Duncan Duo Tampa Real Estate Video Blog

Why You Should Hire an Agent

sellers@theduncanduo.com (The Duncan Duo) — Mon, 23 Aug 2021 16:50:00 -0400

Here’s why you need to hire an agent, even in a hot market like this one.

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You need to hire a great real estate agent, especially in a market like the one we’re in right now. People make the mistake of thinking that since the real estate market’s hot, they don’t need to hire an agent. Then they miss out on advertising opportunities, syndication to all the essential websites, they don’t have photos taken at the right angles, the property description isn’t written correctly, and more. I’ve sold thousands of homes and have put a team together that’s sold thousands of homes, so I’ve figured out tips and tricks over time that put more money in your pocket.

The National Association of Realtors comes out with a study every year that compares and contrasts what the average home sells for without a Realtor and with one. Historically, selling your home with the average agent can increase your net price between 7% and 11%. That’s just an average Realtor; I believe if you sell with one of the best in the market, they can outperform that. You may think you’re losing money by paying commission, but in reality, you’re often getting a lower price.

You don’t know how to negotiate inspection repairs, create a frenzy of interest for your house before it even hits the market, or have professional tools at your disposal. You don’t know the tactics agents use when they’ve negotiated hundreds of deals.

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Agents offer you a safer alternative to avoid the pitfalls that can cause you to get pulled into a lawsuit.

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You often hear Realtors say something like, “I’ve been an agent for 20 years” to reference how much experience they have. However, that’s irrelevant because how long someone does something is not proportional to their skill level. They could have been doing their job poorly for the last 20 years.

Instead, you want to hire someone who does plenty of deals. We learn quite a bit when doing deals, such as how to structure things, what copy works in contracts, what photo angles work best, what to mention about the neighborhood in the home’s description to help accentuate it, and how to have the patience to let offers come in and get the best price and terms for our clients. Realtors also know how to navigate through the legal obstacles that can pop up when selling. We live in a very litigious society, and agents offer you a safer alternative to avoid the pitfalls that can cause you to get pulled into a lawsuit due to your lack of experience.

So if you’re considering selling your home without a Realtor, yes, you can do it. However, you won’t save money; you’ll leave money on the table because you don’t have all the things an agent can bring to the transaction, and you may even get into legal trouble.

If you’re still thinking about selling on your own, good luck. If you’d rather hire the best agent in the marketplace, check us out on our website or give us a call. We’d love to apply for the opportunity to get your home sold.

Your Tampa Area Real Estate Market Update

sellers@theduncanduo.com (The Duncan Duo) — Thu, 5 Aug 2021 13:35:00 -0400

Here’s what the latest numbers say about our real estate market.

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The June numbers are in for our real estate market, so today we’ll be going over the changes we’re seeing and what they mean for you.

There have been rumors going around that the market is softening, but here’s what the statistics say. We had 0.7 months’ worth of inventory, meaning it’d only take three weeks for all the current homes to sell if no other ones came on the market. During this time last year, we had around 6,700 active listings; now, that number has dropped to a mere 2,641.

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If these statistics are any indicator, our market is definitely not softening.

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On average, homes are spending 23 days on the market before going under contract—many are going much quicker, however. The average sales price is around $375,863; last year, it was around $322,000. That’s a 17% increase in just one year. Additionally, 3,979 homes sold in June, which is the most monthly sales we’ve seen since July 2020. The sale-to-list-price ratio is currently 101% meaning everything is selling for above asking price. That’s never happened in Tampa before.

If these statistics are any indicator, our market is definitely not softening—in fact, it’s looking like it’ll stay incredibly strong throughout the rest of 2021. If you’re a buyer, go into the market expecting to pay above asking price. If you’re a seller, find an agent who can get your home sold for above and beyond your list price.

If you have any questions about our market or would like more information, feel free to reach out to me anytime. I look forward to hearing from you soon.

Why the Housing Market Won’t Crash

sellers@theduncanduo.com (The Duncan Duo) — Thu, 20 May 2021 12:20:00 -0400

Is our market headed for a crash?

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Many people have been speculating that because of our market’s 21% growth in home prices in the last year, we’re repeating a similar cycle that we went through over a decade ago during the last housing crash. People who have bought into conspiracy theories fear that prices are going to plummet, there will be a wave of foreclosures, and the economy will crash. Today, however, we’re here to talk to you about the facts.

We can tell you unequivocally that our market isn’t about to crash anytime soon. Nothing that is happening in our current market mirrors what was going on back then.

One factor that contributed to the crash of 2007 to 2008 was that almost anyone who applied could get a loan, and not just one loan, but multiple loans that many people weren’t able to pay off. Since then, the mortgage industry has tightened up; there are more hoops to jump through if you want to get a loan today. Now they know to make sure that applicants are able to qualify for a loan before they’ll issue one.

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The circumstances surrounding today’s market are vastly different than we experienced back then.

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Simple processes that we take for granted today, like appraisals, weren’t required back during the crash. Today, appraisals are taken more seriously. Even though the market has appreciated, we in the industry are still dealing with many appraisal challenges.

The biggest deciding factor that caused the crash was an overabundance of homes in the market. We had too many homes and not enough buyers. Today, as I’m sure you’re aware by now, we have the opposite problem—there aren’t enough homes on the market to meet the buyer demand. Right now, we have one month’s supply of homes, and each house that we list in the regular price ranges is receiving upwards of 10 offers. Not only that, but these buyers are owner-occupiers, not investors, meaning that they’re buying homes to live in. During the crash, many investors were buying up properties for speculative purposes.

The only thing that seems like it would be capable of slowing our market down would be an increase in interest rates. That would slow demand, but it wouldn’t cause home prices to plummet.

All in all, don’t believe the conspiracy theories about the market heading for a crash. The circumstances surrounding today’s market are vastly different than we experienced back then.

If you have any questions about the market or real estate in general, don’t hesitate to reach out to us. We’d love to speak with you.

This Market Requires an Experienced Professional

sellers@theduncanduo.com (The Duncan Duo) — Thu, 6 May 2021 13:55:00 -0400

Here are the benefits of choosing an experienced agent.

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Great real estate agents understand how to negotiate and market homes, and they also know how to take advantage of a heated market like ours. Even though it’s now commonplace today, we’ve been generating bidding wars and selling homes for above asking price for over a decade. Our agents come from a place of abundance; they’re doing a ton of transactions and are well-compensated for it; they’ll never try moving things along just so that they can get a check.

Being a buyer’s agent in this market is especially tough. It takes a lot of experience and effort to be able to secure a home for a buyer at all, given how low inventory has been. A good buyer’s agent needs to know how to navigate multiple-offer situations, and unfortunately, many newer agents don’t know how to do it.

Be sure to compare and contrast your options for agents when seeking professional assistance. Don’t just work with your friend or family member because they’re there or you feel obligated—no matter how close to them you are, if they don’t have the right skill set, they may end up costing you by leaving money on the table or failing to negotiate the best deal.

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Now is not the time to hire an inexperienced agent.

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No matter if you’re buying or selling, if you’re planning to act in this market, you’ll need an experienced professional who has the power of a team behind them. Transactions today are more complicated than they used to be, so it’s invaluable to be able to take advantage of multiple specialists to help yours move along swiftly and smoothly.

Because we have such a large team, we’re able to collaborate in order to find properties that aren’t even on the market yet, as well as create strategies to secure properties for buyers and the best prices for sellers. We also have access to professional marketing resources like photography and videography, which can boost the appeal of a seller’s listing. Brand-new agents likely can’t afford the latest technology and tools to get you the best results.

If you’ve been thinking about buying or selling a home, reach out to the Duncan Duo Team at RE/MAX. We’d be happy to speak in more detail about how our combined experience can help you find success no matter what you’re looking to do.

Why Selling Now Is a Great Idea

sellers@theduncanduo.com (The Duncan Duo) — Wed, 21 Apr 2021 15:14:00 -0400

Now is the perfect time for you to sell your Tampa home. Here’s why.

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We’re still in one of the hottest real estate markets we’ve ever seen, and it’s created a lot of unique situations for buyers and sellers alike. In particular, there are many opportunities for sellers to make a fantastic profit.

Few people expected that the pandemic would cause such an influx of homebuyers in Florida. People who would normally leave the state have chosen to stay instead, so supply and demand are heavily favoring the sellers. Additionally, record-low interest rates have continued.

We have less than a month of inventory in many of our markets, so a lot of bidding wars are taking place and netting sellers top dollar on their sales. Really, there’s never been a better time for sellers to jump into real estate. Additionally, sellers haven’t needed to do the upgrades and renovations they normally would in the past. You can still get offers above asking price when you sell your home as is, which nets you an even bigger profit. Home prices have also appreciated 21% year over year.

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If you’re on the fence or waiting to sell, we recommend that you jump into the market sooner rather than later.

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However, new laws may take effect next year that affect capital gains taxes. For example, people can currently avoid paying a capital gains tax if they live in their property for two of the last five years. There are talks of ending this within the next year, which is another reason why now is a good time to sell.

If you’re on the fence or waiting to sell, we recommend that you jump into the market sooner rather than later. A lot of things are likely to change in the near future, and these changes can cause you to miss out on great profits in your home sale. If you have any questions, would like more information, or are ready to sell your home, feel free to reach out to us. We look forward to hearing from you soon.

Why Our Market Is More Stable Than You Think

sellers@theduncanduo.com (The Duncan Duo) — Tue, 6 Apr 2021 17:17:00 -0400

Here are four reasons why we’re not in a market bubble that’s soon to burst.

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As we head into the second quarter of 2021, there’s a lot of fear out there regarding the real estate market. People see that prices are continuing to rise and they’re concerned—understandably so—about the potential for a bubble in the market leading to a crash. Will we see a collapse like we saw a decade ago? Are prices about to fall? The answer to all of these questions is unequivocally no; we are not in the midst of a bubble, and a crash isn’t on the horizon. Here’s why:

1. Limited supply. Leading up to the ‘08 crash, we had an abundance of homes on the market, and not many people were actually interested in buying them. Builders ramped up production and greatly outpaced natural demand. Currently, we have fewer than two months of inventory across most neighborhoods and price ranges in Tampa Bay, meaning that there’s more demand than supply; prices will rise organically. Our market isn’t unstable or unnatural—it’s being fueled by basic economic principles. We can’t say the same for the manipulated market that existed between 2005 and 2008. That leads me to my next point…

2. The housing demand is real. We don’t have all the faulty and fake loans out there. Nowadays, it’s much harder to qualify for a loan; you have to send in more documents to verify more components of your financial profile before receiving approval.

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In the early to mid-2000s, Americans were using their houses like ATMs.

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3. Households in 2021 have plenty of equity. In the early to mid-2000s, Americans were using their houses like ATMs. There was almost an economic assumption that equity exists solely to help you buy things like a new car or splurge on a fun vacation. This type of thinking left many vulnerable to a market correction. Today’s homeowners are not overextending themselves; they’re using their equity more judiciously. If you look at the stats, you’ll see that the majority of homeowners today are in much, much stronger equity positions than homeowners last decade.

4. Real estate is hyperlocal. What happens in one market doesn’t necessarily indicate what will happen in another. Here in Tampa Bay, we have several factors that will help keep our market hot for the foreseeable future. First, there's the population growth; more people are moving here than are moving away. Our builders are still lagging behind demand! Fewer people are selling their homes (though I think that that’s a mistake, considering they might get hit with an unpleasant new tax bill soon).

Additionally, we have low taxes and fantastic weather. Last but not least, we have winning sports teams! We won the Stanley Cup and the Super Bowl, and our MLB team contended in last year’s World Series.

So there you have it—four reasons why you should put your market bubble fears to bed. Hopefully this helped put things into perspective. As always, reach out by phone or email if you have questions about this or any other real estate topic. I’m here to help, and it’d be my pleasure to have a more in-depth conversation with you.

Possible Capital Gains Tax Changes in 2021

sellers@theduncanduo.com (The Duncan Duo) — Tue, 23 Mar 2021 14:32:00 -0400

Here’s how potential capital gains tax changes impact homeowners.

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Potential tax law changes on the horizon could impact home sellers’ capital gains rates and exclusions. Currently, sellers are allowed to sell their primary residence and not pay the capital gains tax if they’ve lived in that residence for at least two out of the past five years. Married couples can exclude up to $500,000 worth of capital gains, while single homeowners can exclude up to $250,000.

Due to the run-up of our real estate market, many homeowners out there are sitting on a lot of equity. If they wait until next year or any year afterward to sell their properties, they could pay an enormous amount of capital gains. For our team’s savvy home sellers who don’t want to miss out on taking advantage of home appreciation, we recommend that they sell now, collect their capital gains tax-free, and buy a comparatively priced home in the same area or market. If you’re in the same situation, this simple lateral move protects you from the coming tax basis.

Similarly, investors and landlords who own lots of properties could be looking to sell them because it’s a lock that capital gains rates are rising. If you’re an investor or landlord, you can look at this as an opportunity to take a greater gain as well. Of course, you can always buy back properties and take part in the appreciation that’s expected to happen in the next few years.

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This simple lateral move protects you from the coming tax basis.

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However, because these tax changes haven’t been formally announced yet, people are waiting to see what happens. The problem here is that if you wait too long, you may not be able to sell your property within the same year. It’s not just about when you list your property—it’s about when you close on it. If you wait too long to list and your property closes next year, you won’t get the same benefit.

Many of our smart, wealthy clients who own primary residences worth $500,000 to $1 million and have $200,000 to $500,000 worth of equity are selling now and buying comparable properties for this very reason. They also plan on staying in their new properties until the tax laws swing back the other way. If you’re afraid that home prices will keep rising, they may do so in the coming year, but that rise gets offset by what you’d have to pay in capital gains if you wait to sell.

The longer you wait, the more you put yourself at risk, and there’s never been a better time to sell real estate in Tampa Bay. Inventory is low, we’re seeing high population growth, and there are tons of strong economic indicators. We’re seeing bidding wars across all price ranges and homes selling far above asking price, so talk to an agent and review your options. We’d be happy to give you a free consultation or determine what your home would sell for in this market, so give us a call or shoot us an email today.

If you have any other real estate needs, feel free to reach out to us as well. Also, be sure to check out our weekly radio show every Sunday at 10 a.m. on 970 AM. We look forward to hearing from you!

5 Major Home-Buying Mistakes

sellers@theduncanduo.com (The Duncan Duo) — Tue, 9 Mar 2021 13:43:00 -0500

If you’re buying a home, avoid making these five disastrous mistakes.

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There are five fatal mistakes that too many homebuyers make during the home-buying process:

1. Hiring an inexperienced agent. This includes hiring people like your close friends and family because you’d feel guilty if you didn’t. Many people work in real estate part time and unfortunately can't always provide the resources, tools, and experience needed to help you navigate to a successful closing. Hiring an inexperienced agent to help you could cost you tens of thousands of dollars, a lot of heartache, and cause you to make further mistakes in the transaction. More experienced agents do more transactions, have more experience, and can therefore help you get to the closing table.

2. Failing to get a home inspection. Home inspectors are trained to find things that are wrong with a house. Like when they hire agents, many people look to their friends and family to help, only to find out months after the transaction that something had been missed or poorly assessed. Hiring a professional home inspector is a must in every real estate transaction.

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Don’t go out and make major credit purchases until after you close on the home.

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3. Changing jobs. Any change in your job environment during a home purchase can cause issues with your mortgage. It doesn’t matter if you’ll make more money at your new job; it’s a risk the bank doesn’t want to take. Keep your job during the process, and be sure to document any bonuses you receive.

4. Making credit purchases. We’ve helped countless people who, after qualifying for a home, have gone out and purchased new furniture at 0% interest. That throws their debt-to-income ratio out of whack, and they’ll find that they can’t qualify with their lender to buy the home. Don’t go out and make major credit purchases until after you close on the home.

5. Choosing the cheapest insurance. Far too many people buy the cheapest insurance policies they can, pass on flood insurance, or fail to get the proper coverage for certain elements of the home. Later when they have a claim, their claim is denied, meaning that they’re out potentially tens of thousands of dollars all because they didn’t want to pay an extra $100 a month for good coverage. Shop around for insurance before you pick one because buying the cheapest insurance is a recipe for disaster.

If you have any questions about what it takes to successfully buy a home in our current market, don’t hesitate to reach out to us. We’d love to help you.

Key Tips for First-Time Investors

sellers@theduncanduo.com (The Duncan Duo) — Tue, 23 Feb 2021 15:40:00 -0500

Here are a few things to consider before buying your first investment property.

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Which tips do you need to remember to start off on the right foot as a first-time home investor?

First, you’ll notice that I say “home investor” instead of “homebuyer” because I don’t think you should own your first investment property before you own your first home. Therein lies my first tip. Owning your own home before buying an investment property can teach you a lot about what can go wrong, how to fix things, what you are (and are not) capable of doing yourself, etc. Don’t put the cart before the horse and start buying up investment properties while you’re still paying someone else’s rent.

Next, start small. Far too many people try hitting a home run with their first real estate investment and end up striking out. Continuing with our baseball parlance, just try hitting a single. Get a rental property you can manage yourself so you can learn how to screen tenants and identify ways you can increase rent. It’s a low-risk, high-reward opportunity. If you screw things up, you can probably correct the situation without it costing you too much. Additionally, the property can appreciate greatly over time and give you ample tax benefits.

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Once you buy your first rental property, you have to treat it like a business.

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As time goes on, you can branch off into buying multifamily properties, commercial properties, more individual units, or start flipping homes. First, though, start small and build from there. Being a real estate investor is, in essence, its own separate business. As you gain more skills, you can grow your portfolio.

Last but not least, hire a team of professionals. You need a team of property managers, real estate professionals, and contractors you trust to help you. Before buying any rental properties, you need to know who’ll be working on them, managing them (if you’re not), and offering you legal advice so you can successfully run your real estate investment business. Again, once you buy your first rental property, you have to treat it like a business. You have to give it its proper due by ensuring it’s properly managed by a group of professionals.

If you’d like to know more about buying your first investment property or have any real estate needs I can assist you with, don’t hesitate to reach out to me. I’d love to hear from you.

How Do Politics Impact Real Estate?

sellers@theduncanduo.com (The Duncan Duo) — Tue, 26 Jan 2021 13:01:00 -0500

Taxes are just one way that politics can affect the real estate market.

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Every time there has been an administration change from Republicans to Democrats, there has been a fear that the tax laws allowing home sellers who have lived in their primary residence for at least two of the last five years to sell their homes without capital gains tax would be stripped. That law has been on the books for a long time, except for the part about married couples with a net worth of $500,000 or more or single people with $250,000 or more. If the law does go away, you could potentially pay some portion of those capital gains taxes. That has caused many homeowners to become proactive by listing their homes ahead of that possibility.

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With so many people moving to the area, you won’t have any issues selling your home quickly.

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Of course, we don’t know if a change in law like that would apply retroactively; there’s so much uncertainty around the topic at the moment. However, if you’ve been thinking about selling your home, you may want to consider doing so sooner rather than later for the benefit of avoiding capital gains taxes. I’m no CPA, and everyone’s tax situation is different, so make sure you talk to a professional about your circumstances so you can make the best decision moving forward. Frankly, our Tampa Bay market currently has too few homes available for the level of demand we’re seeing, so we could use your listing. With so many people moving to the area, you won’t have any issues selling your home quickly and for more money.

So for anyone who has been toying with the idea of selling, don’t hesitate to reach out to us with any questions you have. We’re here to help you.

Q: How Does Realtor Safety Impact Buyers & Sellers?

sellers@theduncanduo.com (The Duncan Duo) — Tue, 12 Jan 2021 17:30:00 -0500

Here’s how Realtor safety impacts your buying or selling plans.

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Recently, a real estate agent in Nebraska was murdered during a home showing. A lot of our customers typically don’t see this type of news because it’s usually disseminated mainly among us agents, but attacks on real estate agents is an epidemic that’s been happening for a while now. Accordingly, we’ve taken steps to provide more safety for ourselves.

Whether you’re a buyer or seller, this means you should expect agents to want to verify more information from you before scheduling an appointment. They may want to see a copy of your driver’s license or prefer not to meet you late at night at a vacant home. They also may want to make sure you’re qualified to buy a home before meeting with you. Statistics show that if someone is willing to give their credit information to qualify for a loan, they’re much less likely to be a serial killer.

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We’ve taken steps to provide more safety for ourselves.

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What happens to the real estate market? People who’ve been buying and selling homes for a long time are used to agents popping up and showing them homes whenever they want. Now that we’ve been forced to be more cautious, though, don’t take it personally if we need to ensure our safety before meeting with you. No home sale is worth risking your life over, so if you’re not willing to give an agent enough information that makes them comfortable meeting with you, you should plan on not being approved for an appointment or showing. Frankly, if you’re unwilling to provide some basic information to an agent or are defensive about doing so, they may become suspicious of you.

So plan on working with your agent and the real estate industry at large to provide enough information about yourself to make them feel safe. I promise you that we’re not the only real estate company taking proactive steps to prevent any future attacks. This initiative may change the industry a little bit and slightly inconvenience you, but you’re coordinating one of the most substantial transactions of your life when buying or selling a home, so if you’re legitimate, you’ll have to provide this information anyway. You might as well provide it up front so your agent isn’t looking over their shoulder and can give you the right advice.

As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to the Duncan Duo. We’d love to help you.

Q: Is It a Good Idea to Buy or Sell During the Holidays?

sellers@theduncanduo.com (The Duncan Duo) — Thu, 8 Oct 2020 16:45:00 -0400

Here’s why buying and selling during the holidays is still a great idea.

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Obviously, 2020 is different from previous years, but excluding the week around Christmas and New Year’s, we are always very busy. In fact, December is one of our busiest months for closings. There are a myriad of factors that drive this trend. For example, people are looking for tax breaks or they’re looking to make a change before school resumes. Since our market doesn’t have a dead season, homes for sale are always going to look their best.

If you were in the market to buy a home now, you’d probably be looking at a December closing as it is. Since our market is low on inventory, many people who didn’t find the home they wanted during the summer are now taking a step back and assessing how they could potentially move during their time off around the holidays.

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It’s pretty much always a good time to buy or sell in our market.

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Aside from a busy, year-round market, we also have historically low interest rates, an appreciating real estate market, and many other good, local economic indicators. Furthermore, if you buy or sell during the holidays, there’s also the convenience of moving when the weather is cooler.

The bottom line is that it’s pretty much always a good time to buy or sell in our market. If you have any questions, don’t hesitate to reach out to us.

Q: Why Are So Many Retail and Hospitality Workers Flocking to Real Estate?

sellers@theduncanduo.com (The Duncan Duo) — Thu, 24 Sep 2020 17:23:00 -0400

If you’ve been displaced in the retail, service, or hospitality industry, real estate may be the perfect new career for you.

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One interesting side effect of the ongoing pandemic is that many people are making the switch to careers in real estate. We’ve seen workers in hospitality especially, such as bartenders, waiters, and hotel employees, begin new paths in real estate as a way to escape unemployment caused by a struggling industry. Coincidentally, many of these people unknowingly receive their first experiences in sales by working in these environments, and they tend to have a smooth transition into helping clients buy and sell homes.

At their cores, people who work in retail or hospitality are forward-facing individuals who deal with customers each day. That’s pretty close to what Realtors do as a career—it’s just a different kind of customer and a different kind of sale. Moreso, you’re creating a relationship with a person. Bartenders and waiters often have customers who come in specifically to see them, and those interactions and gradual connections are very similar to ones with homebuyers and sellers. It’s why the transition is so easy.

These industries also teach you how to fix problems that—to put it bluntly—may not have been your fault. That’s a big part of what real estate professionals have to do each day, and we work to keep customers satisfied and fix issues that arise. It’s all about keeping the client happy.

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We have so many success stories from people who transitioned to real estate from hospitality and retail jobs.

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It’s sad to see how so many people within these industries are being displaced, but as we progress through the pandemic, we’ll see more and more of these workers move into real estate careers. With this career, however, there is no income ceiling. People are rewarded for going above and beyond, which isn’t always true in other fields. They can really accomplish more working within the business model and working hours that real estate affords.

If you’ve been struggling in the hospitality industry or are seeking a way to jumpstart your income in a new field, go to jointheduo.com to see open positions and join monthly career nights via Zoom. Our career nights go into detail about what it takes to become licensed, what it’s like to work in real estate, and what working with us is like.

We have so many success stories from people who transitioned to real estate from hospitality and retail jobs. One of our best agents was selling fish tackle before she got into real estate, and it’s a testament to how much these skills truly overlap.

The real estate industry is booming, and if you’ve ever thought about a career helping people buy or sell homes, now may be the perfect time to jump in. We invite you to reach out to us, join our career nights, and simply ask us more about what it’s like as a real estate professional. Until then, we look forward to meeting you soon.

Q: What Do You Know About VA Loans?

sellers@theduncanduo.com (The Duncan Duo) — Thu, 10 Sep 2020 14:08:00 -0400

If your new detail is home buying, here’s the only debriefing you need.

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Soldiers can sometimes overlook their VA loan options because they’re unsure of their eligibility or perhaps just unaware of the specific terms involved and assume there’s some sort of catch. Whatever the case may be, the VA loan remains one of the best loan products out there; America’s soldiers can enjoy financing without having to supply any down payment at all. If you’re a veteran, it’s in your best interest to learn all you can about this loan. You also owe it to yourself to work with an agent who’s familiar with all the products available on the market and can get you in front of a knowledgeable local lender for a deeper dive.

One of the biggest differences between the VA product of yesteryear and the VA loan available today is that there’s no longer a loan limit. Yes, you read that right—you can go out and get financing for whatever amount you want, depending on your income, of course. However, be aware that if you do go really high on the loan, there will be a 25% down payment requirement. For most folks, however, working within that zero-down range still opens up a world of possibilities.

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A soldier has earned themselves a smooth loan product that gives them a bit of an advantage in the market.

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What’s also nice is the fact that there’s no private mortgage insurance requirement, and the funding fee can be wrapped into the loan itself. In a competitive market like ours, listing agents and home sellers appreciate the fact that VA loans tend to be less problematic than conventional loans regarding inspections, appraisal, and underwriting. After all, a soldier has earned themselves a smooth loan product that gives them a bit of an advantage in the market.

A common misconception is that VA loans are somehow more complicated than conventional loans, but that’s not the case at all so long as you work with a professional who’s familiar with the product. Believe it or not, obtaining one is an easy process, and it’s worth the great seller response we’ve seen it trigger time and time again.

When a bidding war erupts, not every seller is looking at price alone; there are plenty of patriotic sellers who have either served the country themselves or deeply appreciate the men and women who keep it safe, and they would be overjoyed to work with a buyer who’s also a fellow vet. A VA loan, especially when accompanied by a letter explaining who you are and your record of service, can speak volumes.

If you’re a veteran who’s ready to buy a home in our busy market or someone who has real estate-related questions, feel free to give us a call or send an email our way. We’re always here to help!

Q: What’s the Best Way to Buy Sight Unseen?

sellers@theduncanduo.com (The Duncan Duo) — Fri, 24 Jul 2020 14:05:00 -0400

Need to buy sight unseen? Thank goodness we’re in the digital age!

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In Tampa Bay, we almost always see a surge of people coming down in the summer, but this summer we’ll likely see even more people who want to move here to enjoy the affordability, low taxes, and the absence of a state income tax—not to mention to get out of their crowded city apartments after months of lockdown. So, if you’re moving out of state in today’s market, how do you buy a home sight unseen? In recent months, more people than ever have been doing this out of an abundance of caution amid the coronavirus pandemic.

Buying sight unseen isn’t new, especially here in Florida where there are a lot of investors and folks buying vacation homes. Doing it effectively, however, requires some extra awareness.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to skip to topics that interest you most:

1:16 — The importance of working with an agent that truly understands your needs

2:10 — You don’t have to be physically present at the closing table

3:26 — Do as much digital research on the area (and the agent who will help you move there) as possible

4:34 — Don’t give up a property that’s poorly listed; ask your agent to fill in the gaps

5:20 — Wrapping things up

As always, if you have questions about anything that was discussed in this video or real estate in general, you know who to call or email! We’re available to address your concerns and listen to your unique home buying or selling situation. Don’t forget to follow us on social media as well! Have an awesome day.

How to Prep Your Home Amid COVID-19

sellers@theduncanduo.com (The Duncan Duo) — Tue, 7 Jul 2020 16:19:00 -0400

Today I want to share a few tips on how to prep your home for sale in the era of social distancing.

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If you’re thinking of selling your home this year, here are a few tips to help you prepare during COVID-19:

1. Cleanliness. Statistics show that the longer a buyer stays in the home, the more likely they are to buy it. If you want them to spend enough time to form an attachment to your listing, make sure it’s clean so they feel comfortable lingering. That includes giving it a nice, inviting scent, too. In addition, it’ll be a good idea to have hand sanitizer placed strategically around the house for buyers who come through, and to also provide masks for anyone who forgets or neglects to bring one.

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We have a plan for sellers who request special accommodations during this time.

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2. Unique features. If your home has any extra-special features that would stand out given the times we’re living in, like a particular kind of air-filtration system, be sure to highlight it. Explain the feature to your agent and have them help you accentuate it.

3. Find an agent with a plan in place. We definitely have a plan for sellers who request special accommodations during this time. Make sure the agent you hire has a plan in place to require certain things, like buyers wearing a mask in your home and possibly even gloves and those booties that go over shoes.

If you’re a seller who doesn’t want to deal with the hassle of listing due to COVID-19, we can help you with our Instant Cash Offer program, where we’ll give you a cash offer for your home and buy it immediately.

You can learn more about how we help our sellers on our website. In the meantime, if you have any questions, don’t hesitate to reach out to us.

Are Homes Still Selling Fast?

sellers@theduncanduo.com (The Duncan Duo) — Tue, 23 Jun 2020 16:00:00 -0400

Home sellers in our market will be very pleased with this update.

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A lot of people don’t realize that we’re in such a strong seller’s market here in Tampa Bay. Bidding wars are back, homes are selling above asking price, and even the luxury market is moving quickly.

Although this sentiment sounds sales-y, it’s the truth. If you would have talked to me a few months ago I wouldn’t have believed it. However, the limited inventory we have right now when combined with the high demand we’re seeing from buyers is making our market very strong.

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The No. 1 way to make sure your home sells fast in this market is to price it right.

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Although sales were down for the last few months, inventory has decreased as well. The No. 1 way to make sure your home sells fast in this market is to price it right. Don't give the consumer any reason to believe that something is wrong with your property. If the home’s overpriced, the consumer will go down that road, whether it’s valid or not.

We can help you sell your home for top dollar in the traditional way, but we can also buy it from you directly with our cash offer program.

If you have questions for us or any real estate needs that we can assist with, don’t hesitate to reach out via phone or email. We look forward to hearing from you.

Tampa Bay Summer Real Estate Predictions

sellers@theduncanduo.com (The Duncan Duo) — Wed, 10 Jun 2020 13:31:00 -0400

Here’s what we expect to see this summer in the Tampa Bay housing market.

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Everyone thought that the Tampa market was only going to get worse due to everything happening with COVID-19. Granted, there hasn’t been as much inventory for buyers to choose from, but there have been plenty of buyers out looking because interest rates have dropped so low.

In short, the pandemic helped generate pent-up demand, and now it seems like all those sellers who previously withdrew from the market are coming back in droves to put their homes up for sale.

On top of that, as the country starts to reopen, there’s the fact that many people who have spent way more time at home than they ever planned to have decided that they want to move to the suburbs and other, less-crowded areas. People were already flocking from New York to Florida before the pandemic, but that’s a trend that we expect to continue as we move through the summer.

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All in all, ours is still a robust market, and we anticipate it to remain that way for quite some time.

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If you’re a homeowner who plans to sell this year, know that you’re in a great position to fetch a premium price for your property simply because there isn’t a lot of inventory from which to choose. Even if more sellers started putting their homes on the market, it would still take a while for the inventory to catch up to the demand.

All in all, ours is still a robust market, and we anticipate it to remain that way for quite some time. Homes are selling quickly (many with multiple offers), interest rates are low, and demand is high.

If you have any questions, don’t hesitate to reach out to us. In the meantime, be sure to catch “The Duncan Duo Real Estate Show” every Sunday morning at 10 a.m. on 970 AM WFLA. Hope to hear from you soon!

We Can Help You Move Anywhere in the World

sellers@theduncanduo.com (The Duncan Duo) — Thu, 20 Feb 2020 10:19:00 -0500

We can help you move whether it’s down the street, ‘down under,’ or Downing Street in London.

Around this time of year, many people begin contemplating their real estate goals, and that often involves moving somewhere else. Understandably, people usually only see us as Tampa Bay real estate agents, but the fact is, we can actually help you buy anywhere in the world.

We have an extensive real estate network thanks to years of partnerships. We’re not just talking about being well-connected with only RE/MAX agents, either—we’ve worked with all sorts of top producers who invest in extensive advertising campaigns, have great training programs, and phenomenal reviews.

This applies if you live here in Tampa and are thinking about buying a home in New York… or Ohio… or even Japan! RE/MAX has a presence in most of the industrialized nations of the world, and we actually have strong relationships in those countries.

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The more detail you can give us regarding your real estate goal, the better we’ll be at helping you find that perfect agent.

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Here’s what that means for you: We do the vetting and the scrubbing to find the agent best equipped to service your particular real estate needs. Using our databases, we can look at their career statistics and pour over their reviews to gauge what kind of relationship they maintain with clients.

You’re able to lean on our expert opinion to select the right fit, no matter where your next home purchase will be. For example, if you look up an agent in Pleasanton, California, you’ll see some reviews and get a little bit of information. We, on the other hand, are in the real estate trenches day in and day out, so we have access to more information and can ask those critical questions that may not be obvious to the average person.

It’s no different than any other profession; if you’re a doctor, you’d know a lot more about how to find the right doctor for a family or friend than someone who’s far removed from the profession. Keep in mind, there’s no additional cost for reaching out to us for this purpose.

If you’re thinking about buying or selling anywhere in the world, simply reply to this message or give us a call. In some instances, depending on the area, we’ll even be able to provide you with several high-caliber agents to choose between.

The more detail you can give us regarding your real estate goals, the better we’ll be at helping you find that perfect agent. There are many different facets to this industry, and some agents may excel in one area and lag in another. Price point and type of real estate (e.g., single-family, residential, or commercial) affect this process greatly.

As always, reach out if you have questions about this or any other real estate-related topic. We’d love to hear from you.

Tricks to Be Aware of When Looking at iBuyer Programs

sellers@theduncanduo.com (The Duncan Duo) — Thu, 6 Feb 2020 09:19:00 -0500

Here is our professional advice on how to sort out the hustlers from the real deals when it comes to instant cash offers for your home.

There are two different kinds of sellers: the kind that values their net profits and the kind that values their time. Many of our sellers are looking to sell quickly with as little hassle as possible, and they understand that they might not get as much money if they sell through one of these iBuyer programs, but the convenience is worth it to them.

However, a lot of recognizable iBuyer companies aren’t very forthright about all the options you have available to you. Due to that, many investors are trying to capitalize on the trend by paying homeowners less than market value for their house without the homeowners understanding the difference.

Here are a few tips to help you determine whether the iBuyer who submits an offer to you is really interested in buying it or if they simply want to take the contract they wrote for you and give it to someone else to get paid by that person and move on:

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To separate the real buyers from the fake buyers, do your due diligence to find out more about them.

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First, look up the agent or company’s tax roll to see if they own property in that entity. If they don’t, that’s a red flag for you. This may be easier for certain national companies, but for others, you can always look on the county’s website. If they don’t own property in that entity, that’s a sign that they’re looking to take your property and sell it to someone else for a higher price. This is called an assignable contract—it lets an agent collect their fee from you and give the contract to someone else to close on.

To prevent yourself from giving away a portion of your equity to someone else, check the contract’s assignability clause for wording that would allow the agent to assign the contract to someone else.

Another step to take is to ask for legitimate proof of funds. That information will be available for a lot of bigger companies, but if the buyer is an individual who doesn’t have a big reputation or a lot of reviews, you’ll want to make sure they really have the funds available to purchase a property. Ask for the number of their bank and an account statement just to be sure.

Finally, pay attention to the closing date. The longer it takes for the buyer to close, the less likely they are to be legitimate. No investor wants a 90-day closing period.

To separate the real buyers from the fake ones, do your due diligence to find out more about them. Are there any complaints about them? Are they a legitimate company with proof of funds? Do they have many good reviews?

If we make an offer on your house, we intend to close on it. We don’t flip paper and we don’t assign contracts. If you’re interested in selling your home quickly without the hassle of the market or you’d like us to look over an offer from an iBuyer to see if it’s valid, don’t hesitate to reach out to us. We’d be glad to help you.

Our 2020 Housing Market Predictions

sellers@theduncanduo.com (The Duncan Duo) — Tue, 21 Jan 2020 10:38:00 -0500

We’re sharing our predictions for where our real estate market is heading in 2020.

You'll likely see a lot of national media talking about forecasts for the nationwide real estate market in the near future, but today we’re going to focus on the Tampa Bay market, specifically.

First, we expect to see home prices and appreciation continue to increase, though maybe not as drastically as it has been. Inventory has decreased, but appreciation will increase. Interest rates will continue to remain at record lows, helping to control affordability. The Fed recently chose not to raise or lower interest rates again. As prices have risen, interest rates stayed low or even decreased further.

Another wonderful thing about our Tampa Bay real estate market is that we expect it to outperform most other markets due to our increase in population. We foresee our population continuing to rise this year. We have many excellent businesses moving here and a lot of development proceeding, including some new condo towers being built and sold. New construction builders currently have record-high confidence in our market. Our market continues to thrive.

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We expect to see home prices and appreciation continue to increase.

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One thing that isn’t spoken about often is the condo market improving as mortgage lenders raise their limits and loosen requirements. In our market alone, condo sales have never recovered from the last dip the way they have in other markets, so this year we’re expecting to see them improve. Millennials specifically have had a difficult time getting financing for condos, which they’re interested in, so we should see that shift for the better. We predict a great 2020 housing market for Tampa Bay.

Our 2020 market will have many similarities to 2019, but with a few great exceptions. If you’re reading this from up north, Tampa Bay’s climate makes it an appealing place to move to—it’s 80 degrees today! Some other markets in Florida are expecting a slowdown, but we aren’t because we’re more affordable than similar options such as Miami.

For more real estate information, videos, and market happenings, follow us on social media. If you have any further questions about our market or real estate in general, please feel free to reach out to us by phone or email. We would love to help you.

New Year, New Home

sellers@theduncanduo.com (The Duncan Duo) — Thu, 9 Jan 2020 12:08:00 -0500

We’re sharing four tips on how to make a new home in 2020 a reality for you.

Buying a new home is a very common New Year’s Resolution, especially among prospective first-time buyers. There are a lot of things you can do right now at the start of the new year to prepare yourself for this life-changing purchase.

One of the things we always tell people is to make sure you don’t overspend during or right after the holidays; the more debt you bring with you into the home buying process, the harder it will be for you to qualify for a loan.

If you bought a lot of holiday gifts out there, hopefully you didn’t throw them all onto credit cards. All the “no interest financing” rhetoric from furniture and car salespeople around the holidays is great, but those big purchases will still count against your debt-to-income ratio.

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Start looking at what the market has to offer now instead of waiting until later.

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If buying a home this year is truly a priority for you, avoid other big-ticket items like cars and expensive furniture sets until after you buy a home. Even if you don’t have payments on those items for six months, they’ll still be factored against you by mortgage lenders.

Here’s another tip: Get your financials and taxes in order so you can take advantage of deductibles and ensure you’ll still qualify for loans.

Start talking to a real estate agent now; they’ll be able to help you find a great home in a location you like—all in a timely manner. If you and an agent create a plan early, you’ll be able to jump on the new inventory that’s coming in spring.

To all those who are already qualified for a home loan: Start looking at what the market has to offer now instead of waiting until later. Don’t wait just for waiting’s sake; maybe you’ll find something great and get that resolution taken care of early in 2020.

If you have any questions about this or any other real estate topic, or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.

What You Should Consider Before Buying a Second/Vacation Home

sellers@theduncanduo.com (The Duncan Duo) — Mon, 28 Oct 2019 11:30:00 -0400

Thinking about buying a second home or vacation home? Here are a few key points to consider.

Before you decide to purchase that second home to use yourself or to rent out as a vacation property, there are a few critically important things you need to consider:

First and foremost, you need to define whether the home is a second home or a vacation home. For example, if you’re renting it out, you may not be able to use it when you want to. You also have to follow certain rules and restrictions, and a lot of associations don’t let you rent out second homes.

Whether yours counts as a second home is less about the money and more about your lifestyle. Whether it counts as a vacation home depends primarily on its cash flow—what kind of money can it legally make in its area?

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It’s an investment to either make more money or to enjoy yourself, but not both.

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Purchasing a second or vacation home is different from other home purchases from the very beginning: It’s an investment to either make more money or to enjoy yourself, but not both. If you don’t define it as either an investment or personal purchase, it can cost you. Why? There are different tax implications regarding second homes and vacation homes. It’s also a good idea to familiarize yourself with the HOA and/or county rules and regulations in the area you’re purchasing the property in. For example, the Tampa Bay area is very restrictive when it comes to things like Airbnb rentals. Don’t hesitate to call the HOA beforehand to ask if having a rental like an Airbnb is allowed. Finally, be sure that you’re up for the commitment. Having an Airbnb or rental property can become its own job and requires a considerable amount of your time. It might sound cool to tell people that you have a vacation rental, but in reality, it can be a drain on your time and resources, and it might be cheaper for someone to just get a hotel room and save their money. If you have any questions about buying second homes, vacation rentals, or about purchasing property at all, feel free to reach out to us. We’d love to help you.

Should You Buy a Home Now or Wait Until Later?

sellers@theduncanduo.com (The Duncan Duo) — Mon, 14 Oct 2019 14:21:00 -0400

Should you buy a home now or wait until later? Here are some homebuying tips based on the current market.

We can’t tell you how many people have made the mistake of waiting for just six months to buy a home, which then turns into a year, which turns into two years, and so on. That’s years of money wasted on giving away rent, tax opportunities, and equity gains to someone else. Here in Tampa Bay, we fully expect homes to continue to appreciate—waiting doesn’t make sense.

Some of the first clients that Robert ever spoke to back in 2010 were personal friends of his. They had just been waiting for the market to get a little cheaper, expecting to eventually find the perfect deal. It’s 2019, and they’re still waiting. There are people who are paid tens of millions of dollars to time the market, and even they mess it up—it’s impossible to accurately time the real estate market.

We can say that the Tampa Bay real estate market is very healthy. You may hear rumblings of a recession coming up, but with employment as strong as it is and interest rates as low as they are, this points to a really solid economy here. We’re really fortunate that interest rates have stayed low for as long as they have because they can’t keep dropping forever.

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Waiting until later to buy a home will likely cost you more due to increases in prices, interest rates, and appreciation.

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Prices here keep rising; that $250,000 home you’ve been eyeing may be worth 10% more by next year. Waiting until later to buy a home will likely cost you more due to increases in prices, interest rates, and appreciation. The reality is that a lot of people try to make financial decisions with their personal lives in mind. Why spend years living in an apartment that you don’t really want to live in forever, spending way too much money each month on things like Starbucks? Don’t wait for the opportunity to become a homeowner to fall into your lap, because by waiting, you could price yourself out of the market. If you take the time to speak to a professional mortgage lender or Realtor, you’d be surprised at how cheap it can be to actually own a home as opposed to renting one. And if you end up selling in two or three years after the market appreciates, you’ve already made some money. There are some good reasons to wait if you truly do need to: waiting for an upcoming bonus, dealing with credit issues, or seeking employment might be good reasons not to buy now. However, believing that you can accurately time the market and will fare better than the experts is not a good reason to wait. If you have any questions about buying a home or the market in general, reach out to the Duncan Duo. We’d love to help you with all your real estate needs.

What It Means to Partner With the Tampa Bay Lightning and USF

sellers@theduncanduo.com (The Duncan Duo) — Mon, 23 Sep 2019 15:10:00 -0400

Our partnerships benefit both our team and our clients tremendously. Here’s how.

As you know, the Duncan Duo is proud to partner with the Tampa Bay Lightning and the University of South Florida, but what do these partnerships mean to us and our clients?

First, they give us a great marketing avenue. We get great exposure for our listings and reach an exclusive audience other agents can’t. Such a broad spectrum of people attend these sporting events, and we’re there for these types of people. The Lightning is one of the most charitable franchises in professional sports, and we get to learn a lot from the owner in terms of giving back to the community.

Additionally, these partnerships allow us to share fun experiences with our clients. We give out hundreds of tickets, schedule player meet-and-greets, host client appreciation events, and give away thousands of dollars’ worth of autographed items.

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Aside from being your resource for buying and selling homes, we love sharing these experiences with you as a way of thanking you for choosing us.

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Aside from being your resource for buying and selling homes, we love sharing these experiences with you as a way of thanking you for choosing us. Experiences like these are a testament to what we offer our clients. If you’re a current or past client and you’d like to attend a Lightning game, reply to this email and we’ll do our best to snag you a ticket. We’re excited to see the Bolts go for the Stanley Cup this year. If you have any questions about any real estate topic or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d love to help you