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Andrew Duncan, Tampa's #1 Realtor and Expert talks to Scott Eckley of DR Horton, Richard Vasquez from Artisan Insurance as well as Arnie Diaz from Waterstone Mortgage about how the hot market affects the new home builders and home insurance on The Duncan Duo Real Estate Show. It's also available on their Facebook fan page.
If you don't have a lot of resale homes in your inventory, another option to look at are builders. It becomes more prevalent if a buyer doesn't see the inventory on the websites. And because of the demand, Scott says that they have inventory in a lot of communities right now. They are responsible for the Tampa-Sarasota division. In the greater Tampa area, they have almost 20 communities. Their goal is to have 5-7 move in ready homes available for buyers. They are always in their top 2 floor plans in different colors so that when a person walks in, he can find one they like and can move in the next 30-60 days to suit their needs.
Arnie raises a question about how they can have 5-7 homes available all the time with homes moving that fast. Scott says it was tricky but this will be a record year for them. They've sold over 1000 homes. One of the challenges they encounter is getting permits from the municipalities which can get backed up and can cause delays on their end. Nevertheless, they are still making it happen.
Another topic Andrew brought up is the cash sales in Tampa Bay are declining. Some people who have the cash to buy are now opting to get a mortgage.
One surprising statistic is that foreclosure activity is up 20% year after year that have some of the people inside concerned but Andrew feels that it's just the core systems are backed up and banks dragged their feet. Sometimes media puts it in a way that they don't understand the whole spectrum of Real Estate which puts the wrong fear in people's minds.
Richard Vasquez talks about the home insurance side and how it's affected by all the changes and what advise they give people when they get homeowner insurance. He says that on the insurance side, things stay fairly steady. They don't rise and fall with the market as much as people think. He explains how the amount they will ensure the house for will be based on how much it will take to rebuild it (if it completely burns down to the ground) so it's not based on the market value.
Andrew says that one thing he sees that would affect the home insurance side of the business is that buyers would have to make quicker decisions or move more quickly especially with the hot market and bidding war scenarios. They need to know the numbers because they need to put an offer in.
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.