people thatgo out to buy a home right now
and don't really know what they havegoing on on their credit report, and
then they find out they can't qualifybecause of something in their credit report or

(06:35):
something they neglected, or they don'thave enough credit. So I want to
give you, guys some credit misconceptionsto help you avoid so that you can
qualify to buy a home and makesure. Again, as I mentioned before
about the short sales or about thesecredit misconceptions, this may not apply to
you, but if there's someone thatyou know that it applies to share our

(06:56):
social media channels with them. Havethem go to our radio show sound cloud
page, listen to this again andshare the content with them so they can
get the right information to help themmake good real estate decisions. So a
small credit card balance is not betterfor your credit scores than paying it off
completely. Roughly a third of Americanswrongly believe that leaving a small balance on
their credit card is better for theircredit scores than paying it off completely each

(07:19):
month. So the best way tobuild your credit scores by paying off your
card balance is on time and infull each month. This is true for
a couple reasons. Payment history.Lenders want to see you consistently pay back
money you've borrowed, so you wantto make sure you never miss a payment,
But when you pay it in full, that's you satisfying it completely.
Second is credit utilization. The morecredit card balance that you hold versus paying

(07:41):
it off in full every month,the greater impact it has on you being
able to qualify for more money loanto you. Checking your credit score does
not cause them to go down.About a quarter of Americans believe that checking
their credit score can cause it togo down. Checking your credit scores will
not impact them. Is very importantfor you to regularly check your credit.
Pay attention to what's going on.Is there something that's wrong? Is there

(08:05):
something wrongly reported? Is a billon there that shouldn't be? Is it
a mistake? Should it be onsomeone else's credit? All those things happen
all the time your lender. Yourcredit scores can go down when a lender
runs a credit check. Nearly onein five Americans wrongly believe your credit scores
cannot go down when a lender runsa credit check. In reality, there
are many reasons why your scoremate drop, and one of them is a lender

(08:26):
running a hard inquiry. The morehard inquiries you have, the more that
can cause a concern for someone thinkingabout loaning you money. The reason for
that is because people have fraudulently inthe past gone out and sought a lot
of credit, got a bunch ofmoney, and then defaulted on it all,
so that throws up red The morehard inquiries you have, the more

(08:46):
red flags that throws up. However, when you are shopping for loans FIKO
vantage score they will group applications forloans together if made within a short period
of time. The exact time spanvery on scoring model. But the point
is, if you're shopping rates andnot just attempting to gain different lines of
credit and different credit cards, thenthat's going to get count that's going to

(09:09):
get compacted and not counted, thesame way as if you applied for four
different credit cards and four different loansat the same time. People with bad
credit can be approved for credit cards. One in five Americans wrongly believe you
can't be approved for credit cards ifyou have bad credit. Now, the
truth is that many lenders offer cardstailored to people with bad credit scores.

(09:30):
Again, the purpose being that they'regoing to pay more, they're going to
pay a higher rate, they're goingto pay a higher security deposit. So
you can get credit with bad credit, you're just going to pay more for
it. And the same thing appliesto getting a mortgage loan. If you
have great income, great job history, but your credit profile is bad,
you may still be able to geta loan for a house. You might

(09:52):
just have to put up more moneyand you might have to pay higher rates
and fees. Using buy now,pay later isn't likely to help your credit
score. Nearly a third of Americanswrongly believe that using buy now, pay
letter pay later can better your creditscore. BNPL services are type unless you
split payments for purchase into monthly installments. You know, they don't typically report

(10:15):
to credit bureaus, meaning that it'snot going to help your credit score,
So like a layaway type plan ora you know again, all these buy
now, pay later checkouts on websites, they don't typically report to credit bureers.
Now there are times where they do. There are providers that do,
and those are the only ones thatyou're going to successfully have improved your credit.
Typically, those repayment periods are shorterand they don't charge interest. Those

(10:39):
with longer repayments often will, butthey charge fees for later mispayments, and
that's how they make their money.So the key is, if you're wanting
to improve your credit score, theonly place to do that is by accepting
and receiving credit from people that reportto credit bureaus. Similarly, your rent
payment, some landlords do report alot do not, depends on the size

(11:01):
of the institution because the cost theyincurve for doing so. So, if
you're wanting to improve your credit Ialways recommend a credit professional look at what
you have going on to help youqualify. And again, if you are
thinking about buying a home, thetime for you to check your credit is
before you go out and look athouses and before you start the loan application
process. You want to know what'sthere. You want to know what's accurate,

(11:22):
what's not. You want to makesure your score is in line.
I have seen far too many homebuyers go out and fall in love with
the home and then be entirely letdown because they can't qualify. And they
could have saved themselves and their realtorthe time, energy, and effort of
going out and looking at properties andgetting their hopes up if they had just

(11:43):
done this simple step first. Sobefore you go out, don't just look
at an online calculator and say,oh, I can afford this. It's
not about what you can afford.It's what the bank can prove you can
afford and what they can improve youfor and be comfortable with loaning you,
which varies from person to person.Credit profile, income history, all those
things come to play. What I'mgoing to talk about next. If you
haven't paid attention, there's a newlawsuit that happened with the National Association of

(12:09):
Realtors and mostly every single large realestate brokerage that is changing the game for
how real estate operates when it comesto home buyers. I want to talk
about that next after a quick breakhere on the Duncan Duo Show. So
we're back here on the Duncan DuoShow talking about the Tampa Bay real estate
market. Andrew Duncan of the DuncanDuo team at LPT Realty at the Duncan

(12:30):
Duo. When we aren't on air, and if you missed our first segment,
we covered short sales. There arepeople out there that need help,
that are behind on their mortgage andthat don't have the money to make up
the difference and need to sell ormove or have lost a job. For
those folks, we have a massiveamount of experience. If you need to
look at doing a short sale,please reach out to us Duncan Duo dot

(12:52):
com. Fill out the form andwhen our agent reaches out to you,
they will let you know what we'reable to help you with and what the
right path for you is. Butthere are people out there that bought in
the last year or two have don'thave equity anymore, the fees and costs
to sell go above what they whatthey can comfortably carry themselves. So if

(13:13):
you are thinking about selling a homethat you're underwater on missing payments and have
equity that is less than what it'sworth today, hit us up a dunk
in duo dot com. So there'sa national realtor National Association Realtor's lawsuit as
well as all the major real estatebrokerages were named in a lawsuit that is
basically changing how real estate operates startingin August. From August seventeenth forward,

(13:37):
a real estate agent cannot show youthe listing of another brokerage unless they have
a signed agreement disclosing their fees.It is a required buyer representation form.
So the idea that you can simplycall a realtor and have them open doors
and show you all over town haschanged. You're now not able to do
that. You're going to have tolegally have a form that discloses what your

(14:01):
fees are. The second part ofthat is that no longer can realtors get
paid from an offering in the multiplelisting service. In the past, a
listing would go on the market andthe listing broker would offer a commission to
buyer brokers. The MLS would protectthat buyers would go out, they'd work
with their agent, the listing brokerfrom the seller's proceeds would pay the buyer

(14:22):
agent. Now that has changed.Federal law said that they don't believe in
that, that it's not legal,and all of these entities have negotiated a
settlement that requires now buyer agents tohave a signed form indicating what their fee
is, how they'll be compensated,either through asking the seller for concessions or

(14:46):
the buyer paying them directly, asMLS is no longer allowed to offer those
fees. And because of that,you're now required to have a signed representation
form with your agent. So ifyou've been used to real estate operating the
way it has in the pass,you're going to call and say, hey,
I want you to jump out andshow this home to me. It's
changing. They're not agents aren't goingto be able to do that anymore.

(15:09):
They're going to have to have asigned form and it isn't just a company
policy, it is now going tobe law that agents have to do this.
They're not able to show homes ifthey don't have a representation agreement.
Now. I think it helps transparency. I think it helps buyers understand what
their fee structure is, but Ialso think it pits the burden of the
fee on the buyer. I don'tlove it because there's a lot of buyers

(15:30):
out there that are strapped and needrepresentation but don't have the money to pay
for an agent. Similarly, youknow, it's kind of like going to
court and then showing up in alawsuit and not having an attorney. Of
course, the processes are completely different. Of course, I'm not saying that
real estate agents do what attorneys do, but there are a lot of steps
in the process that that disadvantaged homebuyers don't know how to navigate through,

(15:56):
and that now listing agents and listingbrokerages are going to have to bear that
burden. So there will be alot of change in real estate. You'll
have to meet with an agent,you'll have to hire them, you'll have
to vet them. But for realestate agents, you get to choose who
you want to work with. Ifsomeone doesn't want to agree to work with
you exclusively, you don't have topop out and show them homes anymore.
So it is going to change howreal estate operates. It's going to change

(16:17):
how commissions are negotiated. In thepast, mls offered the commission. Now
it's all negotiable. So when abuyer agent and a buyer make an offer,
the agent can specifically negotiate their commissionthroughout the process. There's no requirement
that they do it ahead of timelike was in the past. Now commissions
are always negotiable. So so againit's going to massively change. I think

(16:40):
the cream will rise to the top. I think the best teams like mine
will continue to do great. ButI think there are a lot of agents
that were order takers, that weredoor openers, that got paid simply because
the MLS guaranteed and entitled them compensation. And now entitlement is gone and they're
going to have to work for itand earn it. Do a proper presentation,
show value, show the consumer thebenefit they get from working with them.

(17:02):
And again that is the change thathappens August seventeenth. You will have
to have a real estate agent willhave to have a signed agreement with you
disclosing their fees and costs before theycan show you home. So again it's
the law. We've always had peopleresist us and say no, no,
no, I just want to seethe home, or I don't want to
preapprove, I just want to goand look at the property. Unfortunately,

(17:23):
this lawsuit is going to prevent alot of that, and consumers are going
to be upset because they're used tothings operating a certain way and this massively
changes it. So again, theidea is for transparency on fees, for
people to have the opportunity to negotiateand save money, and for them to
know whose role is what in atransaction, who represents who, and a

(17:45):
full disclosure of fees so that consumersdon't have a kind of a curve ball
and feel like they weren't disclosed.So that's pretty much what's happening. I
think again, the cream will riseto the top. The best real estate
companies will continue doing great, butthere will be a lot of real estate
agents that won't be able to adapt. We will be one of them.

(18:07):
So hopefully that helps you understand thelawsuit in its entirety. There's a lot
of misinformation out there about it.It does It does not regulate how real
estate agents or how much real estateagents get paid. It doesn't regulate that
they can or can't get paid.It simply regulates that they must have a
representation agreement before showing homes, andin a lot of instances, those agencies

(18:29):
are going to want to have asit down with the client to decide if
they want to work together. Nodifferent than any other business. You're thinking
about hiring someone to you know,hiring someone to work on your house.
You might interview two or three peoplewhen you sell your home. That's exactly
what you do. But a lotof buyers aren't educated on the process and
they simply call on signs and endup getting hooked up with a real estate

(18:52):
agent just because they responded on awebsite. But they may not be the
right person to best represent them.So I think that again the cream will
rise the top. But We're goingthrough some massive transformation in real estate and
I'm frankly excited about it. Sowe backward can continue this conversation after a
quick break here on the Duncan DuoShow. So back here on the Duncan
Duo Show, talking about the TampaBay real estate market. It is no
secret that we are in a shiftingreal estate market. Let me explain what

(19:15):
a shifting real estate market means.It means that we are heading in a
stabilized direction and are bidding wars andsellers market and prices rising are over We're
seeing inventory creep up a little bit. We're seeing homes take a little bit
longer to sell. We're seeing fewerhomeowners with equity that have bought the last

(19:40):
year or two that are in challengingfinancial situations, and Realtor dot Com said
sellers in Tampa and Jacksonville have beenreducing prices. Over all, the South
saw higher percentage in price reductions yearto year. We're seeing the same thing.
Homes aren't moving, Consumers are payinga high interest rate. They want
a better value, and so we'veseen things stabilize and a appreciation slow as

(20:02):
consumers want a better deal for therates as well as the economic uncertainty.
And I can tell you that everytime we have a presidential election, especially
one is polarizing as this one,it causes people to fear in gridlock.
So selling a home right now,in addition to high interest rates and prices
that have been you know that haverisen dramatically but now aren't rising much,

(20:23):
is causing people to be a littleconcerned. The election causes people to fear
monger. It polarizes people, itmakes them think, well, I should
just wait till after the election.The reality is, though the presidential election
will have very little short term impacton real estate. It's not like the
stock market where it can go upmassively or down massively in one day.
Real Estate is very slow moving,so any policies that either the returning president

(20:48):
or the incoming president at passing afterthe election will have such a long term
play on real estate that it won'thave much of an impact. So the
idea that of waiting till the electtionreally doesn't make a lot of sense.
But unfortunately, polarizing elections cause peopleto be fearful. So realtor dot com
said, the number of homes rosein May with an average looks like we're

(21:11):
at about fifty five days on market. The three cities that saw the considerable
drop in prices reports day to twentyeight point six percent of homes in Tampa
saw price reduction, which is anincrease of ten point nine percentage points compared
to twenty twenty three. So whatdoes that tell you? We're seeing a
little bit of a rise in inventory, fordability has been challenged. We're still

(21:33):
seeing people move here, but we'renot seeing as many, so population growth
is a little bit slowing. Sowhat happens homes start to soften on price,
sellers have to reduce their price.What I can tell you, though,
unfortunately, is that a lot ofhome sellers got used to the idea
that they could overprice their home andit could sell. In other words,
two years ago, you could overpriceup by ten percent, it'd probably still

(21:55):
get an offer. And that patternhas kind of stayed the same, and
people are still trying to do thattoday. Their most home sellers believe that
their home is the best home inthe neighborhood. It's why they live there,
that's why they bought it. Theythink that their home is it.
However, the reality is is theirhome is worth a number that a buyer
will is willing to pay, notthe number that they set. And so

(22:18):
some of the sellers are setting thesehigh prices because of how much money they
want to put in their pocket orhow much better they think their home is
than other homes, even though thatisn't necessarily accurately the case. So when
you're pricing your home, you needto understand not just what has sold or
sold six months or a year ago, because most of that is irrelevant now.

(22:38):
You need to know what is onthe market now. And there are
sellers that are more motivated than youare, and they're setting the new price.
Maybe they have more equity than youdo, so they don't need to
hold the line. So what endsup happening is some of those sellers that
say, you know what, Igot a four hundred thousand dollars house and
I'm happy getting three ninety and Ineed to get it sold. And then

(22:59):
you have somebody else who as afour hundred thousand dollars house and they want
four twenty five because a couple ofyears ago, that's a strategy, this
is what I want. The marketreally didn't matter. Everything was selling for
fantasy land price. Now stuff isselling for market price or slightly less than
market value, and you have tolook at what's active on the market versus
solds or pending sales for months andmonths or a year ago, because they're

(23:19):
not relevant anymore. You're going tohave homeowners that are going to say,
hey, I got an f equityand I don't want to sit here for
months and months and months. It'swhy cash offers like the one we offer
a dunkin doo a dot commerce sopopular. Again, if you want a
cash offer, if you want itquick and clean, you have to expect
that you're not going to get maximumretail. The reason that person is buying
the home with their own cash isfor an expected rate of return, and

(23:41):
it has to be substantial enough forit to make sense for the risk.
Otherwise they can just park their moneyin a treasury bonder, a savings account
earned five or five and a halfpercent. It's got to be a better
return in that, which means itneeds to be a bigger discount than that.
So if you're expecting to sell yourhome to a large instant, or
even to my to our investors thatwe bring to you or our company directly,

(24:06):
you're going to have to pad ina return. The investor has to
see a return. They're not doingit for charity. They're not doing it,
you know, they're certainly doing itbecause they want to help you.
They're also doing it to make areturn on their investment. Otherwise, why
put up the capital. Why wouldthey not just put the money somewhere else
where it'll get a return, Soit's got to be good enough of a
return. And with prices dropping,those offers look more aggressive today because investors

(24:29):
and home buyers are forecasting ahead andthey're saying, hey, look, if
we're going to be in this electioncycle, if the market is softening,
if prices aren't rising, I've gota factor in that. Maybe, just
maybe this uptick that we have withprices rising all the time is over.
Now I have to factor in pricesmight drop. So if I'm looking at
comps today saying hey, if Ibuy this house and I renovate it and

(24:49):
I can make this profit, Ihave to factor into that profit maybe less
by the time I actually take possessionof the property, renovate it, and
put it back on the market.So so again, cash offers are a
great thing. But when prices aredropping, those investors are savvy and they're
looking at that and they're factoring thatinto their evaluation before they can say,
hey, I can buy it atthis number, because they don't want to

(25:11):
get stuck owning it either and losingmoney. So homeowners pricing is crucial.
What you want for the house isn'trelevant anymore. It's what will someone pay
for it. What does the marketshow it's worth. A couple of years
ago, you could get what youwanted. You could throw any number out
there and it was fancy land andpeople would pay it. Now you've got
to be more strategic. You've gotto price up more appropriately. And fortunately

(25:33):
we know from experience because we've beenin these markets where you know. And
again I want to preface this bysaying, not every neighborhood is experiencing this
real estate is hyper local. Thereare parts of Temple we're still seeing bidding
war's home sell fast home, sellat asking okay, but we're also seeing
somewhere we're seeing some depreciation. We'reseeing some depression and values. So it

(25:53):
varies from neighborhood to neighborhood. It'swhy you need a pro. It's why
you don't need the part time oragent that you're talking to that you're uncle's
cousin's friend that got his license parttime and has done two deals. You
need to pro, you need us, You need to call pro because in
the tough market, that's what youneed. You need a pro. So
my point is is that you've gota price it at what the market will
support, what a buyer will deliverto you, and if you overprice the

(26:15):
home, you've basically given your homethe scarlet letter. You've said, hey,
I want this, And then otherhomes come on the market in your
neighborhood and they're at more aggressive prices, and then the domino effect happens,
and then you're trying to chase themall the while those other owners in the
neighborhood that either have more equity,are or are motivated, are setting the

(26:38):
new comp so that that's essentially whatis happening right now is why we're seeing
price reductions, why we're seeing pricesstabilize and we're not seeing massive price drops,
and a lot of neighborhoods we're seeingsome minor price drops in a minor
depreciation. But a lot of thepeople that are where this report is coming
from, we're just massively overpricing theirhomes. Because that was a strategy that

(27:00):
worked. That's why homes are risingso much. Sellers would say, oh,
they got this much, I'm goingto try for ten percent more.
That worked in a market where priceswere rising and people would say, you
know what, I really want thishouse. I'm going to be here for
a while. I don't care ifI'm overpaying a little bit. The market's
hot, I want to get intoa house because prices are rising. When
the converse of that happens and youoverprice your home, you're going to fight

(27:22):
the battle down and people are goingto undercut you, and you're going to
end up getting less. The longerproperties on the market, the less likely
someone is to give you your price. They're going to negotiate because they believe
the market is set at that pointthat it's worthless. So if you're struggling
and maybe you've been told by areal estate agent the wrong price, okay,
our goal is to guide you,help you make the choice. I

(27:42):
believe there's three ways to price aproperty. You can price it high and
negotiate down and plan on some reductions. You can price it up market and
expect that activity should happen and itshould sell within market time, which is
a couple months. Or you canprice it aggressively under market to bidding war,
with the hope that you force theactivity quicker and maybe get retail or

(28:03):
slightly above market value. So there'sreally not a wrong way, it's just
a customer has to understand which paththey're going. I think overpricing it sets
you up for failure and a marketwhere prices aren't rising, because if they're
dropping in a neighborhood or even justflattening, you're going to have other owners
in that neighborhood more aggressive than youhave, more equity. They're willing to

(28:25):
lose a little bit more to getto their next step than you are,
and they're listening to their agent andpricing it right, whereas you're pricing it
at what you want, not whatthe market will support. So hopefully that's
helpful other areas. Jacksonville was anotherone of the areas in the country twenty
seven point three percent of home seeinga reduction in price, and Charlotte came
in third with nineteen point four percentof homes lowering their prices. So there's

(28:49):
nothing wrong with lowering your price.I want you to understand that that is
what is necessary sometimes to get abuyer interested in your home. But if
the home is properly marketed as goodphotos, it's getting paide views and it's
not getting offers. It's the priceit is. It just is. There's
a lot of overpriced properties out thereright now. I'm working with a client

(29:11):
looking up to two million in SouthTampa right now, and it's amazing to
me when I'm seeing homes that automatedvaluation show one point four one point five,
and they're asking one point seven becausethat's what they have into it,
but that's what they think it's worth, or that's the money they've spent renovating
it to put it to their ownstandards and their own likes that a new
buyer doesn't see the value in becauseit was really for the owner's preference,

(29:34):
not for value. So you know, I'm looking at some of these homes
up to two million dollars with thisclient, and I'm surprised at how many
of them are so overpriced, andit's just really common. And then what
ends up happening is they lower theprice, and they lower the price after
they've already lost all the attraction tothe property. They've waited too long.

(29:55):
Now the eyes are gone. Nowthat first drop may get some people's attention,
but at that point you're fighting adomino effect because prices are softening,
not going up. So did youlower it to where it needs to be
today or did you lower it towhere it needed to be three months ago?
So I'm a firm believer that ifyou have overpriced your home, you

(30:17):
need a new strategy. Sometimes youcan lower the price and still get the
activity and get it done. Sometimesit needs a completely new strategy. Come
off the market, come back onas a new listing with a more aggressive
price. We specialize in that wehelp a lot of people whose homes expired
or who who decided to change realtorsget a new strategy. And sometimes it
needs to come off the market fora little bit so it can come up
as fresh. We can revitalize thephotos of description, we can come in

(30:40):
with an aggressive price to get yourhome moved and get it sold. We
don't want it sitting on the market. I know you don't either. This
is not the market to have homessit on the market and a lot of
price ranges. So again you're listeningto Dunkin do a real estate show and
we aren't on air. At theDunkin Duo, Twitter, Instagram, YouTube,
TikTok, Facebook again, at theDuncan Duo all of your social channels.

(31:03):
We'd love the opportunity to work withyou and help you with your real
estate needs. And go to aDuncan Duo dot com. If you want
a home value estimate, we believeour website has the best local home value
estimate. Again, at Duncan Duodot com, you get your home value
estimate. We reach out to youand give you the personal connection of a
human. Some of the online sitesthat shoot out a number, they don't
factor in what the condition, orthe features or your home is. They

(31:26):
sometimes missed a school district. Datahasn't replaced realtors yet. It's why we
still have jobs. Our track recordof billions of dollars of sales and evaluating
lots of properties allows us the trackrecord to get your value right. So
we will reach out to you andsay, what are some other features,
what are some other improvements, Andif you've got a high end home,

(31:48):
I'd love for you to go toDuncan Doo dot com because we're working on
improving it simply because the automated valuationsfor luxury real estate are still really off.
But we do reach out and connectwith you. Again. You can
do that at Duncan Duo dot com. And I will be back wrapping up
the show with the last segment aftera quick break here on WFLA. So
back here on the Duncan Duo Showtalking about the Tampa Bay real estate market.

(32:09):
Like we are every Sunday at tenwhen we aren't on air, ghit
us up at Duncan Duo dot comor follow us on all of our socials
at the Duncan Duo Twitter, Instagram, YouTube, TikTok and Facebook. Want
to make sure that you go toDuncan Duo dot com for your free home
value estimate, especially if you havea luxury property. The reason why I

(32:30):
want you to do it if youhave a luxury property is because we are
working on improving the system and I'mgoing to personally reach out to you to
get your opinion of the value sothat we can keep making the tool better.
So if you want to help mehelp you get a home value estimate
for your luxury property at Duncan Duodot com. I do personally reach out
to a lot of our clients aswe're revolving this new technology that we've rolled

(32:52):
out from a company called Fellow thatis a real estate seller software system and
again dunkn do It dot com.You just fill out your dress, we
reach out to you and I'll personallyreach out to you for the luxury home
sellers, because we are working onimproving it, but we also want to
talk to you so that we cantweak it based on features and upgrades,
so that we can get you themost accurate, the most accurate value possible.

(33:17):
It does appear that the Hometown Heroesis back. This is a program
that Florida instituted a while ago andthen ran out of money, and it
is back again. And Hometown Heroesis a program that allows home buyers that
fit certain occupations to get some extradown payment assistance. So some of those

(33:40):
occupations you know, were initially reallyvague and now it's just about anybody can
qualify as long as they work fora Florida based company. But for a
while it was only police officers,military teachers, kind of public servants.
But that has changed. If youwork for a Florida based company, even

(34:01):
if you work at Amazon or anyany company, you have the ability to
qualify for a down payment assistance programand get funds. It is back available.
First time home buyer is eligible upto thirty five thousand dollars. We
would love the opportunity to help youapply for the Hometown Here is that that's
something you're interested in reach out toour office eight one, three, three,

(34:22):
five, nine, eighty nine ninetyor hit us up at Duncan Duo
dot com. I talked to inthe first segment about short sales in case
you missed it, We are seeingmore of them, but they're they're really
it's really focused on people that boughta year or a year and a half
ago that now have a negative equityposition, or they're getting divorced, they

(34:43):
lost their job. A variety ofdifferent things are causing that audience to have
a negative equity position. Meaning ashort sale is when someone owes more on
the home than it's worth and thebank allows them to sell the property to
accept the short payment to allow thesale to happen. Now, there is
some credit damage, but for peoplethat have either done forbearances, lost jobs,

(35:07):
gotten divorced, and they bought ayear or two ago, inequity hasn't
risen enough to cover the cost ofselling. It is a path that some
consumers are going down now that weare experts at We did hundreds of them
from two thousand and eight on duringthe Great Recession. It was a major
pillar of my business. We havegreat short sale negotiators. We have trainings

(35:28):
we can recommend to you as well, and we would love the opportuny to
help you. We know the path, we know how to navigate through the
banks, we know what to doto expedite that process. So if you
are someone in that position, pleasereach out to us Duncan Duo dot com.
When our agent reaches out to you, make sure to let them know
that you are looking to do ashort sale and you owe more on the
whole that's worth. So the realestate market a lot of change going on

(35:53):
right now, But one thing Iwant to talk about our condos and condo
laws. We've seen condo in mentoryrised drammatically, almost doubling over the last
year over some of the new regulationsand inspections and milestone surveys that have to
be done in older buildings. It'scausing buildings to have large assessments because they

(36:14):
don't meet the criteria and they haveto upgrade or improve them, or dramatic
increase in HOA fees and overall it'scausing a negative stigma to the condo market.
So if you have a condo andyou're looking to sell it, there
is a negative stigma out there becauseof this, consumers are aware insurance has
risen dramatically. The fees and theassociations are rising considerably because of this.
So it's something you want to makesure and pay attention to. If you

(36:35):
think about buying a condo, youwant to know if the milestone survey has
been completed. You want to knowif that due diligence is done. You
want to know if an assessment iscoming. It is a tricky market right
now for condos. In what Iwant to say though, is that it
is tricky in older buildings and inkind of mid level and lower level price
ranges. When you climb the chartand get to newer buildings, two and

(36:57):
three million dollar condos, those arestill doing. We saw a great segment
marketplace for those. We saw alot of attention. We saw a lot
of people buying those. They're buildingsthat are built up to the standards of
you know, the new laws andregulations that won't require some of those same
assessments. So higher end condos stillgood. Love to help you lower en
condos they're becoming a problematic. Wejust want to be honest with people and

(37:19):
tell them, hey, look allall these extra things that the hoas have
to do now from an inspection maintenancestandpoint, and the increase in those fees
are causing some buildings to get oversaturatedand it becoming more of a buyer's market
with a lot of condos. We'restill a seller's market in most neighborhoods when
it comes to single family, butcondos are becoming a bigger obstacle for people.

(37:42):
They are becoming more of a buyer'smarket with an increase in supply because
consumers that either don't want to paythe higher fee, they want to get
their equity out before it could potentiallyget worse. They can't afford the higher
fees or the assessments, so theyhave to sell, and then it's a
domino effect in a lot of thesecommunities. So be prepared condo owners,
condo and US people that are sellingcondos and buying condos. It is a
really challenging market for condos now becauseof everything happening in the insurance space.

(38:06):
Anyway, hopefully this has been helpfulfor you. We appreciate you tuning in
again. We're on air every Sundayat ten. When we aren't on air,
follow us along at the Duncan Duo. Thanks so much for tuning in,
have an awesome rest here. Fourthto July weekend, Tampa Bay