Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Happy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on the Duncan Duo Real Estate Show, like we
are every Sunday at ten o'clock here on WFLA News,
making sure to give you all the updates you need
about real estate right here in the Tampa Bay metro.
And my team we cover a really broad geographic area.
I get this question sometimes because it said, Hey, your
office is in South Tampa.
Speaker 2 (00:21):
You know, how often where do you cover? Well.
Speaker 1 (00:24):
LPT the company I joined as a cloud based brokerage.
That is, it is national, so we actually serve nationally,
if that makes sense. If it's an area that we
don't cover with our agents, then we partner with an
LPT agent in that area. So if you're thinking about
buying or selling a home anywhere and you want to
make sure to get the right agent, we have the
ability to look at the statistics to find you the
(00:47):
right agent based on your market and your needs. So again,
our team personally covers everything in the Tampa Bay metro
including Sarasota, Manatee, Polk County, Pennell's County, Billsborough, Tampa, Pasco County,
Hernando County. We cover a really broad geographic area, and
even our offices in South Tampa, our agents live throughout
(01:09):
the market, so our team covers a broad geographic area.
And then LPT our Brokerage is able to serve clients anywhere.
And so the cool thing is is, you know, I
get to see the statistics and get to pick an
agent for you in a market with my experience to
or I can kind of pre screen and save you
some time, energy and efforts. So if you do want
a great agent and you're thinking about buying or selling anywhere,
(01:30):
you can hit us up at the Dunkin duo dot
com or get a free home value.
Speaker 2 (01:34):
Estimate at duncan Duo dot com. So I want to.
Speaker 1 (01:36):
Talk next about pricing your home strategically. If you're thinking
about selling your home, I need you to listen up. Also,
if your home didn't sell or you know someone that's
going to be selling your home, listen up because I
have some wonderful, extra special knowledge for everyone out there
thinking about selling or it is or it is going
(01:58):
to in the future. First and four, a lot of
real estate agents make this mistake when pricing real estate,
and they price something at eight forty nine nine or
ninety ninety nine or two forty nine nine, and real
estate isn't gas. Okay, you're not tricking anyone by saying, oh,
it's under two fifty or under seven point fifty. People
(02:21):
aren't that dumb. It doesn't help at all. And let
me explain why it's a flawed logic and why that
doesn't help you as a home seller. The very first
and most important reason is that the majority of home
sold today, the very first showing is online. The very
first opportunity to sell the home to someone is online,
and no different than a traditional retailer. If you walk
(02:42):
into a Walmart or a Nordstrom or you know any
you know, a Sacks, It doesn't matter what it is.
The stuff that the retailer wants to push the most
or that they want to get the most exposure for,
they put it on the end caps, or they do
extra adverti tising in research to determine where in the
store is something going to get the most positive impression.
(03:05):
Real estate is the same way. So use my three
billion dollars in sales history to your to your advantage here.
Even if you don't hire my company, which you should,
because a lot of agents are out there giving bad
advice about pricing right now. So here's what I mean.
If you have a home that's worth eight hundred thousand,
or you're gonna market at eight hundred thousand, price it
(03:26):
at eight hundred thousand, Okay, don't price it at seven
ninety nine nine. And here's why. Because when someone goes
online and searches, no different than the retail analogy I
gave you a few minutes ago, which was that you know,
you want stuff in the in the place where it
can be seen the most. When you price it at
seven ninety nine nine or six ninety nine nine or
(03:46):
four ninety nine nine, the consumer misses your property a
lot of times when they search up to five hundred.
So if they search up to five hundred, they're going
to weed through a whole bunch of other listings of
five hundred before yours ever shows up. You've basically said,
when you price your home at one of those odd
obscure numbers, you've basically said, you know, go ahead and
(04:06):
stick my product in the middle of an aisle behind
everyone else.
Speaker 2 (04:10):
Okay.
Speaker 1 (04:11):
Now, if your product is exceptional and still well priced,
will you potentially still sell the property? Of course? However,
you may not get as many eyes, you may not
give your chance the best shot at a bidding war,
and your home may not sell. You price it on
whole numbers, and you look at the search history of
consumers to determine how to navigate around that appropriately. One
(04:33):
example would be, again, if you price it at that
eight hundred number, everybody that's looking up to eight hundred.
If you're hiring a good agent that knows how to
advertise and market, they're going to the portals, the Zillos
therealtor dot COM's the homes. They're going to the portals,
and they're ensuring that their homes get featured. So that
when that person searches up to eight hundred, that agent,
if they're an eight hundred thousand or listening, that agent
(04:55):
is getting their positioned at the top. So the person
that seven ninety you miss them when you price it
at seven ninety nine nine, because you might be on
the second page, or someone may have to scroll through
other properties to get to you. You want to be
the best positioned. You want to be on the end cap.
You want to be in the featured spot of the
retail store for real estate, which is pricing on that
(05:17):
whole number. Another really important reason that you price it
on the whole number. Let's just say, for example, you've
got a seven hundred thousand dollars property. If you price
it at six ninety nine and someone's searching up to
seven hundred, they wouldn't see you.
Speaker 2 (05:31):
Okay.
Speaker 1 (05:32):
Now, on the converse of that, let's say someone goes
on and says, hey, I'm looking for something between seven
hundred and a million, and I want to filter it
to show the lowest price. First, if you were a
six ninety nine to nine, they'd never see you. They'd
never see your property. If you price it on the
whole number, you get both sides of the search. You
get more exposure. It's kind of like being on the
(05:53):
end cap at the very front of a store during
holiday season. You're going to get more exposure. So if
your agent isn't giving you advice, you've got the wrong agent,
and maybe you need to, you know, to make change
when you're listening expires, or you simply need to hire
us and somebody that does give you the appropriate, correct
pricing strategy. So again, twenty five and fifty thousand dollars
(06:16):
increments up to a certain point and then one hundred
thousand dollars increments above another point. But the idea is
to price on those whole numbers. So don't make the mistake.
Don't hire an agent that doesn't understand how to explain that,
because if they price it wrong and then they try
and correct it later on, you're absolutely missing traffic. I
want to talk about another pricing strategy that I think
a lot of home sellers fail to grasp. If you're
(06:40):
listening right now, you've probably gone to an auction before.
And I've gone to a lot of auctions. I've bought
equipment for businesses. I've bought cars, made offers on cars
at auctions. I've bought you know, sports memorabilia at auctions,
and I've gone to charity auctions and bought trips and
(07:00):
a few years ago, I bought tickets to go see
the Grammys, you know. So I've experienced the auction mentality before.
And when you go to an auction, quite often you
will see someone overpay for an item because they were
competing with someone else. So if let's just say you're
(07:21):
at Meekham or Barrett Jackson and you're a car person
and you see two guys betting back and forth for
this Camaro or this you know, historic corvette or a
screen used movie car. What ends up happening is people's emotions,
excitement and competitive juices take over and they overpay sometimes
(07:41):
because they want to beat the guy across the aisle
that they're looking at, that they're going up against. They
want to beat that guy. Their competitive juices flow because
other people want the product, and oftentimes they overpay regret
later on. Well, as a home seller, I don't care
if they have regrets later on. My goal is the
best represent you. So if you can think from a
(08:01):
standpoint of if your home is in a very competitive
market or a not competitive market for homes in your
neighborhood and price range, the idea is to create a
competitive market for your specific home. Okay, to create a
market for your home. So an example, just this past week,
we had a property in clear Water. The client came
to us and said, Hey, I want to sell it
(08:21):
really fast, but I've looked at getting cash offers and
they're coming in, you know, twenty thirty forty percent off
of what I think the retail number is. And I
don't want to take that big of a haircut and
look Let's face it, I buy homes too, Okay. I
go out and make cash offers all day long, and
I'm making them from a standpoint of investment where I
can buy the property, renovate it, and resell it and
(08:44):
make it a reasonable I wouldn't say substantial, sometimes it's substantial,
but a reasonable profit compared to what my money would
make parked, and something guaranteed safe. So the consumer, this
particular client, said I don't want to do with a
cash offer, but I do want to move the home quick.
We ran through the numbers. We showed them the prices
(09:05):
and showed them the comps and said, hey, what do
you looking at all these comparables, what do you think
the home was worth? And that they thought four fifty,
which is relatively comparable to what we believed as well
to be the market value. And so when you look
at the three different strategies to price a home, you
can price it at that retail number. You can price
it above retail, where you chase the market down and
(09:27):
eventually potentially maybe not even sell because prices compress and
you're just kind of behind it the whole time. Or
you price the home aggressively slightly below market with the
intention of forcing the activity to hopefully create a bidding
war and maximize your position and sell the home quickly.
And this particular instance, the client said, well, if we're
(09:47):
worth four fifty, you know, the absolute lowest I would
take would be four twenty five. But I don't really
want to take that. But if that's all I got,
or if I got like a really good offer, you know,
cash situation, then it could make sense. So we put
the property on the market for four to twenty five,
roughly five percentplow market. We got a litany of offers,
(10:08):
dozens and dozens of offers on this property, dozens and
dozens with escalation clauses and people that saw it as
a value. And what ended up happening is these people
started competing for the house because they wanted to beat
the other guy. And when you have a property where
you create a market like that, you've got people coming
and going with somebody going into the house and somebody
else watching that person go into the house because it's
got that much demand because it's such a good deal.
(10:29):
What ends up happening is that auction mentality kicks in
and we sold the property for four hundred and sixty thousand, okay,
ten grand above market, thirty five grand above asking price,
and it was great terms for the client. The client
got everything they wanted. It was it was incredible. They
were so happy they were able to move back to Illinois.
And a lot of real estate agents would have made
(10:50):
the mistake and priced it or not given him that
option and priced it at four fifty. It probably still
would have sold. Maybe it wouldn't have sold for asking me.
We would have sold slightly lower. Maybe it would have
taken a few months to sell, which is probably the
norm in our market. But in this instance, we force
the activity. We put a great marketing plan in place.
We are patient with the offers, and that's the kind
(11:12):
of strategy that you need to win in today's market.
If you're not getting that strategy, maybe you have the
wrong agent, maybe your house is just sitting, Maybe you're
not creating demand, maybe you don't have people looking at it.
And a lot of the time it can be drilled
back to the price. However, the right price doesn't matter
if the property's been on the market too long and
it's stale. Consumers want it to be attractive the right
(11:32):
price as well as being new on the market is
the potent combo cutting your price to the right price
after the fact. Unfortunately, you've lost the oomph of all
the people and the energy and the excitement early on
in the listing. And sure can the property still sell
and Candi bidding will happen at some point, you know,
down the line. If you lower the price to an
aggressive number after it's been out there for a while,
(11:54):
of course it can work. But your best advantage as
a home seller, no matter them a market, is to
aggressively price it with an agent that aggressively markets it,
that's patient and the negotiation and then pits buyers against
each other. Again, why do you think people put a
car up at bar Jackson instead of just putting it online?
(12:15):
Why do you think people put a car up at
meek him instead of just throwing an ad online. It's
that strategy and we are experts at that. We've done
that for countless clients. So if you want an aggressive
strategy to get your whole moved, but you don't want
to take the low ball cash offer, please reach out
to us. Hit us up at dunkin duo dot com.
Tell the agent or myself when we reach out that
(12:35):
you want the aggressive strategy that I talked about on
the radio, that you want to price it to move it,
not just to have it sit on the market like
a lot of sales are happening right now. So hopefully
that helps you understand the strategy that we're using to
win in today's market and drive price up our clients
and still win for them even though the market isn't
as good as it was a few years ago. Speaking
(12:56):
of the market not being as good a few years ago.
When I come back, I'm going to talk about the
Tampa real estate statistics. I want to let you know
what we're seeing on the stats, what we predict is
coming for our market, and so much more after a
quick break here on the Duncan Duo Show. So back
here on the Duncan Duo Show. I tease it before
the break, where're going to talk about the Tampa real
estate stats. And so the stats that I want to
(13:16):
talk about come out every month, and I do talk
about them because I think it's important for you to
understand where our market is and what we're seeing in
the marketplace. However, what I want you to understand is
that when I do talk about these statistics, they don't
apply to every property in every segment. Condos are drastically
different than single family home Right now, because of the
(13:37):
milestone survey inspections that need to be done by communities,
insurance obstacles, HOAFE is going up. The condo market is
not nearly as healthy as a single family market, and
then certain parts of town aren't as healthy as others.
So you can't necessarily apply something I stay generally about
real estate in Tampa Bay to every specific product niche.
So when you hear me talk about this, I'm talking
about the market overall, it doesn't necessarily mean I'm talking
(13:59):
about your property. If you want to know what's exactly
going on with your property, dunkinduo dot com. Hit us
up for a value estimate again, jump onto the website
at dunkin duo dot com. We'll get you a free
value estimate. You'll get to see the data, what you're
competing with, month supply inventory, how long are a home's
taking to sell, what do they sell it out of
the asking price? So when I looked at the statistics,
(14:20):
one thing that was really surprising to me through and
these stats are through July, was how many homes above
a million dollars we've sold in our market, and I
don't mean me like we've sold a bunch, but I'm
talking about the market overall, nine hundred and twenty five
sales above a million dollars.
Speaker 2 (14:40):
So put that into perspective.
Speaker 1 (14:42):
I remember years way back in the day in my
real estate career where that number was in single digits
on a monthly basis, Like we were not selling like
hundreds of homes above a million dollars each month. So
the market is definitely healthy from that standpoint. Four percent
of our home sold this year in the marketplace are
above a million dollars, and LUs luxury listings used to
(15:08):
be things that would sit on the market forever. The
average days on market for a home above a million
dollars because the amount of demand because a number of millionaires,
they're moving here, people moving from other parts of the country,
and they don't want to pay state income tax, or
they like our politics, or they like our climate or
either our weather climate or our business climate. Fifty nine
(15:28):
days on market. It's about the same as everything else.
They're not sitting on the market for years at a
time like they used to. Fifty nine days on market
for homes above a million dollars compared to fifty one
forty six fifty to fifty one fifty two days on market.
Everything in like the two hundred to four hundred range
is in that number of days on market. So luxury
(15:49):
market very healthy. Love to help you still, the right
pricing strategy and the right marketing matter. Ninety six percent
list to sell price ratio above a million dollars also
something that you know, we just did not used to see,
and that is a little bit lower than the than
the norm and the market which is ninety eight percent.
So so luxury properties above a million dollars do sell
(16:11):
for a little bit lower list to sell price ratio
than their counterparts. So luxury market doing very healthy. So
overall statistics, the average cell price in Tampa Bay four
hundred and sixty two thousand, two hundred and eleven. Compared
that to a year ago, we were four sixty one
seven oh two. So, as I predicted many times on
(16:32):
the show, we were not going to see massive depreciation.
We were really going to see stabilization, which is what
we've seen. Our average sell price has bumped around in
the mid to high four hundreds for a few years,
now a couple of years since going back to July
of twenty twenty two, the average selle price was four
seventy four, then four to forty six, four forty seven.
It's been in that four point fifty to four to
(16:54):
seventy five range for a couple of years. Average days
on market fifty five. Like I mentioned, that's the average.
It's only fifty nine for luxury homes above a million,
So it's not that much different. Luxury Homes above a
million now are not some sort of you know, anomaly
like they used to be where they'd take forever to
sell and sell way below asking and have all these
(17:15):
price drops. Luxury homes today are selling it above a million,
are selling at a comparable pace to the average price
homes three point thirty nine months supply of inventory. One
other thing on the luxury space that I think is
important as it relates to the rest of the market
is that we just have a higher saturation of people
(17:36):
that want that inventory. The downside to that, builders see
that and then builders go and attack that product, and
where we still have an obstacle with affordable housing homes
in that mid level price range. So we're actually going
to have a builder on in a few weeks to
talk about this and kind of things that they're doing
to combat it bring more affordable single family homes to
(17:56):
Tampa Bay. But right now the builders see, you know,
the market on million dollar plus homes and how how
they're selling and how they're moving, and that's what they're attacking.
A couple other things with the stats, three thousand, three
hundred and forty nine homes sold in July, about the
same number that was sold in June. Maya this year
we had a record month four thousand. That was the
first the first four thousand month in three years. But
(18:22):
most of the year we've been in that three thousand
to three thousand, three hundred range for number of home sales,
which is a stabilized market, healthy, you know, stabilized, and
we're seeing more home sales than we did last year.
Last year at this time we saw three thousand, one
hundred and eighty four in July. In July of twenty
(18:42):
twenty two we saw three thousand and sixty two. So
again the last couple of years, we are starting to
turn the corner and see some positive progression with both
home sales price, inventory, and the best is yet to come.
As far as I'm concerned, after the president election, I
expect a real estate bump simply because people are sitting
(19:03):
on the fence waiting concerned. And then of course we're
going to see FED rate cuts that's already kind of
out there. It looks like they start in September and
they continue through next year. So if you wait as
a consumer to sell her buy because you're waiting on
interestrace to drop, I promise you're going to miss the mark.
Do it now, REFI later. We know rates are coming
down and lou have some massive change in the economy
(19:25):
or the world situation. Rates are headed in a downward trend,
which means you want to buy before they trough. When
they try off, prices skyrocket, so you can gain equity
now buying now and then refinancing later. Hopefully that makes sense.
Speaker 2 (19:39):
Read back.
Speaker 1 (19:40):
We're going continue this conversation after a quick break here
on the Duncan Duo Show. So we're back here on
the Duncan Duo Show talking about the Tampa Bay real
estate market. And I want to talk next. Before I
get into that, make sure you follo us on social
at the Dunkin Duo Twitter, Instagram, YouTube, TikTok, Facebook and
Duncan Duo dot com for your free home of value estimate.
Again that's dunk Duo dot com. If you want our
(20:02):
aggressive marketing strategy to get your home in a bidding war,
please go to dunkin Duo dot com and when we
reach out to all our agent that you want the
aggressive marketing strategy which will get your home sold in
a bidding war. A lot of our clients are opting
for right now. It is the way to go for
somebody who doesn't want to sit on their house and
wants to move it. There are way too many people
out there right now that want to list their house
(20:22):
that don't want to sell it. If you want to
sell it, you need the right strategy. That's where that
comes in. So again Duncan Duo dot com, we'd love
to share that, to share that with you. So and
I talked in the break about, or I talked before
the break about real estate stats on TAMBA, what we're
seeing in the luxury market, what we're seeing from average
(20:44):
sell prices, number of homes solds and I spent the
first segment of my show focused on strategy. So again,
if you missed it, go back and listen to it
or call our team and we're we would love the
opportunity to tell you about at aggressive strategy. So I
want to talk next to people that look at real
estate online and acquire about homes. So this is my
(21:08):
twentieth year in real estate. I have seen the rise
and fall of many online real estate websites, many real
estate brokerages that are kind of come in and change
and offer a discount plan. I've also seen tech companies
fold not make it sell out to other companies downsize.
So through these evolutions, there have been things that the
(21:32):
consumer didn't quite get filled in on. So this is
one of those moments where I kind of want to
fill you in on an industry secret. So listen up.
If you want real estate insider secrets about buying real estate.
I got the right path for you. When you go
online to any of the major real estate portals, okay,
and look, it's not hard to figure out what they are.
(21:54):
They're the ones everyone goes to and searches for real estate. Okay,
So any of the all portals that you go to,
the consumer for decades, okay, believed that if they inquired
about a property on one of those portals they were
getting to the listing agent. The listing agent or the
listing company, whether it's the brokerage or the team, historically
(22:17):
has the most amount of information about that property. They're
going to know, they're just going to know more about it.
They're gonna have information, they're gonna have a connection to
the seller. The listing agent is who a lot of
people want to speak to. And this new lawsuit that
was recently settled kind of promotes that same thing, where
you know, if you're going to meet with an agent
(22:40):
and look at homes, you've got to sign an agreement,
have a representation. A lot of customers are going to
skip that. They're going to say, I don't want to
talk to a buyer agent, I just want to go
to the listing agent. Because over the years, what's ended
up happening is all those companies, when you would inquire
on any of those websites used to get the listing company,
you would get the listing agent. You would send in
an inquiry and say, hey, what's going on with this house?
I'd like to see it. Now that's not the case.
(23:03):
So if you're a consumer and you think that you
only want to deal with the listing agent and you
go to an online portal or use one of the apps,
and you message about the house. Your inquiry is being
sold to the highest bidder. You're not getting the listing
agent in most instances, you're getting somebody else. You're getting
somebody that paid hundreds of dollars to have an opportunity
(23:25):
to have a conversation with you to try and sell
you that house or something else. So consumers often get frustrated.
They'll send an inquiry and then we'll call and we'll say, hey,
when do you you know or not us or you
know because we do it too. We advertise with some
of these portals, so we sometimes get leads off of
other agents' listings. So what ends up happening is the
consumer gets frustrated because they just want to set an appointment.
(23:47):
When's it available? You're the listing agent, and they find
out that we're not. Because the portals sell that lead
to the highest paying bidder, they don't give it back
to the listing agent who has the most information about
the house, who can really answer your questions the best.
It's sell to the highest bidder. So then now you've
got an extra barrier between you and figuring out what's
going on with the house, and you get frustrated because
(24:08):
you assume that you're getting the listing agent.
Speaker 2 (24:11):
The only true real way to get.
Speaker 1 (24:13):
The listing agent is off of the listing agent's website
or calling the listing agent directly. Most of the online
traffic and search now that you see when you click
around and see a property and you inquire about it,
most of the time ninety plus percent of the time
that inquiry is not making its way to the listing agent.
It's making it to a person that paid for that lead.
(24:33):
The wants to try and sell you not just that property,
but any property. So the only full proof way to
get the listing agent is kind of skip out on
that process, not inquire through that online portal, figure out
in the details in the fine print down at the bottom.
It tells you who the listing agent is or who
the listing brokerge is, and then reach out to them directly.
That's the only full proof way. So consumers, when you
(24:54):
get frustrated, understand that all of the online portals did this.
This is not like, this is not something we create,
it's not something the real estate agents now again did
boards and MLS's and all that stuff allowed to happen,
of course, but we'll get these situations where the customers
frustrated because I have this assumption. Well, I went online,
I fill out an inquiry, and I think the listing
agent should call me. I want to know what the
property is, and what their disclosures are, and this, that
(25:15):
and the other. You're not getting a listing agent, You're
getting the highest paid btter. You're getting somebody that doesn't
necessarily know all the specifics about that house, and then
they have to go reach out to the listing agent
try and find those questions. Now again, I'm a firm
believer in buyer agency. I'm a firm believer that a
lot of homeowners should have a buyer agent. And the
all nine portals have kind of set it up to
(25:36):
where you're going to get a buyer agent. You're not
going to get the listing agent. Consumers, though don't know.
It was never some major announcement on Wall Street or NASDAK.
You know, Zillo didn't go out there and say, hey, everybody,
guess what, We're no longer sending you to the listing agent.
We're now sending you to somebody. Else that's paying, paying
us a referral, paying for that lead. Okay, they never
(25:59):
announced it, so the consumers that have continued searching on
those portals for years are misunderstood because they think they're
getting the listing agent and you're not. You're not getting
a listing agent. And whether or not that's right or
not isn't up to me. We certainly do our best
to position our business to capitalize on how those companies
have decided to handle the inquiries on listings, but the
(26:24):
consumer doesn't know.
Speaker 2 (26:25):
The consumer makes an.
Speaker 1 (26:26):
Assumption because that's the way it happened for years on
those portals. But then it changed, and the only people
they really announced it to were the real estate industry
because they said, hey, guess what, real estate agents, we're
not going to make you pay more or we're going
to not give you the leads off of your own listings.
So real estate agents knew about it because we didn't
like it, especially ones that did a lot of listings.
Of course, agents that didn't have listings and represent a
(26:49):
buyers loved the idea because it's a chance for them
to get business, but a lot of heavy listing agents
didn't love the idea. That now their leads on their
listings that they worked hard to get that they advertise
are being sold to the highest bidder some of the company.
But we've had to pivot. We've had to pivot and
work around it. But if you are a buyer and
you're inquiring about a property, most of the time, unless
(27:09):
you pay extra money with those portals, and let's face it,
a very small percentage of real estate agents do that,
your inquiry is not making it to the listing agent.
And again, consumers don't understand this. We deal with it
all the time, and the portals never When the portals
changed it, they really made some major announcement. You know,
(27:29):
it's buried in some fine print somewhere at the bottom
of a website that nobody reads. In the terms and
conditions you're clicking through and authorizing and asking for information,
and it's making it clear to you you're probably just
not reading. It's buried in some fine print. So the
moral of the story is that the real estate industry
has changed dramatically. Tech has kind of come in and
(27:50):
changed a lot of it, but there's still this consumer
lack of awareness about that specific thing. So if you
inquire on one of those apps or one of those websites,
you're not likely getting the listing agent. You want to
get the listing agent, you're pretty much going to have
to go direct to the source, call or text them,
find their information, google them, find it in the fine
print of the listing because it's there. They've got to
disclose it. But of course they disclose it like great
(28:11):
out texts that you can barely find. You can find it.
You got to search for it, and then that's how
you can get directly to the listing agent. So again,
you're listening to the Dunkin Do our real estate show
here on WFLA News. When we aren't on air, make
sure you're following us on all of our socials at
the Duncan Duo again, Twitter, Instagram, YouTube, TikTok and Facebook,
(28:32):
all of the social channels we are there. I want
to talk next about our featured property this week, okay,
And it's interesting because you know, we don't feature every
one of our listings on the show.
Speaker 2 (28:44):
Okay.
Speaker 1 (28:45):
We have a lot of clients that we'll say, hey,
talk about my property, and you know, of course some
that we do. It is an extra thing that we
offer to our clients. To get them exposure for their home.
And so six seven five North Orleans Avenue, three bedroom,
(29:07):
two point five bath, twenty three sixty four square feet,
new construction, really cool part of town. This is a
part of town that's really growing. It's it's a brand
new construction house. Nice new flooring, uh, solid countertops, incredible
lighting in the kitchen, like a nice bright white kitchen.
(29:29):
And again new construction. So it's going to be cheaper
on you know, utilities and insurance, and it's it's on
a again, twenty three sixty four square feet. Been on
the market just a few days, priced at five hundred
and eighty nine thousand. Again incredible property. And the thing
that I love most about this property, it's got such
cool curve appeal. Feels very key West. And so again
(29:52):
six seven five North Orleans Avenue. And you're wondering right now,
well how do I get information on that property? Well,
is this a It is our listing, so you can
google it and then, like I mentioned, you google it
and you're gonna get sent off to the highest bidder.
Your information is gonna be sold to someone else. The
best way to get information is got to our website
(30:13):
at the dunkin Duo dot com and that is the
best way for you to get information on any of
our featured properties. So again you can do that at
the dunkin Duo dot com. You can also again Google,
in which case, like I mentioned, your property will be
sold or you're not your property, your lead will be
sold to the highest bidder. So the reason I love
this property, it's not far from you know, the riverfront.
(30:37):
It's in a neighborhood called River Bend. There's just so
much development and cool stuff happening along the river, so
many new restaurants. This is just like I said, I
love the location of this there's so much upside with
what's happening in River Bend and anything close to the river. Again,
six seven o five North Orleans Avenue. Hit us up
at the dunkindoo dot com, check out our featured listings
(31:00):
and you'll find the property there on our website. So
I want one of the things I'm going to talk
about in the last break or the last segment of
the show talked about luxury real estate. I also want
to talk about some tips that I can give to
first time home buyers because we know that it's challenging
out there for first time home buyers to get their
(31:20):
offers accepted. We know that a lot of sellers don't
want to take offers from first time home buyers. They
don't want to take load down payment that's risk to them,
or extra hoops to jump through on inspection. So first
time home buyers, you've got your work cut out for
you in this market. If you stay with me on
the other side, I'm going to give you some intel
to help you win even in a super competitive market
(31:44):
in the average price ranges of Tampa. So again, be
back after a quick break here on the Duncan Duo Show.
So back here on the Duncan Duo Show talking about
the Tampa Bay real estate market. I'm Andrew Duncan with
the Dunkin do at LPT Realty. First time home buyers,
I got you, Okay. If you are a first time
home buyer, please listen up. If you're thinking of someone
(32:05):
you know that's the first time home buyer, make sure
to send.
Speaker 2 (32:08):
Them to us.
Speaker 1 (32:09):
Tell them to listen to this segment because I'm gonna
give you some intel on how to win even in
a challenging market for first time home buyers. Let's face it,
first time home buyers, Let's think about the pros and
the cons. Unless you're you know you've waited in life
to buy a house and put away a lot of money,
it's likely you're getting a loan and you are competing
(32:31):
with the largest home buyers in the country that have cash,
enormous hedge funds that frankly want to beat you, and
they don't want you to win. They want to buy
the home and they want you to rent it from them.
They don't want you to own. It's why there's so
many hedge funds in our marketplace. So how do you
beat that? As a first time home buyer. You can't
(32:52):
come in and say hey, I got cash, because you don't.
But what you can do is appeal to the home
seller emotional side and prepare yourself the best you possibly
can be for your offer. First and foremost, talk to
a lender before you ever look at a house, get
pre approved, do your financial stuff okay. Reason being is
(33:15):
when the right property hits the market and there's a
lot of competition, you may not have a day or
two to wait on getting a prequel or sending your
income statements or having your credit pulled, and then you
missed the house. Okay, don't put the cart before the horse.
Go get qualified. Even if you think your credit's amazing
and your income's amazing, and you you know it's going
to be a slam, donke easy qualify. There's stuff that's
(33:37):
in your credit report you find out that you didn't
know about, or you find out that you write off
so much on your taxes and your self employed, or
you find out that you know your your your credit
score is not where you thought it was. Talk to
a lender first before you ever look at a house.
Have that all lined up. If you do it backwards,
(33:57):
it's going to cost you the second that you want
to do again. Make sure you have your down payment
prepared and saved. Recently had a scenario where a client said, oh, yeah,
my parents are going to give me the money, and
the parents said, of course, we'll give you a down payment.
Speaker 2 (34:10):
Well, of course we'll help you.
Speaker 1 (34:13):
What the son didn't know was that the parents were
in financial trouble. Parents don't often say to their kids, hey,
guess what, I'm having financial problems. I'm about to file bankruptcy.
I ain't got no money left.
Speaker 2 (34:23):
Okay.
Speaker 1 (34:24):
They don't want to disappoint you. Sometimes maybe they don't
think you're really going to buy a house and you
might get lip service. Have parents told their kids are
going to give them money and then not have it. Yes,
make sure that you have that documented. Have your lender
speak to them, get the proper documentation. Again, it happens.
We've had people say, oh, my parents are giving me
the twenty percent. Lender doesn't verify. We get to the end.
(34:45):
Parents don't have the twenty percent. Parents are in debt,
parents are in foreclosure, parents are found bankruptcy. Your down payment,
have it ready to go, locked in into an account.
Make sure you know that whoever's giving it to you
if you don't have its it available.
Speaker 2 (35:00):
And the upproof of that.
Speaker 1 (35:03):
Obviously polishing the credit which I mentioned about, here's another
thing that you want to make sure and do. As
a first time home buyer, having not been experienced in
the real estate space, you need a trusted advisor. You
need a great real estate agent. You need somebody with experience.
It's part of the reason why you work with an
agent is because they can help you avoid pitfalls. They've
done a lot of transactions, they've represented a lot of people.
(35:25):
This isn't the time to use your uncle's brothers, cousin's friend.
You just got their license. Okay, it's gonna cost you
money or it's gonna cost you the ability to buy
a home all together. Make sure you're working with a professional,
and a pro that sits down, goes over the buying
process with you. You hire them exclusively and they have
the ability to go out and navigate, help you save
money and help you find the right house. You want
(35:46):
to make sure and register the commute during rush hour.
You might think, oh, Google says it's nine minutes for
me my office Saturday morning at noon. Now nine minutes
turns into ninety nine minutes come morning. Drive the property
on a rush hour timeline. Make sure that you're okay
(36:06):
with the commute. Last, but not least, when you're a
first time home buyer, you need an agent that's aggressive.
You need an agent that can help you avoid mistakes,
that has a lot of experience, a team with a
lot of experience like ours. Again, it's not the time
for amateur hour. You go amateur hour, it's going to
cost you either not gonna buy or it's gonna cost
you money. Second thing, Last, but not least. You can't
(36:29):
win with cash. You're gonna have a hard time beating cash.
So what you have to do is try and to
appeal to the emotional side of the home seller. Now
is that going to work in every instance?
Speaker 2 (36:40):
No, it's not.
Speaker 1 (36:41):
Okay, you might have to fire the gun a few times.
How can you appeal to the emotional side of the seller.
You can flatter them. Big bank that's throwing a cash
off of they are ways and going to do it.
You can flatter the home. You can find common ground.
You can let them know what the home means to
you and your family. You can let them know, like
all of these things. You can do a letter, you
(37:03):
can do a video. There's certainly things you have to
steer clear of when you do those things because there's
protected classes and certainly you know not advocating that you
that you cause any problems there. But you can appeal
to the emotional side of the home seller by let
him know what that home is going to mean to you.
A big bank, a hedge fund isn't going to do that.
(37:23):
So again, a great agent is going to accentuate that
it's going to make that home seller that's looking at
that off or understand that this isn't just some big
fund out of Wall Street that they're selling their home to,
but someone else that can positively contribute to the neighborhood.
Someone's not going to be a renting the property out,
someone that wants to occupy it as their home, and
that person can provide some emotional context with why that
(37:46):
home is the one that they want.
Speaker 2 (37:47):
So hopefully those tips are helpful.
Speaker 1 (37:49):
Again, if you know first time home buyer, send them
our way at d dunkin duo dot com, but make
sure to share this with them. This will be up
on our YouTube channel as well as the iHeartRadio podcast.
You can go and listen to all the segments there
and next week always drop a knowledge about the Tampa
Bay real estate market. See you next Sunday and have
an awesome rest of your weekend.
Speaker 2 (38:05):
Tampa Bay
Happy Sunday, Tampa Bay. We're with you for another week
(00:02):
here on the Duncan Duo Real Estate Show, like we
are every Sunday at ten o'clock here on WFLA News,
making sure to give you all the updates you need
about real estate right here in the Tampa Bay metro.
And my team we cover a really broad geographic area.
I get this question sometimes because it said, Hey, your
office is in South Tampa.
Speaker 2 (00:21):
You know, how often where do you cover? Well.
Speaker 1 (00:24):
LPT the company I joined as a cloud based brokerage.
That is, it is national, so we actually serve nationally,
if that makes sense. If it's an area that we
don't cover with our agents, then we partner with an
LPT agent in that area. So if you're thinking about
buying or selling a home anywhere and you want to
make sure to get the right agent, we have the
ability to look at the statistics to find you the
(00:47):
right agent based on your market and your needs. So again,
our team personally covers everything in the Tampa Bay metro
including Sarasota, Manatee, Polk County, Pennell's County, Billsborough, Tampa, Pasco County,
Hernando County. We cover a really broad geographic area, and
even our offices in South Tampa, our agents live throughout
(01:09):
the market, so our team covers a broad geographic area.
And then LPT our Brokerage is able to serve clients anywhere.
And so the cool thing is is, you know, I
get to see the statistics and get to pick an
agent for you in a market with my experience to
or I can kind of pre screen and save you
some time, energy and efforts. So if you do want
a great agent and you're thinking about buying or selling anywhere,
(01:30):
you can hit us up at the Dunkin duo dot
com or get a free home value.
Speaker 2 (01:34):
Estimate at duncan Duo dot com. So I want to.
Speaker 1 (01:36):
Talk next about pricing your home strategically. If you're thinking
about selling your home, I need you to listen up. Also,
if your home didn't sell or you know someone that's
going to be selling your home, listen up because I
have some wonderful, extra special knowledge for everyone out there
thinking about selling or it is or it is going
(01:58):
to in the future. First and four, a lot of
real estate agents make this mistake when pricing real estate,
and they price something at eight forty nine nine or
ninety ninety nine or two forty nine nine, and real
estate isn't gas. Okay, you're not tricking anyone by saying, oh,
it's under two fifty or under seven point fifty. People
(02:21):
aren't that dumb. It doesn't help at all. And let
me explain why it's a flawed logic and why that
doesn't help you as a home seller. The very first
and most important reason is that the majority of home
sold today, the very first showing is online. The very
first opportunity to sell the home to someone is online,
and no different than a traditional retailer. If you walk
(02:42):
into a Walmart or a Nordstrom or you know any
you know, a Sacks, It doesn't matter what it is.
The stuff that the retailer wants to push the most
or that they want to get the most exposure for,
they put it on the end caps, or they do
extra adverti tising in research to determine where in the
store is something going to get the most positive impression.
(03:05):
Real estate is the same way. So use my three
billion dollars in sales history to your to your advantage here.
Even if you don't hire my company, which you should,
because a lot of agents are out there giving bad
advice about pricing right now. So here's what I mean.
If you have a home that's worth eight hundred thousand,
or you're gonna market at eight hundred thousand, price it
(03:26):
at eight hundred thousand, Okay, don't price it at seven
ninety nine nine. And here's why. Because when someone goes
online and searches, no different than the retail analogy I
gave you a few minutes ago, which was that you know,
you want stuff in the in the place where it
can be seen the most. When you price it at
seven ninety nine nine or six ninety nine nine or
(03:46):
four ninety nine nine, the consumer misses your property a
lot of times when they search up to five hundred.
So if they search up to five hundred, they're going
to weed through a whole bunch of other listings of
five hundred before yours ever shows up. You've basically said,
when you price your home at one of those odd
obscure numbers, you've basically said, you know, go ahead and
(04:06):
stick my product in the middle of an aisle behind
everyone else.
Speaker 2 (04:10):
Okay.
Speaker 1 (04:11):
Now, if your product is exceptional and still well priced,
will you potentially still sell the property? Of course? However,
you may not get as many eyes, you may not
give your chance the best shot at a bidding war,
and your home may not sell. You price it on
whole numbers, and you look at the search history of
consumers to determine how to navigate around that appropriately. One
(04:33):
example would be, again, if you price it at that
eight hundred number, everybody that's looking up to eight hundred.
If you're hiring a good agent that knows how to
advertise and market, they're going to the portals, the Zillos
therealtor dot COM's the homes. They're going to the portals,
and they're ensuring that their homes get featured. So that
when that person searches up to eight hundred, that agent,
if they're an eight hundred thousand or listening, that agent
(04:55):
is getting their positioned at the top. So the person
that seven ninety you miss them when you price it
at seven ninety nine nine, because you might be on
the second page, or someone may have to scroll through
other properties to get to you. You want to be
the best positioned. You want to be on the end cap.
You want to be in the featured spot of the
retail store for real estate, which is pricing on that
(05:17):
whole number. Another really important reason that you price it
on the whole number. Let's just say, for example, you've
got a seven hundred thousand dollars property. If you price
it at six ninety nine and someone's searching up to
seven hundred, they wouldn't see you.
Speaker 2 (05:31):
Okay.
Speaker 1 (05:32):
Now, on the converse of that, let's say someone goes
on and says, hey, I'm looking for something between seven
hundred and a million, and I want to filter it
to show the lowest price. First, if you were a
six ninety nine to nine, they'd never see you. They'd
never see your property. If you price it on the
whole number, you get both sides of the search. You
get more exposure. It's kind of like being on the
(05:53):
end cap at the very front of a store during
holiday season. You're going to get more exposure. So if
your agent isn't giving you advice, you've got the wrong agent,
and maybe you need to, you know, to make change
when you're listening expires, or you simply need to hire
us and somebody that does give you the appropriate, correct
pricing strategy. So again, twenty five and fifty thousand dollars
(06:16):
increments up to a certain point and then one hundred
thousand dollars increments above another point. But the idea is
to price on those whole numbers. So don't make the mistake.
Don't hire an agent that doesn't understand how to explain that,
because if they price it wrong and then they try
and correct it later on, you're absolutely missing traffic. I
want to talk about another pricing strategy that I think
a lot of home sellers fail to grasp. If you're
(06:40):
listening right now, you've probably gone to an auction before.
And I've gone to a lot of auctions. I've bought
equipment for businesses. I've bought cars, made offers on cars
at auctions. I've bought you know, sports memorabilia at auctions,
and I've gone to charity auctions and bought trips and
(07:00):
a few years ago, I bought tickets to go see
the Grammys, you know. So I've experienced the auction mentality before.
And when you go to an auction, quite often you
will see someone overpay for an item because they were
competing with someone else. So if let's just say you're
(07:21):
at Meekham or Barrett Jackson and you're a car person
and you see two guys betting back and forth for
this Camaro or this you know, historic corvette or a
screen used movie car. What ends up happening is people's emotions,
excitement and competitive juices take over and they overpay sometimes
(07:41):
because they want to beat the guy across the aisle
that they're looking at, that they're going up against. They
want to beat that guy. Their competitive juices flow because
other people want the product, and oftentimes they overpay regret
later on. Well, as a home seller, I don't care
if they have regrets later on. My goal is the
best represent you. So if you can think from a
(08:01):
standpoint of if your home is in a very competitive
market or a not competitive market for homes in your
neighborhood and price range, the idea is to create a
competitive market for your specific home. Okay, to create a
market for your home. So an example, just this past week,
we had a property in clear Water. The client came
to us and said, Hey, I want to sell it
(08:21):
really fast, but I've looked at getting cash offers and
they're coming in, you know, twenty thirty forty percent off
of what I think the retail number is. And I
don't want to take that big of a haircut and
look Let's face it, I buy homes too, Okay. I
go out and make cash offers all day long, and
I'm making them from a standpoint of investment where I
can buy the property, renovate it, and resell it and
(08:44):
make it a reasonable I wouldn't say substantial, sometimes it's substantial,
but a reasonable profit compared to what my money would
make parked, and something guaranteed safe. So the consumer, this
particular client, said I don't want to do with a
cash offer, but I do want to move the home quick.
We ran through the numbers. We showed them the prices
(09:05):
and showed them the comps and said, hey, what do
you looking at all these comparables, what do you think
the home was worth? And that they thought four fifty,
which is relatively comparable to what we believed as well
to be the market value. And so when you look
at the three different strategies to price a home, you
can price it at that retail number. You can price
it above retail, where you chase the market down and
(09:27):
eventually potentially maybe not even sell because prices compress and
you're just kind of behind it the whole time. Or
you price the home aggressively slightly below market with the
intention of forcing the activity to hopefully create a bidding
war and maximize your position and sell the home quickly.
And this particular instance, the client said, well, if we're
(09:47):
worth four fifty, you know, the absolute lowest I would
take would be four twenty five. But I don't really
want to take that. But if that's all I got,
or if I got like a really good offer, you know,
cash situation, then it could make sense. So we put
the property on the market for four to twenty five,
roughly five percentplow market. We got a litany of offers,
(10:08):
dozens and dozens of offers on this property, dozens and
dozens with escalation clauses and people that saw it as
a value. And what ended up happening is these people
started competing for the house because they wanted to beat
the other guy. And when you have a property where
you create a market like that, you've got people coming
and going with somebody going into the house and somebody
else watching that person go into the house because it's
got that much demand because it's such a good deal.
(10:29):
What ends up happening is that auction mentality kicks in
and we sold the property for four hundred and sixty thousand, okay,
ten grand above market, thirty five grand above asking price,
and it was great terms for the client. The client
got everything they wanted. It was it was incredible. They
were so happy they were able to move back to Illinois.
And a lot of real estate agents would have made
(10:50):
the mistake and priced it or not given him that
option and priced it at four fifty. It probably still
would have sold. Maybe it wouldn't have sold for asking me.
We would have sold slightly lower. Maybe it would have
taken a few months to sell, which is probably the
norm in our market. But in this instance, we force
the activity. We put a great marketing plan in place.
We are patient with the offers, and that's the kind
(11:12):
of strategy that you need to win in today's market.
If you're not getting that strategy, maybe you have the
wrong agent, maybe your house is just sitting, Maybe you're
not creating demand, maybe you don't have people looking at it.
And a lot of the time it can be drilled
back to the price. However, the right price doesn't matter
if the property's been on the market too long and
it's stale. Consumers want it to be attractive the right
(11:32):
price as well as being new on the market is
the potent combo cutting your price to the right price
after the fact. Unfortunately, you've lost the oomph of all
the people and the energy and the excitement early on
in the listing. And sure can the property still sell
and Candi bidding will happen at some point, you know,
down the line. If you lower the price to an
aggressive number after it's been out there for a while,
(11:54):
of course it can work. But your best advantage as
a home seller, no matter them a market, is to
aggressively price it with an agent that aggressively markets it,
that's patient and the negotiation and then pits buyers against
each other. Again, why do you think people put a
car up at bar Jackson instead of just putting it online?
(12:15):
Why do you think people put a car up at
meek him instead of just throwing an ad online. It's
that strategy and we are experts at that. We've done
that for countless clients. So if you want an aggressive
strategy to get your whole moved, but you don't want
to take the low ball cash offer, please reach out
to us. Hit us up at dunkin duo dot com.
Tell the agent or myself when we reach out that
(12:35):
you want the aggressive strategy that I talked about on
the radio, that you want to price it to move it,
not just to have it sit on the market like
a lot of sales are happening right now. So hopefully
that helps you understand the strategy that we're using to
win in today's market and drive price up our clients
and still win for them even though the market isn't
as good as it was a few years ago. Speaking
(12:56):
of the market not being as good a few years ago.
When I come back, I'm going to talk about the
Tampa real estate statistics. I want to let you know
what we're seeing on the stats, what we predict is
coming for our market, and so much more after a
quick break here on the Duncan Duo Show. So back
here on the Duncan Duo Show. I tease it before
the break, where're going to talk about the Tampa real
estate stats. And so the stats that I want to
(13:16):
talk about come out every month, and I do talk
about them because I think it's important for you to
understand where our market is and what we're seeing in
the marketplace. However, what I want you to understand is
that when I do talk about these statistics, they don't
apply to every property in every segment. Condos are drastically
different than single family home Right now, because of the
(13:37):
milestone survey inspections that need to be done by communities,
insurance obstacles, HOAFE is going up. The condo market is
not nearly as healthy as a single family market, and
then certain parts of town aren't as healthy as others.
So you can't necessarily apply something I stay generally about
real estate in Tampa Bay to every specific product niche.
So when you hear me talk about this, I'm talking
about the market overall, it doesn't necessarily mean I'm talking
(13:59):
about your property. If you want to know what's exactly
going on with your property, dunkinduo dot com. Hit us
up for a value estimate again, jump onto the website
at dunkin duo dot com. We'll get you a free
value estimate. You'll get to see the data, what you're
competing with, month supply inventory, how long are a home's
taking to sell, what do they sell it out of
the asking price? So when I looked at the statistics,
(14:20):
one thing that was really surprising to me through and
these stats are through July, was how many homes above
a million dollars we've sold in our market, and I
don't mean me like we've sold a bunch, but I'm
talking about the market overall, nine hundred and twenty five
sales above a million dollars.
Speaker 2 (14:40):
So put that into perspective.
Speaker 1 (14:42):
I remember years way back in the day in my
real estate career where that number was in single digits
on a monthly basis, Like we were not selling like
hundreds of homes above a million dollars each month. So
the market is definitely healthy from that standpoint. Four percent
of our home sold this year in the marketplace are
above a million dollars, and LUs luxury listings used to
(15:08):
be things that would sit on the market forever. The
average days on market for a home above a million
dollars because the amount of demand because a number of millionaires,
they're moving here, people moving from other parts of the country,
and they don't want to pay state income tax, or
they like our politics, or they like our climate or
either our weather climate or our business climate. Fifty nine
(15:28):
days on market. It's about the same as everything else.
They're not sitting on the market for years at a
time like they used to. Fifty nine days on market
for homes above a million dollars compared to fifty one
forty six fifty to fifty one fifty two days on market.
Everything in like the two hundred to four hundred range
is in that number of days on market. So luxury
(15:49):
market very healthy. Love to help you still, the right
pricing strategy and the right marketing matter. Ninety six percent
list to sell price ratio above a million dollars also
something that you know, we just did not used to see,
and that is a little bit lower than the than
the norm and the market which is ninety eight percent.
So so luxury properties above a million dollars do sell
(16:11):
for a little bit lower list to sell price ratio
than their counterparts. So luxury market doing very healthy. So
overall statistics, the average cell price in Tampa Bay four
hundred and sixty two thousand, two hundred and eleven. Compared
that to a year ago, we were four sixty one
seven oh two. So, as I predicted many times on
(16:32):
the show, we were not going to see massive depreciation.
We were really going to see stabilization, which is what
we've seen. Our average sell price has bumped around in
the mid to high four hundreds for a few years,
now a couple of years since going back to July
of twenty twenty two, the average selle price was four
seventy four, then four to forty six, four forty seven.
It's been in that four point fifty to four to
(16:54):
seventy five range for a couple of years. Average days
on market fifty five. Like I mentioned, that's the average.
It's only fifty nine for luxury homes above a million,
So it's not that much different. Luxury Homes above a
million now are not some sort of you know, anomaly
like they used to be where they'd take forever to
sell and sell way below asking and have all these
(17:15):
price drops. Luxury homes today are selling it above a million,
are selling at a comparable pace to the average price
homes three point thirty nine months supply of inventory. One
other thing on the luxury space that I think is
important as it relates to the rest of the market
is that we just have a higher saturation of people
(17:36):
that want that inventory. The downside to that, builders see
that and then builders go and attack that product, and
where we still have an obstacle with affordable housing homes
in that mid level price range. So we're actually going
to have a builder on in a few weeks to
talk about this and kind of things that they're doing
to combat it bring more affordable single family homes to
(17:56):
Tampa Bay. But right now the builders see, you know,
the market on million dollar plus homes and how how
they're selling and how they're moving, and that's what they're attacking.
A couple other things with the stats, three thousand, three
hundred and forty nine homes sold in July, about the
same number that was sold in June. Maya this year
we had a record month four thousand. That was the
first the first four thousand month in three years. But
(18:22):
most of the year we've been in that three thousand
to three thousand, three hundred range for number of home sales,
which is a stabilized market, healthy, you know, stabilized, and
we're seeing more home sales than we did last year.
Last year at this time we saw three thousand, one
hundred and eighty four in July. In July of twenty
(18:42):
twenty two we saw three thousand and sixty two. So
again the last couple of years, we are starting to
turn the corner and see some positive progression with both
home sales price, inventory, and the best is yet to come.
As far as I'm concerned, after the president election, I
expect a real estate bump simply because people are sitting
(19:03):
on the fence waiting concerned. And then of course we're
going to see FED rate cuts that's already kind of
out there. It looks like they start in September and
they continue through next year. So if you wait as
a consumer to sell her buy because you're waiting on
interestrace to drop, I promise you're going to miss the mark.
Do it now, REFI later. We know rates are coming
down and lou have some massive change in the economy
(19:25):
or the world situation. Rates are headed in a downward trend,
which means you want to buy before they trough. When
they try off, prices skyrocket, so you can gain equity
now buying now and then refinancing later. Hopefully that makes sense.
Speaker 2 (19:39):
Read back.
Speaker 1 (19:40):
We're going continue this conversation after a quick break here
on the Duncan Duo Show. So we're back here on
the Duncan Duo Show talking about the Tampa Bay real
estate market. And I want to talk next. Before I
get into that, make sure you follo us on social
at the Dunkin Duo Twitter, Instagram, YouTube, TikTok, Facebook and
Duncan Duo dot com for your free home of value estimate.
Again that's dunk Duo dot com. If you want our
(20:02):
aggressive marketing strategy to get your home in a bidding war,
please go to dunkin Duo dot com and when we
reach out to all our agent that you want the
aggressive marketing strategy which will get your home sold in
a bidding war. A lot of our clients are opting
for right now. It is the way to go for
somebody who doesn't want to sit on their house and
wants to move it. There are way too many people
out there right now that want to list their house
(20:22):
that don't want to sell it. If you want to
sell it, you need the right strategy. That's where that
comes in. So again Duncan Duo dot com, we'd love
to share that, to share that with you. So and
I talked in the break about, or I talked before
the break about real estate stats on TAMBA, what we're
seeing in the luxury market, what we're seeing from average
(20:44):
sell prices, number of homes solds and I spent the
first segment of my show focused on strategy. So again,
if you missed it, go back and listen to it
or call our team and we're we would love the
opportunity to tell you about at aggressive strategy. So I
want to talk next to people that look at real
estate online and acquire about homes. So this is my
(21:08):
twentieth year in real estate. I have seen the rise
and fall of many online real estate websites, many real
estate brokerages that are kind of come in and change
and offer a discount plan. I've also seen tech companies
fold not make it sell out to other companies downsize.
So through these evolutions, there have been things that the
(21:32):
consumer didn't quite get filled in on. So this is
one of those moments where I kind of want to
fill you in on an industry secret. So listen up.
If you want real estate insider secrets about buying real estate.
I got the right path for you. When you go
online to any of the major real estate portals, okay,
and look, it's not hard to figure out what they are.
(21:54):
They're the ones everyone goes to and searches for real estate. Okay,
So any of the all portals that you go to,
the consumer for decades, okay, believed that if they inquired
about a property on one of those portals they were
getting to the listing agent. The listing agent or the
listing company, whether it's the brokerage or the team, historically
(22:17):
has the most amount of information about that property. They're
going to know, they're just going to know more about it.
They're gonna have information, they're gonna have a connection to
the seller. The listing agent is who a lot of
people want to speak to. And this new lawsuit that
was recently settled kind of promotes that same thing, where
you know, if you're going to meet with an agent
(22:40):
and look at homes, you've got to sign an agreement,
have a representation. A lot of customers are going to
skip that. They're going to say, I don't want to
talk to a buyer agent, I just want to go
to the listing agent. Because over the years, what's ended
up happening is all those companies, when you would inquire
on any of those websites used to get the listing company,
you would get the listing agent. You would send in
an inquiry and say, hey, what's going on with this house?
I'd like to see it. Now that's not the case.
(23:03):
So if you're a consumer and you think that you
only want to deal with the listing agent and you
go to an online portal or use one of the apps,
and you message about the house. Your inquiry is being
sold to the highest bidder. You're not getting the listing
agent in most instances, you're getting somebody else. You're getting
somebody that paid hundreds of dollars to have an opportunity
(23:25):
to have a conversation with you to try and sell
you that house or something else. So consumers often get frustrated.
They'll send an inquiry and then we'll call and we'll say, hey,
when do you you know or not us or you
know because we do it too. We advertise with some
of these portals, so we sometimes get leads off of
other agents' listings. So what ends up happening is the
consumer gets frustrated because they just want to set an appointment.
(23:47):
When's it available? You're the listing agent, and they find
out that we're not. Because the portals sell that lead
to the highest paying bidder, they don't give it back
to the listing agent who has the most information about
the house, who can really answer your questions the best.
It's sell to the highest bidder. So then now you've
got an extra barrier between you and figuring out what's
going on with the house, and you get frustrated because
(24:08):
you assume that you're getting the listing agent.
Speaker 2 (24:11):
The only true real way to get.
Speaker 1 (24:13):
The listing agent is off of the listing agent's website
or calling the listing agent directly. Most of the online
traffic and search now that you see when you click
around and see a property and you inquire about it,
most of the time ninety plus percent of the time
that inquiry is not making its way to the listing agent.
It's making it to a person that paid for that lead.
(24:33):
The wants to try and sell you not just that property,
but any property. So the only full proof way to
get the listing agent is kind of skip out on
that process, not inquire through that online portal, figure out
in the details in the fine print down at the bottom.
It tells you who the listing agent is or who
the listing brokerge is, and then reach out to them directly.
That's the only full proof way. So consumers, when you
(24:54):
get frustrated, understand that all of the online portals did this.
This is not like, this is not something we create,
it's not something the real estate agents now again did
boards and MLS's and all that stuff allowed to happen,
of course, but we'll get these situations where the customers
frustrated because I have this assumption. Well, I went online,
I fill out an inquiry, and I think the listing
agent should call me. I want to know what the
property is, and what their disclosures are, and this, that
(25:15):
and the other. You're not getting a listing agent, You're
getting the highest paid btter. You're getting somebody that doesn't
necessarily know all the specifics about that house, and then
they have to go reach out to the listing agent
try and find those questions. Now again, I'm a firm
believer in buyer agency. I'm a firm believer that a
lot of homeowners should have a buyer agent. And the
all nine portals have kind of set it up to
(25:36):
where you're going to get a buyer agent. You're not
going to get the listing agent. Consumers, though don't know.
It was never some major announcement on Wall Street or NASDAK.
You know, Zillo didn't go out there and say, hey, everybody,
guess what, We're no longer sending you to the listing agent.
We're now sending you to somebody. Else that's paying, paying
us a referral, paying for that lead. Okay, they never
(25:59):
announced it, so the consumers that have continued searching on
those portals for years are misunderstood because they think they're
getting the listing agent and you're not. You're not getting
a listing agent. And whether or not that's right or
not isn't up to me. We certainly do our best
to position our business to capitalize on how those companies
have decided to handle the inquiries on listings, but the
(26:24):
consumer doesn't know.
Speaker 2 (26:25):
The consumer makes an.
Speaker 1 (26:26):
Assumption because that's the way it happened for years on
those portals. But then it changed, and the only people
they really announced it to were the real estate industry
because they said, hey, guess what, real estate agents, we're
not going to make you pay more or we're going
to not give you the leads off of your own listings.
So real estate agents knew about it because we didn't
like it, especially ones that did a lot of listings.
Of course, agents that didn't have listings and represent a
(26:49):
buyers loved the idea because it's a chance for them
to get business, but a lot of heavy listing agents
didn't love the idea. That now their leads on their
listings that they worked hard to get that they advertise
are being sold to the highest bidder some of the company.
But we've had to pivot. We've had to pivot and
work around it. But if you are a buyer and
you're inquiring about a property, most of the time, unless
(27:09):
you pay extra money with those portals, and let's face it,
a very small percentage of real estate agents do that,
your inquiry is not making it to the listing agent.
And again, consumers don't understand this. We deal with it
all the time, and the portals never When the portals
changed it, they really made some major announcement. You know,
(27:29):
it's buried in some fine print somewhere at the bottom
of a website that nobody reads. In the terms and
conditions you're clicking through and authorizing and asking for information,
and it's making it clear to you you're probably just
not reading. It's buried in some fine print. So the
moral of the story is that the real estate industry
has changed dramatically. Tech has kind of come in and
(27:50):
changed a lot of it, but there's still this consumer
lack of awareness about that specific thing. So if you
inquire on one of those apps or one of those websites,
you're not likely getting the listing agent. You want to
get the listing agent, you're pretty much going to have
to go direct to the source, call or text them,
find their information, google them, find it in the fine
print of the listing because it's there. They've got to
disclose it. But of course they disclose it like great
(28:11):
out texts that you can barely find. You can find it.
You got to search for it, and then that's how
you can get directly to the listing agent. So again,
you're listening to the Dunkin Do our real estate show
here on WFLA News. When we aren't on air, make
sure you're following us on all of our socials at
the Duncan Duo again, Twitter, Instagram, YouTube, TikTok and Facebook,
(28:32):
all of the social channels we are there. I want
to talk next about our featured property this week, okay,
And it's interesting because you know, we don't feature every
one of our listings on the show.
Speaker 2 (28:44):
Okay.
Speaker 1 (28:45):
We have a lot of clients that we'll say, hey,
talk about my property, and you know, of course some
that we do. It is an extra thing that we
offer to our clients. To get them exposure for their home.
And so six seven five North Orleans Avenue, three bedroom,
(29:07):
two point five bath, twenty three sixty four square feet,
new construction, really cool part of town. This is a
part of town that's really growing. It's it's a brand
new construction house. Nice new flooring, uh, solid countertops, incredible
lighting in the kitchen, like a nice bright white kitchen.
(29:29):
And again new construction. So it's going to be cheaper
on you know, utilities and insurance, and it's it's on
a again, twenty three sixty four square feet. Been on
the market just a few days, priced at five hundred
and eighty nine thousand. Again incredible property. And the thing
that I love most about this property, it's got such
cool curve appeal. Feels very key West. And so again
(29:52):
six seven five North Orleans Avenue. And you're wondering right now,
well how do I get information on that property? Well,
is this a It is our listing, so you can
google it and then, like I mentioned, you google it
and you're gonna get sent off to the highest bidder.
Your information is gonna be sold to someone else. The
best way to get information is got to our website
(30:13):
at the dunkin Duo dot com and that is the
best way for you to get information on any of
our featured properties. So again you can do that at
the dunkin Duo dot com. You can also again Google,
in which case, like I mentioned, your property will be
sold or you're not your property, your lead will be
sold to the highest bidder. So the reason I love
this property, it's not far from you know, the riverfront.
(30:37):
It's in a neighborhood called River Bend. There's just so
much development and cool stuff happening along the river, so
many new restaurants. This is just like I said, I
love the location of this there's so much upside with
what's happening in River Bend and anything close to the river. Again,
six seven o five North Orleans Avenue. Hit us up
at the dunkindoo dot com, check out our featured listings
(31:00):
and you'll find the property there on our website. So
I want one of the things I'm going to talk
about in the last break or the last segment of
the show talked about luxury real estate. I also want
to talk about some tips that I can give to
first time home buyers because we know that it's challenging
out there for first time home buyers to get their
(31:20):
offers accepted. We know that a lot of sellers don't
want to take offers from first time home buyers. They
don't want to take load down payment that's risk to them,
or extra hoops to jump through on inspection. So first
time home buyers, you've got your work cut out for
you in this market. If you stay with me on
the other side, I'm going to give you some intel
to help you win even in a super competitive market
(31:44):
in the average price ranges of Tampa. So again, be
back after a quick break here on the Duncan Duo Show.
So back here on the Duncan Duo Show talking about
the Tampa Bay real estate market. I'm Andrew Duncan with
the Dunkin do at LPT Realty. First time home buyers,
I got you, Okay. If you are a first time
home buyer, please listen up. If you're thinking of someone
(32:05):
you know that's the first time home buyer, make sure
to send.
Speaker 2 (32:08):
Them to us.
Speaker 1 (32:09):
Tell them to listen to this segment because I'm gonna
give you some intel on how to win even in
a challenging market for first time home buyers. Let's face it,
first time home buyers, Let's think about the pros and
the cons. Unless you're you know you've waited in life
to buy a house and put away a lot of money,
it's likely you're getting a loan and you are competing
(32:31):
with the largest home buyers in the country that have cash,
enormous hedge funds that frankly want to beat you, and
they don't want you to win. They want to buy
the home and they want you to rent it from them.
They don't want you to own. It's why there's so
many hedge funds in our marketplace. So how do you
beat that? As a first time home buyer. You can't
(32:52):
come in and say hey, I got cash, because you don't.
But what you can do is appeal to the home
seller emotional side and prepare yourself the best you possibly
can be for your offer. First and foremost, talk to
a lender before you ever look at a house, get
pre approved, do your financial stuff okay. Reason being is
(33:15):
when the right property hits the market and there's a
lot of competition, you may not have a day or
two to wait on getting a prequel or sending your
income statements or having your credit pulled, and then you
missed the house. Okay, don't put the cart before the horse.
Go get qualified. Even if you think your credit's amazing
and your income's amazing, and you you know it's going
to be a slam, donke easy qualify. There's stuff that's
(33:37):
in your credit report you find out that you didn't
know about, or you find out that you write off
so much on your taxes and your self employed, or
you find out that you know your your your credit
score is not where you thought it was. Talk to
a lender first before you ever look at a house.
Have that all lined up. If you do it backwards,
(33:57):
it's going to cost you the second that you want
to do again. Make sure you have your down payment
prepared and saved. Recently had a scenario where a client said, oh, yeah,
my parents are going to give me the money, and
the parents said, of course, we'll give you a down payment.
Speaker 2 (34:10):
Well, of course we'll help you.
Speaker 1 (34:13):
What the son didn't know was that the parents were
in financial trouble. Parents don't often say to their kids, hey,
guess what, I'm having financial problems. I'm about to file bankruptcy.
I ain't got no money left.
Speaker 2 (34:23):
Okay.
Speaker 1 (34:24):
They don't want to disappoint you. Sometimes maybe they don't
think you're really going to buy a house and you
might get lip service. Have parents told their kids are
going to give them money and then not have it. Yes,
make sure that you have that documented. Have your lender
speak to them, get the proper documentation. Again, it happens.
We've had people say, oh, my parents are giving me
the twenty percent. Lender doesn't verify. We get to the end.
(34:45):
Parents don't have the twenty percent. Parents are in debt,
parents are in foreclosure, parents are found bankruptcy. Your down payment,
have it ready to go, locked in into an account.
Make sure you know that whoever's giving it to you
if you don't have its it available.
Speaker 2 (35:00):
And the upproof of that.
Speaker 1 (35:03):
Obviously polishing the credit which I mentioned about, here's another
thing that you want to make sure and do. As
a first time home buyer, having not been experienced in
the real estate space, you need a trusted advisor. You
need a great real estate agent. You need somebody with experience.
It's part of the reason why you work with an
agent is because they can help you avoid pitfalls. They've
done a lot of transactions, they've represented a lot of people.
(35:25):
This isn't the time to use your uncle's brothers, cousin's friend.
You just got their license. Okay, it's gonna cost you
money or it's gonna cost you the ability to buy
a home all together. Make sure you're working with a professional,
and a pro that sits down, goes over the buying
process with you. You hire them exclusively and they have
the ability to go out and navigate, help you save
money and help you find the right house. You want
(35:46):
to make sure and register the commute during rush hour.
You might think, oh, Google says it's nine minutes for
me my office Saturday morning at noon. Now nine minutes
turns into ninety nine minutes come morning. Drive the property
on a rush hour timeline. Make sure that you're okay
(36:06):
with the commute. Last, but not least, when you're a
first time home buyer, you need an agent that's aggressive.
You need an agent that can help you avoid mistakes,
that has a lot of experience, a team with a
lot of experience like ours. Again, it's not the time
for amateur hour. You go amateur hour, it's going to
cost you either not gonna buy or it's gonna cost
you money. Second thing, Last, but not least. You can't
(36:29):
win with cash. You're gonna have a hard time beating cash.
So what you have to do is try and to
appeal to the emotional side of the home seller. Now
is that going to work in every instance?
Speaker 2 (36:40):
No, it's not.
Speaker 1 (36:41):
Okay, you might have to fire the gun a few times.
How can you appeal to the emotional side of the seller.
You can flatter them. Big bank that's throwing a cash
off of they are ways and going to do it.
You can flatter the home. You can find common ground.
You can let them know what the home means to
you and your family. You can let them know, like
all of these things. You can do a letter, you
(37:03):
can do a video. There's certainly things you have to
steer clear of when you do those things because there's
protected classes and certainly you know not advocating that you
that you cause any problems there. But you can appeal
to the emotional side of the home seller by let
him know what that home is going to mean to you.
A big bank, a hedge fund isn't going to do that.
(37:23):
So again, a great agent is going to accentuate that
it's going to make that home seller that's looking at
that off or understand that this isn't just some big
fund out of Wall Street that they're selling their home to,
but someone else that can positively contribute to the neighborhood.
Someone's not going to be a renting the property out,
someone that wants to occupy it as their home, and
that person can provide some emotional context with why that
(37:46):
home is the one that they want.
Speaker 2 (37:47):
So hopefully those tips are helpful.
Speaker 1 (37:49):
Again, if you know first time home buyer, send them
our way at d dunkin duo dot com, but make
sure to share this with them. This will be up
on our YouTube channel as well as the iHeartRadio podcast.
You can go and listen to all the segments there
and next week always drop a knowledge about the Tampa
Bay real estate market. See you next Sunday and have
an awesome rest of your weekend.
Speaker 2 (38:05):
Tampa Bay
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