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Should You Buy a Home Now or Wait Until Later?

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.



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


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

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.
 



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.


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

It’s About to Be Much Easier for You to Buy a Condo

If you’re interested in becoming a condo homeowner, but haven’t had much luck, this news will be a reason to renew your efforts. 

Today we’d like to make you aware of an upcoming change to FHA condo financing that just might benefit you—especially if you’re a first-time homebuyer. It could also be that you’ve previously tried to purchase a condo with a low down payment and had no such luck. 

Historically, very few condo buyers have qualified to purchase with less money down, so a lot of would-be millennial buyers have opted for apartments instead and the condo homeownership rate among millennials has suffered as a result. Those who are buying are sticking to single-family homes. 



Once this change goes into effect, you’ll likely see condo prices return to healthy levels and more first-time and millennials buyers qualifying to purchase them.


So what changes will soon take effect? 

Starting October 1, the FHA is allowing individual condo units to qualify for mortgage insurance. Until now, individual condo units have been treated as part of the whole, meaning they’ve been subject to rigid guidelines imposed upon the association that governs them. 

Thanks to this change, if one building is entangled in litigation, none of the other buildings within that particular association are affected. That clears the way for millennials to take advantage of lower down payments on condo mortgages. 

Once this change goes into effect, you’ll likely see condo prices return to healthy levels and more first-time and millennials buyers qualifying to purchase them. Mind you, you’ll want to pay attention to the specific guidelines regarding the number of units covered per building, but there will no longer be a long, complex process to get each building passed.    

Whether you’re a first-time, millennial, or condo homebuyer, keep an eye out for this exciting change coming October 1. If you have any questions or would like more information, please don’t hesitate to let us know. We look forward to hearing from you!