Duncan Duo 8-25-24

Episode Transcript

Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're with you for another week
here on the Duncan Duo real Estate Show, like we
are every Sunday at ten am right here on WFLA News.
I'm Andrew Duncan of the Duncan Duo team at lp
T Realty, always audition the latest and greatest on what
is going on in Tampa Bay real estate. When we
aren't on air, please make sure to follow us on

(00:20):
all the social channels at the Dunkin Duo Twitter, Instagram, YouTube, TikTok,
and Facebook and hit up duncinduo dot com if you're
thinking about selling your home, you want an instant cash offer,
or you're simply curious about your homes value. The website
that we've put together at dunkinduo dot com I believe
has the most accurate data for determining your homes value

(00:42):
in Tampa Bay and you can do that again at
duncanduo dot com. So I want to talk this week
about the jobs report. So the federal government has revised
the jobs report that they that they had released previously
downward over eight hundred thousand jobs. And so what does

(01:03):
that mean? It basically means they overestimated how many jobs
are being created, and I want to talk about how
that impacts real estate and what we're seeing right now
in indust rates. So when you see things like that,
you know, the news is obviously puts a negative spin
on it, but I think a lot of the economic
factors had already been believed to kind of align with that,

(01:26):
specifically as it relates to mortgage rates. So what we're
seeing now is a trend downward on interest rates. Now,
when you hear things like the FED is going to
likely cut rates a quarter or a half point in September,
the mortgage markets pretty much already factor that in, like
they've already started lower rates because of the expectation that
that's going to happen. And by the time that current

(01:48):
mortgages end up turning into real mortgages, that is in effect.
So we've already seen the jobs report, inflation numbers as
well as xs of FED. You know, rate drops starting
to positively impact the real estate markets. So I want
to talk to the people that have been sitting on

(02:10):
the fence thinking about buying or thinking about selling because
they want rates to drop. And here's what I want
to tell you. You actually want to start transacting when all
of the data is pointing into the direction of the
rates starting to drop, versus waiting until they do. So
here are two trains of thought that I want you
to understand about real estate investment. And somebody like myself

(02:33):
that's sold three billion dollars in real estate, bought and sold,
you know, helped clients, you know, tens of millions of
dollars on my own personal real estate that I've done.
And the you actually don't want to wait until everyone
is doing it. You want to be before everyone else.
If you're following the masses, you're you know, remove the

(02:53):
m and that's who you're really following, because when you're
following the masses, you're missing out. So the masses right
now are saying, oh, I'm going to wait until all
these rate drops come through, and I'm going to wait
until next year to sell my home or to buy
a home. And specifically for buyers, what I would tell
you is that if you do wait until then and

(03:15):
you wait for the rates to drop, more prices are
going to rise. Okay, now that we know that rates
are going to drop, most lenders are doing you know, courtesy,
fee free or fee reduced refinances. You can always lower
your rate on your mortgage, you can't really easily lower
your price. And so what we're seeing right now is
this little loll in the market where it's a little

(03:36):
bit slow, and smart money right now is looking to capitalize.
Smart money is looking to acquire assets to buy homes
in advance of the likely one year track record starting
in September, where we're going to see the Fed start
to cut rates. When those rate cuts hit, by the
time next summer shows up and we're back down into
really low rate territory, prices are going to skyrocket. We're

(03:59):
going to be back to bidding overpaying. You have an
opportunity right now as a home buyer to take advantage
of that, specifically to buy now and refinance later. If
you wait until the rates drop, the affordability that you
think you're gonna get by the rate coming down is
going to be offset by a higher price when prices

(04:20):
start to rise and rates drop. We saw this during COVID.
I've seen this numerous times throughout my twenty year real
estate career, where when rates drop, prices dramatically rise. We
saw twenty seven plus percent appreciation on average for a
two and a half year period when rates were historically
low during prest pre during post COVID. Now do I

(04:43):
expect we'll see that kind of appreciation. It's hard to
believe we'll hit those numbers. However, we are going to
see considerable appreciation once these rate drops start to hit
and the election gets over. The election realistically is causing
a lot of people to step back and be afraid,
when in reality it'll have very little impact on real
estate because the policies that have to impact real estate

(05:05):
and prices take a long time to act, and real
estate is very slow moving. You know, if you take
real estate values, for example, or your home, you're not
going to see your home go up one or two
or three or five percentage points in a day or
go down one or three or five percentage points in
a day like stock markets have the ability and sometimes do.

(05:28):
Real estate is just really slow moving. So for everyone
out there sitting on the fence right now that there's
a home buyer, I would tell you to abandon that
and start thinking about purchasing now. Start thinking about locking
something up now before those price increases come when rates drop,
and then refinancing later. If you are obviously buying with
a mortgage. Every single economic indicator, all of the commercial

(05:52):
mortgage banks, it's pretty much unanimous that we're going to
see a continuing trend starting in September of rate drops again,
assuming no major economic war events stuff like that. So again,
if you're a home buyer, you should not be waiting
right now. If you wait, you're actually gonna lose more
than you think, because you're gonna pay more for the house.

(06:13):
And look, if we go back and look at that
period of time, we saw bidding wars, we saw homes
going for you know, ten twenty thirty fifty one hundred
thousand dollars over asking. That will come back and you
will pay the price on that, and think, oh, I'm
going to save a few hundred bucks a month, and
then you're going to overpay fifty or one hundred grand
for your home because you waited until it was too late.

(06:36):
If you can qualify and buy now, I would strongly
encourage you to look at doing so. Similarly home sellers. Okay,
if you're a home seller and you're moving up right now,
and you're or at some point in the future, and
when I say move up, let's say you own a
five hundred thousand dollars house, you're going to sell it
and go buy a million dollar house. Okay, maybe not
that drastic of a difference in price, but just to

(06:58):
use the hypothetical, if you're selling your five hundred thousand
dollars house to move up to a million and you're
waiting again, you're making a mistake because we're gonna see appreciation.
If your five hundred thousand dollars house goes up, you know,
ten percent, you gain fifty to wait, but the million
dollar house went to one point one, you lost money.

(07:19):
It went up one hundred. You lost fifty grand by waiting.
If you're moving up, you should definitely be taking advantage
of selling now, getting your house on the market now,
so that by the time your home sells, rate drops
have kicked in a little bit, and you also have
the ability to take advantage of current pricing on the

(07:40):
home you're moving up to before the interest rate drops
start to drive prices upwards. So there's just a lot
of consumers out there sitting on the fence right now
and they're making mistakes. Similarly, if you look at the election,
we hear an ongoing theme of people saying they want
to wait until after the election. As it relates to housing, certainly,

(08:03):
I could see if you were thinking about making a
move in the stock investment space, mutual funds, if you're
investing money in other places. But as it relates to
real estate, I've been through multiple presidential elections in my
twenty year career, and I can tell you there is
very negligible impact from a logical standpoint. From a real

(08:27):
estate standpoint, it's more of an emotional one. There's not
anything that's going to happen post election. It's going to
have some massive impact on real estate. Now. Could there
be a year or two down the road impact from
some policies, of course, But nonetheless, if we expect interest
rates to drop, that's going to drive values up, and

(08:47):
ultimately it's going to cause a lot of people to
be disappointed that they didn't act sooner. But yeah, I'm
a firm believer in not following the masses when it
comes to real estate investment. When people arerunning away, you
want to run towards it. When people are running towards it,
you probably want to run away. There's a lot of
people running away from real estate right now, and waiting,

(09:09):
and we talk to customers every week and I think, again,
they're going to end up regarding it. So again you're
listening to the Duncan du A real estate show when
we aren't on air. Hit us up on all of
our socials at the Dunkin Duo, Twitter, Instagram, YouTube, TikTok, Facebook,
at the Dunkin Duo. I want to talk to prospective
real estate agents out there. Historically, my company has always

(09:30):
hired agents to work with home sellers from within. In
other words, we would bring an agent into our company
that would work with home buyers and as they produced,
they would have the opportunity to move up to working
with home sellers. And we're actually transitioning to a model
where we're willing to take an agent new to our
team and make them a listing specialist. So if you

(09:53):
have looked at it applying for my company before and thought, man,
they do a lot of listings and we do, and
I'd love to learn the listing side, and I've only
worked with buyers or you really haven't gotten the right
amount of training TELP home sellers. With everything going on
in the industry right now, real estate agents are flocking
to the opportunities with home sellers, and we have that

(10:15):
opportunity with a one hundred and fifty thousand plus person
database with thousands of listings sold, with massive amounts of
experience and scale, to provide services to help our agents
sell more listings. If you are one of those agents,
go to join the Duo dot com. You can apply
for one of our open positions. You can register for
our Career Night. You can message us on any of

(10:37):
the social channels. If you are interested in being a
listing agent on our team, please again go to join
the Duo dot com. You can actually book a link.
You can book an appointment directly from there through calendly.
You can apply for one of our open positions, or
again you can register for our Career Night. The market

(10:58):
is changing dramatically. People that have and historically working with
buyers because of changes and commission are now saying, oh,
wait a second, maybe I don't want to focus on
working with buyers as much. We're certainly still doing a
lot of coaching and training to help our agents get
through some of the changes in the marketplace, to help
them understand how buyer commissions work now and how the

(11:18):
buyer brokers agreements work, but we're also seeing agents say
this is a time for me to change. This is
the period of time for that change. And I'm a believer,
just like I talked about before, the next couple of
months in real estate, even though it shouldn't be, is
probably going to be a little slower, and this is
the time to make one of those changes, in one
of those moves. So if you are looking at doing that,

(11:38):
we're ramping up systems, we're going through some internal changes
and improvements, and this is the perfect time to join
us if you want to be a great listing agent
and focus on running a listing based business again. You
can apply, register for Career Night, or set up a
direct one on one appointment through Calendly at Join the

(12:01):
dun Stage. I'm Andrew. We're going to continue this conversation
about the Tampa Bay rail State market after a quick
break here on fla Duncan Duo. Andrew Duncan with the
Duncan Duo team an LPT Realty, and I want to
talk next about first time home buyers. Now, first time
home buyers have historically been a very integral part of

(12:23):
any real estate agent's business, and they've had their ups
and they've had their downs. And so one of the
things that we focused on doing and helping buyer agents
is help them understand some things they need to do
to prepare but also to set them best up for success.

(12:43):
So I want to give a few tips to the
first time home buyers out there. And if you aren't
a first time home buyer, let's say you're listening and
your grandson or your son or your daughter or granddaughter
is coming up on being a first time home buyer.
Listen to this and then share our social media channel
with them. You can also go to the iHeart app
find our podcast for this week, and you can share

(13:05):
this specific segment with them as it relates to the
things that they need to do to prepare themselves. So
one of those things that you need to understand is
you have to expect to move quickly. There is a
lot of competition in the marketplace in the first time
home buyer segment. Now, when you look at the market
and you hear me say things like it's slowing down,
and it's doing this, and it's doing that, it's across

(13:28):
a huge market. It's also across a lot of price ranges.
The demand for the product and the homes that are
specifically geared towards first time home buyers, those are going
to be affordable home single family homes, not likely to
be condos because they're not as easy to finance, and
the hoapes usually priced out a lot of first time
home buyers. So you're usually looking at affordable single family

(13:52):
homes in affordable neighborhoods, and there is a lot of
competition for affordable single family homes in good neighborhoods in
Tampa Bay. Even though our market isn't as strong as
it once was a year or two ago, that is
a segment of our market no different than if you
look at a stock market. Now you have tech stocks
and oil stocks, and medical stocks and defense stocks. The

(14:17):
segment of the real estate marketplace for first time home
buyer is still very healthy because you are going to
compete with large institutional hedge funds that are looking to
buy that product and turn it into rentals, and it
is hard for you to compete with that group of
people because they have cash and you don't. So before
you even go out to look at a property, you

(14:38):
need to have your mortgage approval and your real estate
agents secured today, you're now more or less required to
have a buyer broker agreement to look at homes that
are not listed by that broker. So a buyer broker
agreement allows you to have exclusivity and build a relationship
at that agent. No different than you know, you hiring
an attorney to represent you, or you hiring a dedicated

(15:01):
person to a contractor to work on your home. This
is a contractual agreement where you're retaining that person to
work on your behalf. So you hire your real estate
agent and you apply for mortgage approval. Way too many
consumers don't know enough about their credit or how their
income is reported on their taxes to understand how much

(15:24):
they can or can qualify for. We see it happen
all the time where a first time home buyer goes out,
thinks they can qualify and then finds out they can't
after they've fallen in love with their dream home, or
finds out that it's going to take them a week
to put together a bunch of information and they've got
to get some forms and send some documents, and then
by then the home that they walked through and fell

(15:45):
in love with sells to somebody else. Okay, you have
to have all your ducks in a row. You have
to have your approval ahead of time. You have to
be so prepared to act quickly if you're going to
beat Wall Street, because that's who you're competing with. You're
competing with billions of dollars in hedge funds that are
ready to go, that are firing off offers the instant
of property hits hits mls, and you are behind them.

(16:09):
You don't have the leverage and scale to make offers
as quickly as they do, and their terms are hard
to beat. So if you're going to be a first
time home buyer and win today, you need to have
an agent already, and you need to be prepared, and
you can't be. In my opinion, you can't jump from
listing to listing trying to work with the listing agent.
When you're competing with Wall Street, you don't have the scale.

(16:31):
You're going to lose over and over and over again.
The second thing is is set a realistic budget, expect
to offer over the asking price. Again, you're competing with
Wall Street hedge funds that have billions of dollars that
five or ten grand over asking may not mean much
to them, it may mean a lot to you. You

(16:51):
have to be prepared to be very competitive, offer very aggressively,
have your agent in place, have your approval in place.
Last tip that I'm going to give first time home
buyers is about the location. A lot of first time
home buyers underestimate their commute. They'll go out and look
at a house on Saturday at noon, and then after

(17:12):
they've bought it realized that the commute to their office
on Saturday at noon's twelve minutes. The commute commute Monday
morning at eight am is fifty two. I would encourage
you before you go under contract. It is a common
rookie first time home buyer mistake to not drive the
neighborhood during rush hour and underestimate what your commute is
going to be. So hopefully those tips are helpful. If

(17:32):
you are first time home buyer, we would love to
help you again. Go to the Dunkin Duo dot com,
hit us up on any of our socials, and we'd
love the opportunity to sit down with you, offer our services,
explain how we'll operate and work with you. Help you
get qualified for the best mortgage possible for your terms,
including possible downpayment assistance or no money down loans that

(17:52):
are available to first time home buyers. So again, we'd
love the opportunity to audition for that job and get
a tryout, and again you can do that at the
Dunkin Duo dot com. We're going to continue this conversation
after a quick break here on the Duncan Duo Real
Estate Show. So we're back here on the Duncan Duo
Show talking about the Tampa Bay real estate statistics. Next

(18:13):
every Sunday, we're here right at ten am dropping all
the knowledge about Tampa Bay real estate. And when we
aren't on there again, hit us up at the Duncan
Duo on all the social channels. So Stellar is our
local MLS service, and they release statistics on what is
going on in the Tampa Bay real estate market every
single month. Usually comes out the middle of the month

(18:36):
for the prior month. So these stats came out this
past week that talk about what happened in July in Tampa.
So I'm going to give you guys a summary, but
I'm also going to kind of put my own spin
on it and tell you that we are in a
balanced market that is still a little light on inventory
and still a little bit tilted to the seller. We

(18:56):
are not in the drastic sellers market that we were
in in twenty twenty two, where we had, you know,
less than a month of it. We had weeks of
inventory less than a month. We're in the three months
inventory range where it's relatively balanced. Holmes are still selling
relatively quickly. We have seen inventory rise a little bit
this year, but it's been pretty consistent from from January on.

(19:18):
Not a massive increase in inventory, pretty seasonal, but we
are seeing a little bit more homes for sale. We
had an incredible May in Tampa Bay in terms of
the number of homes sold, but then we saw a
big drop off in June and July, and I want
to talk about that. So we saw three thousand, three
hundred and forty nine homes sell in Tampa in July,

(19:40):
and I want to relate that because it is better
than last year. Last year we were thirty one eighty four,
so we're roughly a seven roughly a six percent increase
over last year. Last month we had three thousand, three
hundred and thirty six. So from June to July we
were we were pretty flat, and that is you know,

(20:00):
something that is relatively common. June is usually a better
month than July. Historically, people want to get closed in
June in the summer. They don't want to push it
into July because it's too close to school. Historically, June
is the best month of the year, which is why
it was a big shock to see over four thousand
homes sold in May, which was our first four thousand

(20:23):
sale month since June of twenty twenty one, and then
see such a large drop off in June of this year,
where we saw four thousand go to three three hundred
and thirty six, literally a seventeen point drop from May
to June, which is abnormal. Usually it's rising from you know,
up to June and then falls off. So this year

(20:46):
we didn't have a fall off from June to July,
which actually is a good thing. It just kind of
shows a little bit of a stabilization post that little
summer bump. But here's what we saw that was surprising.
Our average sale price in July four hundred and sixty
two thousand dollars. To put this into perspective, last July

(21:06):
we were four hundred and sixty one thousand, so year
over year, Tampa Bay home values are flat okay. Now June, however,
saw because again a lot of the push increase in
demand may looks like it's great, so then price is
bumped up a little bit. And in June, our average
sale price was four ninety four, four hundred and ninety

(21:27):
four thousand, which is the highest it's ever been in
Tampa Bay, Okay, the highest in my entire real estate career,
almost eclipsing the five hundred thousand mark. So then it
went from four hundred and ninety four thousand in June
to four sixty two. That's about a seven point drop
from June to July. That's a pretty considerable drop. But

(21:49):
it also goes to show us that June may have
been a bit of an anomaly. There were very likely
some really high priced sales. And I'm a believer in
you know, when you look at statistics and you look
at it kind of a graph, and if there's an outlier,
you kind of have to eliminate it or be suspicious
of it and understand if maybe it wasn't you know,
if it wasn't influenced by something drastic. And I believe June,

(22:12):
even though I don't get to see all the statistics
in the market. I believe June's average sale price was
probably influenced by a few really high end home sales,
because it is an average sale price. So when you
take you know, a couple of twenty million dollar homes
that sold, and some more activity in the high end,
and it can make that average look a lot different
than than than reality. So if you look this year,

(22:34):
we've gone from four forty four at the beginning of
the year four forty four, four forty six, four fifty four,
four sixty one, four sixty seven, four ninety four, four
sixty two. In reality, we're relatively flat. That four ninety
four was just an anomaly. We saw a huge bump
from May to June, and then that same from June

(22:54):
to July. We lost to all of that bump, but
we are up year to date. We're flat year over year,
and most of last year we also saw prices average
hover in the four to sixty range, and in twenty
twenty two they hovered in the four to sixty range.
And so we've been kind of in the same place
for a couple of years where real estate has been

(23:14):
pretty stable, and that started when rates started to increase.
So now, what do we expect to see. I think, again,
the markets are already starting to price in an expected
rate drop, and I expect to see next year prices
to rise pretty considerably. I think most of this year,

(23:35):
the news won't travel fast enough and people won't analyze
the data enough to know that the home values are
going to rise, because they're going to be distracted by
a whole bunch of other things. But I believe home
values will rise pretty considerably next year as rates drop,
values will rise so and I think home sales will
rise as well. I think we will be back to

(23:56):
seeing some four thousand sub four thousand months instead of
hovering in the low three thousands for most of the
last couple of years, with a couple of anomaly months
like like May of this year. So let's talk about
some other parts of the statistics. Eleven thousand, three hundred
and forty nine homes for sale. We're not really seeing
a massive increase in inventory. It's relatively seasonal. From February

(24:18):
we're at ten thousand, five hundred and we're at eleven thousand,
three hundred now. Now, if you compare it to last
year and the year before we're up, you know, we're
up a decent percentage point, but the last several months
it's pretty stabilized. There's not a lot more homes coming
on the market, and it's relatively balanced. We're at three
point three nine months of inventory. That again is also

(24:41):
relatively consistent from the beginning of the year to now
and consistent with the second half of last year. So
we've we've been kind of in that two to three
and a half month inventory market for the last couple
of years. And again, a lot of people speculate that
post election, with interest rates drops, we're going to see it,

(25:02):
We're going to see more homes come on the market,
but also more buyers, so that month's supply of inventory
will drop. And so I kind of explain what months
supply of inventory means, because I get questions about this
sometimes where people are a little bit confused. Basically means
if we took every single home on the market based
on the number of homes that sold the prior month,
how long would it take to sell out the entire inventory?

(25:25):
And so if we had no homes come on the
market based on the present demand, it would take three
point three nine months to sell everything that's on the
market right now. Again, it's still a seller's market, but
kind of a mid ground seller's market, not again the
drastic sellers market with less than a month of inventory
that we saw in twenty one and twenty two and
some of twenty twenty. So prices again in you know,

(25:49):
we saw a huge run up in twenty and twenty one,
and then since twenty two, since about the middle of
twenty two, prices are really pretty stable and consistent. So
that's good news. Though. The good news is there are
markets across the country where if you look at the
last two years, you've seen depreciation, you've seen price drops,
and of course some rare markets where you're seeing values

(26:10):
go up. But in our market, you're fortunately, we're stabilized
where our values are consistent and they've kind of stayed there.
And I think again that's supported by a strong local economy,
a lot of job growth in Tampa and continued continued
population growth in Tampa Bay. That's kind of helped our

(26:31):
market stay a little healthier than other markets. So the
forecast that I have for the rest of this year
is probably consistent with what we're seeing now, and I
think that is why it's a prime opportunity for people
to transact and jump in versus waiting, especially if you're
buying for the long term, if you're buying any assets
right now for the long term. In real estate in

(26:52):
Tampa Bay, I think you're making a smart play in
the residential space. Still some blood in the water commercially
with how they're how mortgages work in the commercial space,
but in the residential front, you're kind of right on
the edge of what I think is going to be
a really strong twenty twenty five in Tampa Bay. One
other statistic that I want to point to is fifty

(27:13):
five days on market. That is the average right now
for a home to sell. So if you're selling before that, great,
If you're selling longer than that, maybe your house is
a little over priced until you get to the right price,
or it's in a different segment of the market. And
like all things Tampa real estate, sometimes a neighborhood doesn't
mesh with the stats. There are some neighborhoods that do

(27:35):
better than others. If you look at throughout Tampa Bay,
there are some neighborhoods where there's less than one month
supply of inventory. There's some condo communities right now with
more than a year supply of inventory. Because the condo
market is in a pretty rough spot. So if you
are thinking about selling your home and you want to
know what's going on in your neighborhood, We've put together

(27:55):
this really cool website. We've partnered up with a company
called Fellow. Our website at dunkinduo dot com allows you
to type in your address, you get your home value estimate,
You get the option to ask for a cash offer,
but you also get to see a dashboard. And this
dashboard's really cool because your value can be customized, not
just by yourself, but by us. We can communicate with you,

(28:16):
learn the upgrades that your home has, and make adjustments
within the dashboard so you can see the progression of
your home's value. You also get to see that month's
supply inventory. You get to see what is going on
in your neighborhood, what are the homes selling for, what
are the active homes on the market. You get to
see all of that data that you wouldn't normally easily
in one convenient place get to see. Most of the

(28:39):
reason you don't get to see all the data is
because the companies like a Zillow and arealtor dot com.
They don't really want to provide you a whole lot
of value. They just want to turn you into a
lead and sell you to the highest bidder real estate
agent ours. When you're using our platform, our goal. We've
already acquired you as a customer, you've already you've already
enrolled in our system. We want to give you as

(28:59):
much value, tell you about the data that we can,
because the online portals fall short in a lot of
areas that a system like ours can provide. Because we're
not trying to sell your lead to a million people.
You know, we get it all the time where somebody
signs up on one of those websites and they call
us complaining because four different people called them right Well,
in ours, our goal is just to provide value, to

(29:22):
help you understand your neighborhood, to help you decide whether
it's a good time to sell or not, depending on
your situation. And then of course they keep you updatea
on what's going on in your neighborhood so that you
can be prepared for you know, are there foreclosures coming?
That's also something our site let you see. Are there
list pendons in your neighborhood, are there, you know, homes
that have been sitting for a while. All of those

(29:45):
things are relevant, and again you get to see the
comparables in real time and make adjustments to those. So
we'd love the opportunity again for you to fill it out.
At Dunkin Duo dot com. We're always learning from our
customers and using the data that we get from them
to make adjustments and and so that we can keep
delivering you the best value possible. So again, Duncan Duo
dot Com and when we aren't on air, hit us

(30:06):
set up on all of our socials. Got some exciting
Tampa Bay lightning news that we're working on. We're looking
at forging ahead again with our precious bolts and looking
forward to making some announcements soon about that on the
Dunkin Duo social channels. We'll be back after a quick
break for our last segment here on the Duncan Duo
Real Estate Show. So we're back here on the Duncan

(30:27):
Duo Show talking about the Tampa Bay real estate market.
I saw a statistic this week that Tampa led the
nation in canceled contracts and price reductions. And while that
basically means there's a lot of real estate agents making
the mistake of overpricing. It doesn't necessarily mean there's problems
in the real estate market. It means maybe people are
being a little too greedy, because our stats actually show

(30:49):
is still a balanced market. But I want to go
over some reasons why your home might not be selling.
The first and most obvious one is its price too high.
If it's too high, it's not going to sell. We
get this all the time, Well won't can't you find
some rich person overseas or outside of the country that's
willing to pay that price. Rich people aren't stupid. They're

(31:11):
not going to overpay for a house. Okay, So if
the price is too high, you've got to look at
your values. You've got to listen to your agent. It's
got to be priced to sell. What's the you know,
the you miss the market's peak is one thing. You know,
you maybe priced it at what homes were selling for
six months ago, and now they've dropped, and now the
activity isn't moving. So again, an adjustment on price or

(31:34):
an adjustment to the condition. You've got a specific problem
to address. Now again, sometimes this is the condition. Sometimes
this is the access or declutter to the property. We
found oftentimes that when a home is restrictive with showings
or tenants in it, or the home isn't well maintained,
or the owner regularly doesn't put the home in a
good light or allow the home to be shown, those

(31:56):
can be things that can can consequently cause restrictions and
the opportunities to sell. You're working with the wrong buyers.
Maybe your home needs work. If your home needs work
and you're trying to ask a premium price, you might
need to adjust your price to accommodate an investor who's
willing to buy the home for the work that it needs.
Maybe it maybe it needs, you know, some work, Maybe

(32:21):
it needs a new roof, maybe it needs a new kitchen,
and buyers are passing on it, where as an investor
it's willing to pick it up again for the right price.
Your home is unconventional or unique or on a busy road.
We get this a lot. I had this not long ago.
We had a customer reach out to us with a
property on west Shore Boulevard and all the comps that
they sent us in Beach Park, We're not on West

(32:43):
Shore Boulevard, Okay, Your home on westh Oor Boulevard with
thousands and thousands of traffic driving by every day, isn't
going to sell for the same as a beach Fark
home that isn't on West Shore Boulevard. So you've got
to be realistic. I understand that you, as an owner,
believe that your house is the best house, and there's
a reason you bought it, but it's sometimes common sense

(33:04):
if your home has something unique or unconventional compared to
the comps, it's got to be that's got to be
factored into the marketing strategy. Your staging is bad or
non existent. Sometimes vacant homes people have a hard time
seeing the vision. You may also not have done enough
prep work to get the home ready for sale. When

(33:24):
the market was really hot, you could put anything on
the market and it was moving now and even I
personally with homes that I own in one of my companies,
have to do this sometimes where I realized that a
year ago I could have gone unstaged on a property.
Now I've got to make an adjustment. If the home
is occupied, you want to make sure again to provide access,
and you don't want it to feel like your home.

(33:47):
It needs to be as neutral as possible. Your curb
appeal may be bad. Maybe you're not mowing the lawn.
Maybe you need some fresh mulch, maybe you need to
weed eat the pavers or the driveway. Your listing photos
aren't professional. This is a really common one still today.
I see real estate agents with you know, not even

(34:08):
getting out of the car to take pictures of houses,
like in the front you can see like the mirror,
or like if somebody's taking a bathroom picture and you
see the person taking the picture with a little flash
on their camera. If you're selling a property today and
that's the quality that you're getting, maybe you need a
change in agents. You're listing description could be too dry,
you know. The You've got to sell a lifestyle and

(34:29):
your listing description. It can't just be the facts. They
can find out the facts. The facts are in all
the data and on tax rolls. You've got to describe
the lifestyle. Your marketing may need a makeover. You know.
Again sometimes when a home hasn't moved, will freshen up
the photos, or will will make some edits to the description,
or we'll run some different ad campaigns. Could be that

(34:51):
you're getting bad advice. If you're working with an experienced agent,
all of those things should be getting handled. You should
be getting communicated that. I know, I called clients this week.
You know, I assumed some listings from another agent, and
that agent had had, you know, given the clients bad
advice on price, and I had to get them to

(35:13):
understand and look at it from a realistic perspective as
to why the home hadn't sold. The other one is
you're a helicopter seller. Okay. A helicopter seller is somebody
that has emotional ties and memories to the home and
you're having a hard time accepting an offer because the
equity in your current home is worth more than money alone.

(35:35):
No one can give you your emotional value in a property.
It is worth what the data shows us it's worth
and what someone will pay. So when you know, raised
your family and you have all these memories and you
want a premium for those things because they're valuable to you,
money alone is the only thing that's going to work
in terms of you you being able to get your

(35:56):
home sold. There's no unless you are a celebrity specional athlete.
Sometimes people may pay a premium for something like that.
But if you're just a regular person that is not
going to work, hopefully these tips are helpful for you. And, last,
but not least, if your home failed to sell. We
specialize in helping people whose homes failed to sell. You
go to Duncan Duo dot com, hit us up, we'll

(36:17):
reach out. We'll talk to you about the strategy that
we deploy when we have a client who's home failed
to sell with another agent, and the things that we
do differently to get it sold the next time. So
hopefully that's been helpful. Again, hit us up at dunkin
duo dot com. If you're someone who's home failed to
sell and you're looking for a fresh new approach, we
appreciate you tuning in and hope you have an awesome
rest of your weekend in Tampa Bay