Tampa Bay Market Update: Surge in Pasco Real Estate, New Developments and Population Growth

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, has a lively discussion about the surge in Pasco real estate, new developments and population growth with a great panel of experts - Scott Eckley with DR Horton, Aaron Davis with Hillsborough Title and the Florida Agency Network, and The Diaz Duo, David and Arnie Diaz of Waterstone Mortgage on The Duncan Duo Real Estate Show.

Scott says that as a builder, they are seeing lots of traffic in the area. They have 7-8 different communities they're currently selling. The traffic in Pasco County in the past 6 months continue to increase almost week by week. In fact for the last 2 months, they have broken their records in terms of home sales. It's a great combination for a lot of buyers because home prices are in the $100-200,000 range, they have good schools up there, more peace and quiet and although it's a bit of a drive, there's already an expressway for easy access.

Aaron said that when they opened in 2009-2010, they were right in Seven Oaks and at the time, there were a lot of foreclosure activity and a lot of vacant lots. Now, all of that is gone. There's now a hospital, multiple malls that have been built. He says that Trinity area is just booming! Unlike before where development are usually focused on the I75's, they are now getting off the road a little bit like the new hospital in Wesley Chapel which is creating thousand of jobs for people around the area.

David and Arnie talk about the trend of more first time home buyers going up there because of the price point. Some of those first time home buyers now have a spouse and kids and want to get away from the hustle and bustle of Tampa. Pasco is still a great community, new malls, new infrastructures. 

A lot of people think about New Port Richey and Hudson when they talk about Pasco but Andrew says that South Pasco - Trinity, Wesley Chapel and Land O Lakes - is where a lot of big developments are taking place. One factor is the commute which becomes a bit unbearable when going to North Pasco. 

On the mortgage side, practically all of Pasco county does USDA loans which means 100% financing. Though USDA is a little backed up, this option is best for those buyers who are willing to wait. 

Another advantage is that the taxes are lower, too. From an affordability stand point, as the market starts to grow in the hot areas of town, buyers can opt for more home but go further out or less home and stay in some of those hot areas. The land prices in Pasco are lower than those in Hillsborough which translates to a lower sale price for the home. 

Andrew also recapped the article about Tampa Bay being the best kept real estate secret in the country. As compared to Orlando or Miami, Tampa Bay has a big percentage lower than their average sale price. Tampa Bay's values are still very reasonable for the opportunity and value of employment. All of the things that are happening - the Lightning winning, Tampa's market getting some national news, Andrew's appearance in CNBC, he says jokingly, all the employers are coming down to Tampa Bay. Aside from that, the retiree population is coming back which they lost to Georgia and the Carolinas just 5 years ago. Scott adds that they are also seeing an increase in investor activity because they are seeing more value because of the price and the weather, the beaches and more.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Tampa Real Estate Shrinking Inventory of Sellers Market causing obstacles and bidding wars

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Arnie Diaz of Waterstone Mortgage on The Duncan Duo Real Estate Show to about the housing shortage in Tampa Bay and how more and more home buyers are not finding the home they are looking for. They are running into multiple offer situations, though it's not happening in every price point but it'll more likely to happen in the average and lower price points. Inventory continuous to be a problem.

Arnie adds that there are a lot of frustrated home buyers now who are getting beat out by other people because of the competition. He suggests that it's really best to have everything done, specifically getting pre-approved for a mortgage, in order to compete with the cash offers or other buyers who have not been pre-approved yet. 

They also talk about the difference of pre-qualifying for a loan and going through the whole process of underwriting and getting qualified. The process of pre-qualification is only based on the information the borrower provides to the lender without having them validated. There is still a chance that the borrower could not be approved for a loan. Oftentimes some of the information provided are not accurate. Until everything has been validated and documented, that will be the only time the borrower can be guaranteed to be approved for a loan. 

Andrew talks about how some buyers pass on some homes that need repairs thinking they will find something better or won't encounter the same issue with the next house. Some decide to up their budget thinking they'll find a perfect home but because of the rising home values and interest rates, holding off would only cost the buyer more.

To address the issue of the shortage in the inventory, the builders are having more opportunities open up for them because they have to create it. They talk about some of the developments that are coming in the next few years.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Boomerang Buyers coming back to Tampa – What is a it and if you are one, Can you buy Now?

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, goes solo on The Duncan Duo Real Estate Show to talk about Boomerang Buyers and how they are coming back in the Tampa Bay market.  

Boomerang Buyers are those who suffered a foreclosure or a shortsale a few years ago and are now looking to get back in the market. There are a lot of misinformation out there about whether or not someone who did a short sale, foreclosure or even bankruptcy can buy a property. The Diaz Duo of Waterstone Mortgage has some unique programs to help people in those situations qualify for a home but couldn't otherwise qualify.

According to the TransUnion, the interesting thing about this is that the number of boomerang buyers will drastically rise because those people who have gone into foreclosures or short sales are going through phases where they can qualify and have the ability to purchase. Each year, more and more information comes out about their ability to buy and qualify.

During the financial crisis, about 78 million consumers had a mortgage. More than 8% of those were affected by being 60 or more days late and unfortunately, a lot of them had the tragic foreclosure or short sale scenario and lost their ability to get qualified or get credit. Not every lender will have programs for these people. Some would tell you that you can't qualify for a certain Fannie or Freddie FHA but most of the time they are based on their own guidelines and not necessarily the investor's guidelines. That is why it is important to talk to someone who understands this phase like The Diaz Duo of Waterstone Mortgage who have done a great job in educating consumers whilst helping people who had a short sale or foreclosure a few years ago and didn't believe they could buy. This is a great opportunity for Boomerang buyers because they have the ability to purchase again.

Some advice from Andrew for those who are planning to get a mortgage is to prepare for an overabundance of documentation. Don't let that frustrate you because they are going to ask you to verify everything. Gone are the days when it was really easy to get a mortgage. Lenders now are very process oriented. You need to be able to prove your income, be able to show how much money you have in the bank, show that you have good credit, etc. Just be prepared with your financial house in order before you buy a home because you need to prove pretty much everything.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Local Tampa Real Estate Experts talk about Why Thousands of homes a year fail to sell in Tampa Bay

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, has a candid discussion with some local Real Estate experts about a recent article in the Tampa Bay Times that discloses that thousands of homes in Tampa Bay Don't sell each year and the reasons behind it. He has Paul Arrington from Arrico Property Management, The Diaz Duo from Waterstone Mortgage and Aaron Davis from Florida Agency Network and Hillsborough Title as guests on The Duncan Duo Real Estate Show.

They talk about some of the funny reasons why homes don' sell - from pink bathrooms to unclean homes to over customizing! Other reasons include price, flood zones, sink holes. One of the things the article didn't touch on is the quality of the agent. Every realtor has his own marketing strategy but if you want to hire someone to sell your most important asset, do your due diligence. See what their listings look like.

A lot of consumers look at the real estate statistics and say that everything's selling and what they're not aware of is that thousands of homes don't sell with the first agent. Sometimes it's the 2nd or the 3rd agent. In fact, Andrew shares that they have someone they employ whose sole job is to contact sellers whose homes did not sell with other agents. He highlights the importance of marketing in helping sell a home.

Another reason that homes don't sell is the market for that area or price point. You need to know the statistics so you know what to expect.

One of the worst thing that a seller would do is testing the market. If you test the market for a price that doesn't move, several months down the line, buyers are going to start asking what's wrong with it. Days on market is a crucial statistic. Andrew suggests that if the seller is insistent of doing that to not formally put it on the market. It's better to do FSBO.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

What are the Short and Long Term Effects of Rising Interest Rates in the Tampa Bay Real Estate Market?

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, discusses the short and long term effects of rising interest rates on the Tampa Bay Real Estate Market. He has Arnie and David Diaz from Waterstone Mortgage and to Shawn Yesner of Yesner Law as guests on The Duncan Duo Real Estate Show.

Arnie says that with home prices and rates moving up, the affordability is going to be waning so people who have been on the fence about making a move will get into the market now. He says that there will be a max influx of traffic through the real estate offices of the mortgage lenders because the refinancing side will be going away. So, the short term effect will be positive because it will motivate a lot of people to take action now but in the long term, as the rates creep up, it will cause some challenges.

David says that getting pre-approved can affect consumers. If you got pre-approved 4 months ago, you need to check again because they base it on a monthly payment which might be slightly higher now so it's better to touch base with your lender. If interest rates go up even a quarter or half point, it's a significant increase in your payment that could cause you going the other side as Andrew points out.

Sean mentions that interest rates used to be based on economic outlook but now, they seem to be more politically tied. David agrees and that interest rates are tied to a lot of things. What they're watching right now is what's happening in Europe since it has a big impact on the rates.

Another prediction Arnie says is that in the next year or two, the ARMs will be coming back. In previous years, a lot of consumers opted for Fixed rates but due to the rising interest rates, people will lean more towards getting an ARM which as Arnie describes is if you get an ARM for 10 years, your interest rate will be fixed for the same amount of time which will allow you to do something with the property within that timeframe.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Advantages of Buying New Construction vs a Resale Home

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Scott Eckley of DR Horton and David Diaz of Waterstone Mortgage talk about the the advantages of buying new construction in 2015 on The Duncan Duo Real Estate Show.

It's an amazing time to buy a DR Horton Home. They have a lot of communities opening in a lot of great locations --- from Zephyrhills all the way down to Sarasota. They have different price points that would cater to a wide variety of buyers. They also have a lot of inventory on the ground for people who are relocating into the area and don't want to wait 6-7 months to build a home. They need something they can move into in the course of 30-45 days.

Scott also talks about the advances in the new construction homes like the energy efficiency which had an amazing improvement in just 4-5 years. Warranty is also one thing to consider because with new construction, you also get a new roof, new A/C, a new water heater, etc. that will go along with them. Styling also looks amazing!

Andrew recaps a conversation he had previously with Arnie about advantages of buying new construction like getting utility savings, tax savings, lower cost of maintenance and lower cost of insurance.

Another important part of new construction is the technology side of it. All the bells and whistles that a normal resale home doesn't have are already included in new construction nowadays. Scott says they keep up to date with technology as more and more buyers demand it especially now that working from home is becoming a trend.

One thing that's amazing about DR Horton is that they're a large scale home builder. They not only cover Tampa Bay but their a large scale powerhouse builder in America! Scott confirms this by saying they've been named the #1 builder in America for 14 years in a row!

Another important thing Andrew mentions is the emotinal letdown some people buying a resale home is less common when working with a builder. They don't have to compete with other buyers and be afraid of losing out.

Scott invites everyone to come in and see their new communities. You can start from picking your lot, your floor plan, your view, your color which would take about 4 1/2 months to build your home start to finish. Or you can choose from their inventory that are already available that might work for you.

arnie asked Scott what was the one innovation they have in their new home that helps those who work from home. Scott says it would be the style of the home. They now offer flex spaces wherein 80% of the time, people go with den option, 100% of them work from home. They choose that to have that personal space, a small office they can work in at home. They also make sure the technology needed by these people are available in order for them to be able to work at home.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.