The Best Way to Handle Multiple Offers as a Seller

If you watch our testimonial videos, you’ll see that we’ve been able to get many of our sellers multiple offers on their homes. In fact, some of them have been able to sell above asking price.

In our current market, multiple offers are fairly common. That’s because prices are rising and there is a lack of supply in key neighborhoods with strong demand.

So, what happens when you get multiple offers on your home? Although it is ultimately your choice as to which offer is best, there are a few different ways to handle this.

We recommend asking buyers for their highest and best offer. With this strategy, you would give buyers and their agents notice to submit their highest and best offer by a certain day or time. Then, you can figure out which of those offers works best for your situation.

We recommend asking for each buyer’s highest and best offer.

There is no right way to choose the best offer. Everyone says that cash is king, but it really depends on your situation. Some sellers want to find a buyer who will take care of their home. Buyers often write emotional letters describing what the home means to them; this might help you make your decision.

While asking for their highest and best offer is a common tactic, it really depends on your situation. For example, you may want to just take the best initial offer rather than countering multiple offers. If you have five offers come in and four of them aren’t very good, you may be better off just working with the one best offer.

Again, it ultimately depends on your situation. What are you looking for in an offer? Why are you motivated to move? As professional real estate agents, we can guide you through this process, but the decision is ultimately yours.

If you have any questions about multiple offers or real estate in general, just give us a call or send us an email. We would be happy to help you!

International Real Estate Sales Declining in Florida and how Tampa compares to Miami

 

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's #1 Realtor talks about foreign investment and the Real Estate market in Florida. Although Florida is a hot bed for international investment, sometimes the Tampa Bay folks are misled in terms of how much investment we get in Tampa. It is certainly a significant piece of the market but not quite as much as people think.

Last year, $23.7B spent in Florida by people outside of the country. This year, it was $19.4B which was a drop of 24%. Nationwide, foreign buyers only made up of 7% of existing home sales dollar volume. Foreign buyers purchased 47,000 residential properties in the 12 month period compared to 44,000 in 2015. There was an increase in the number of sales but it was the prices that dropped with international buyers. The dollar volume decreased from an average price of $539,000 last year to $412,000 this year. Median price decreased to $253,000 to $297,000. Strong US Dollar impact of sales this year, 58% said the effect was significant. 30% of foreign buyers said that Florida's real estate prices were more expensive than prices in their home area. 70% thought they were less. Latin America and Carribean buyers are counted for the biggest share of 39% of Florida home buyers. It was a noticeable year over year decline as it was 56% last year. Top 5 countries whose residents invest in Florida by dollare volume - Canada ($3B), Brazil ($2.8B), Venezuela ($1.5B), UK (1.4B), and Argentina (1.4B). Foreign buyers pruchase properties accross Florida but the primary destinations are Miami, West Palm Beach (52%); Orlando-Kissimmee (12%); and Tampa-St Petersburg (8%). 72% of foreign buyers were all cash. 72% bought the property for vacation or rentals. Just over half bought a townhome or a condo instead of a single family. 40% of foreign buyers chose a central city or urban location.  

It is still an important part of the real estate market but it is still a small segment compared to the hundred of billions of dollars that were sold in the Florida Market.


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 Sunday at 10 am.

First Time HomeBuyers in Tampa Bay Most impacted by Rising Interest / Mortgage Rates

 

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's #1 Realtor and expert gives advice to first time home buyers not to wait as the it becomes more and more challenging to compete in finding a home. With the  interest, mortgage and home values, the lack of inventory for homes in the $100-300k price range, plus competition with investors who are looking for opportunities in the affordable price ranges, it is important that first time home buyers buy now instead of waiting.

He also advised first time home buyers that they should expect to lose out on some homes. Because of the competition, you may see some bidding wars going on in some cases. 








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 Sunday at 10 am.

Tampa Real Estate Stats and Home Sales Data Analysis October 2016 Duncan Duo Radio Show 970WFLA

 

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.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks about the local real estate statistics for October on The Duncan Duo Real Estate Show.

In October, there were 2,578 homes sold with an average price of $240.906. An average home sold in 60 days and there were 3.1 months worth of inventory.

Seasonality might not come into play that much this year because of other factors like the rise of interest rates, the elections and other things that are going on locally and in the global economy.

In September to October, there was a decrease in number of home sales. There were 2926 sales in Sept while 2578 sales in October. The average sale price stayed flat at $239,409. Inventory increased a little bit because of the fewer number of home sales - 2.9 to 3.1.

What does that mean to you? It means prices are rising. We are seeing fewer homes on the market and fewer home sales year over year but not by a lot. As you climb the price charts, inventory rises which means higher priced homes take longer to sell.

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 Sunday at 10 am.

The Difference Between Inspections and Appraisals

Before we dive into today’s topic, we wanted to mention how excited we are that hockey season is right around the corner. As the official real estate team of the Tampa Bay Lightning, we’ll be giving out some great prizes during the season such as hats, sticks, and signed merchandise. Keep an eye on our various social media pages for your chance to win. Now, onto today’s question.

Recently, I got a question about the difference between an inspection and an appraisal. They are similar in a lot of ways, but they are two different processes for two different purposes.

A home inspection is where all major mechanical systems in a home are checked by a licensed inspector. This includes the roof, foundation, electrical system, plumbing, appliances, and other major components. The inspector wants to determine if they are working correctly or not.

They have similarities, but are two completely different processes.

The appraisal, however, is the lender’s ability to determine the market value of the home. This is one person’s opinion, but that opinion matters. The lender needs to know that the home they are helping finance is in proper working order. They will check many of the same mechanical systems as the inspector, but for different reasons. They are checking for health and safety issues more than anything else, and they are making sure everything is in working order. The lender wants to know they are loaning money on a good home.

While there is some crossover between inspections and appraisals, they are two drastically different things. The appraisal process is managed by the lender and mostly done for their sake. The appraisal is there to ensure that the buyer doesn’t overpay for the home and the lender doesn’t over-lend.

We have a lot of sellers that want to see the appraisals, but it’s up to the buyer’s lender. Typically, it is a buyer-protecting process. I hope this helps you understand the difference between the inspection and appraisal processes a little more.

If you have any questions, give us a call or send us an email. We would love to hear from you.

Tampa Bay & Sarasota Real Estate Seasonality vs Peak and what you need to know

 

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.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks to David Diaz of Waterstone Mortgage about the Tampa Bay and Sarasota Real Estate Seasonality.

The Duncans decided to open an office in Sarasota last year as an extension of their brand in Tampa. They saw the opportunity in the Sarasota market so they decided to hire some local people to cater to that market. They also transferred some agents from the Tampa office to maintain the culture they have built in their Tampa office.

Now is the in season for Sarasota because it's a second or vacation home market. It is similar to the peak season or summer months in Tampa. Although it has been slow compared to the past few months, if you compare it to past Novembers, this is still a pretty incredible month for sales. David added that November and January are usually the slowest months of the year because of the upcoming holidays but for some reason, November has exploded this year. They also talk about how December seems to be a strong month but usually it's because some closings are pushed to December. Another thing they touched on are the advantages of closing before the end of the year like homestead exemptions and lower taxes.

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 Sunday at 10 am.

Florida Suncoast Title & Yesner Law discuss title company & how an Attorney Owned co. is valuable

 

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.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks to Shawn Yesner of Yesner Law about how he is now part owner of Florida Suncoast Title Services LLC.

Shawn has been an attorney since 1998. He got his start in title doing residential and commercial closings out of a law firm in Miami. He has a lot of great title relationship within the industry. His level of knowledge and experience in Real Estate law together with his hands on approach will be very valuable in providing clients a great and unique experience working with Florida Suncoast Title.

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 Sunday at 10 am.

Why Real Estate Signs Work

Every month, we hear home sellers tell us that they’d rather not put a real estate sign out in front of their house because they’re convinced that they don’t work. However, the truth is that real estate signs actually do work.

We’ve seen many homes sell over the years that wouldn’t have sold without a real estate sign. This is because they help in three important ways:

The first is that they trigger word-of-mouth referrals. Not everybody in your neighborhood pays attention to online listings. They might know other people who want to live in your neighborhood, though, and a real estate sign is the only way to let them know that your home is for sale. 

The second way they help is by acting as a marker for buyers who don’t want to look at a home in person and deal with a showing. If they want to narrow their list of homes, they might simply just want to drive by them. Neighborhoods tend to have homes that look alike, so if you don’t have a sign out, it would be easy for the potential buyer to skip right past and assume another home is for sale.

Not having a real estate sign means limiting your buyer pool.

The third way they help is by providing a phone number that people can call. If there’s no sign, there’s no opportunity for them to call. Quite frankly, people are impulse buyers. Sometimes people call on a sign and buy the home that very same day. Unless you have a sign out front, though, this won’t happen to you.

What if someone buys another home down the street instead of yours because that home had a sign? Because real estate companies get all of these sign calls, sometimes a sign from one property can help another property sell. Homes in certain areas can also act as referrals to homes in other areas that are comparable in size and features.

The bottom line is that you should not abandon using a real estate sign when you put your home up for sale. If you want to get your home sold quickly, you want to take care of every single marketing possibility for that home. Omitting a real estate sign means limiting your audience and leaving money on the table. If you have any questions for us, don't hesitate to reach out by giving us a call or sending us an email" at the end of the blog

How a Lease Purchase Option National Home Buyer can help you buy the home you want and move in 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.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert, together with David Diaz from Waterstone Mortgage talk about how The Duncan Duo partnered with a National Home Buyer that has a lease with the right to purchase program intended to provide qualified individuals who are not ready to buy today, a clear path to home ownership in the future.

The difference between their program compared to other programs offered by hedge funds and the like is that the buyer has a say in the process. They will buy the property that you pick out although it has to meet certain criteria. Usually, they search for homes in great school districts of certain price ranges and will rent for certain numbers. They pay pretty close to retail prices and this will allow someone to try a home first before they buy it or for people who might need a year or two before they are ready to purchase. One of the major benefits for the buyer is that they give the buyer the right to purchase the home at a certain price (which will grow over time) but could be a great opportunity for the buyer especially if the market appreciates fast. This means that a year or two down the line, they will have the opportunity to purchase it below retail value and have instant equity on the home.

To know more about this program, call us now at 813-359-8990 or go on to our website www.searchmlstampa.com to talk to our agents.

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 Sunday at 10 am.

Tampa Real Estate Stats September 2016 and how they compare to RE/MAX National Housing Report

 

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.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert, together with David Diaz from Waterstone Mortgage talk about the Real Estate Statistics for September and Andrew's analysis of the market.

Tampa is included in one of the hottest markets for home price increase at  14.6%. Miami came in at 15.2%, Birmingham was 17%. Portland at 14.5%. Inventory of homes for Tampa is at 2.6 which is a healthy market, definitely a seller's market. 

The median sales price nationally is up considerably year over year, about a 14% increase. Days on the market, homes are selling faster. 

Based on the statistics from the Greater Tampa Association of Realtors (GTAR), there were 2,920 sales in 2016 as compared to 2,660 home sales last year which has an increase of 10%.

The average sale price is $239,000 while last year it was $290,000 which is about a 6-7% bump in year over year sale price average. 

Inventory is about 2.7 months. This has been the lowest we've seen in years. The highest inventory month of the year was January and February.

Andrew and David discuss the trend and their observation on where the market is going in the next few months.

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 Sunday at 10 am.

Home loans 0% Down Payment USDA & low down payment mortgages

 

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's #1 Realtor and expert, together with David Diaz from Waterstone Mortgage and Shawn Yesner from Yesner Law and Florida Suncoast Title Services, discuss 100% financing (0 Down) USDA and other mortgages with low down payments with David Diaz from Waterstone Mortgage

Rural Housing Loan is often overlooked by people. It offers a lower down payment altenative compared to FHA or VA. An example of this is USDA loan which offers no money down. Surprisingly, there are a lot of areas in Tampa Bay that are considered rural. David also talks about how this is a prevalant option for a while but not at the moment due to the first time home buyer grant available for people who haven't owned a home in Hillsborough, Pinellas, Pasco and Polk Counties. 

Other loans that are available are the Jumbo loan program and the escrow hold back.

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 Sunday at 10 am.

Best Tips in Tampa Real Estate to prepare you to buy a home – payments, insurance, credit & taxes

 

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's #1 Realtor and expert,  is joined by David Diaz from Waterstone Mortgage and Richard Vazquez from Artisan Insurance on The Duncan Duo show on 970WFLA . They talk about what you can do to prepare for owning a home which not only benefits first time buyers but also buyers who decides to upgrade to a new home.
 
A consumer needs to Understanding the full cost of home ownership. There are a lot of variables to consider like HOA fees, Home Owner insurance, Property taxes, Principal interest tax insurance, not knowing the whole payment.

You need to be prepared for the curve balls that could happen like property taxes going up, home owner's insurance may rise, HOA dues get overlooked.

There are a lot of online mortgage lenders that give inaccurate information which could be misleading for a lot of home buyers. Andrew suggests to talk to a local mortgage lender like Waterstone Mortgage that can give you expert advice and you can get the full scope of payments instead of relying on an online calculator.

You should also know what your home owner tax benefits. Mortgage interest and property taxes are deductable when you file for income tax returns and for a lot of people, this could reduce their taxable income.

Study rent vs buy math. Also factor in the potential appreciation and depreciation of the home value when looking at the benefits of home ownership.

Other factors to look at are the home owner insurance and your credit score which could also greatly impact your finances.

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 Sunday at 10 am.

Sarasota & Manatee Most Recent Real Estate Statistics and Trends

 

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's #1 realtor discusses the statistics and trends of the Sarasota and Manatee markets for August 2016. The Sarasota and Manatee market is very different from the Metro Tampa. The seasonality of the two markets are drastically different because while it is slowing down in the Tampa and Pinellas, the in season is just coming up for Sarasota and Manatee.

He starts off with the year over year statistics for Manatee county. Single Family home sales from August 2015 to August 2016 rose from 506 to 572 while the average sale price was pretty much flat at $315,000 (Aug 2015) to $314,080. Townhomes, condos and multi-families had an increase in home sales from 155 to 225 year over year but the average sale price dropped from $210,000 to $199,000.

Moving on to Sarasota county, the single family home sales dropped from 755 to 668, year over year, which was an 11% drop in the number of homes sold. The average sale price increased from $331,000 to $359,394. Townhomes, condos and multi-family home sales had a 6.5% drop from 293 to 274. The average sale price went up from $304,000 to $330,000.

In a nutshell, Manatee has more home sales but the average sales price was either flat or lower while Sarasota had fewer home sales in August but higher sales price. Andrew believes that inventory has a play in both markets.

As mentioned, it is the In season for Sarasota and Manatee. This is the time of year when people who are retiring and looking to move to Sarasota or Manatee Counties or looking for a second or vacation home. While in Tampa, this is the time when kids are back in school, not much seasonality in the Metro Tampa but it is a slower time of year.

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 Sunday at 10 am.

Free Swag, Game Tickets for Clients & More

We have a couple of really cool items to give away and a few client appreciation events we want to invite you to.

Selling in the Tampa Bay area? Get a market analysis report

 Purchasing in the Tampa Bay area? Get full MLS access

Are you excited for hockey season? I know I am! As the official agents of the Tampa Bay Lightning, we wanted to announce a couple really cool items we have to give away and some upcoming client appreciation nights we’re hosting.

We have a Steven Stamkos autographed hat, a Ryan Callahan autographed jersey, and a hockey stick autographed by the entire team. We will be giving other stuff away all year long, including tickets to games on our social channels so make sure to follow us:Instagram, Twitter, Facebook, and YouTube. 

If you’re a current or past client of ours, we have a number of client appreciation nights coming up at Amalie Arena. Here are the dates to mark down on your calendar: 

• October 18th vs. Florida
• November 10th vs. The New York Islanders
• December 8th vs. Vancouver
• January 3rd vs. Winnipeg 
• February 21st vs. Edmonton
• March 6th vs. The New York Rangers

On all those nights, we’ll have plenty more tickets to give away, so watch our social channels for the day to register for these events, or make sure to reach out to your agent on our team if you have one. For more autographed memorabilia signed by members of the Lightning, check out boltshomevideos.com

Consider this our gift to you for being a valuable client and being a patron of our social channels. If you have any questions, please feel free to email us or give us a call. We hope to see you at a Bolts game this year. Let’s go Bolts!

The Duncan Duo now offering State of the Art Matterport 3-D Tours for their Tampa Bay & Sarasota listings

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.

New technologies have emerged in the last couple of years that are taking real estate marketing to another level. If you don’t recall, we were one of the first Realtors in the area that had photographers using drones and drone technology to get aerial views of our listings to show off the property, views or neighborhood. Now, we have purchased our very own Matterport 3-D camera and are offering 3-D tours for homes listed across Tampa Bay. You can see an example below of a recent listing of ours at 14905 Tom Morris Ct in Old Memorial in Tampa and how impactful 3-D Technology can be for the marketing of homes. If you have questions about this technology or our new 3-D tours, you can reach out to us on the websites linked on this page or by calling our Tampa office at 813-359-8990 or our Sarasota Office at 941-822-8228. You can learn more about how amazing 3-D technology for the marketing of real estate by clicking here or here.

 CLICK HERE TO SEE THE 3-D MATTERPORT TOUR OF THIS HOME

Boomerang Buyers that had a short sale or foreclosure may be able to buy a home again 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's #1 realtor talks to David Diaz of Waterstone Mortgage about Boomerang buyers who are thinking about buying a new home.
   
Boomerang buyers are those who previously had foreclosure or a short sale but are now back in the market ready to buy a new home. So many of them are misinformed or misunderstood when it comes to their ability to purchase again. This may be the reason why a lot of them are not buying because they don't know they have the option to buy. They're afraid that the foreclosure or short sale they did 3 years ago could prevent them from buying.

David talks about the different loan programs - conventional loan, FHAn loan, and VA loan. Although rules may vary between them, as a rule of thumb, 4 years after the foreclosure/short sale, you will be completely good for all of these programs. However, there are instances where you are eligible even before the 4 years are up. Like with FHA, you can do it 3 years out of a short sale or foreclosure or 2 years out of a bankruptcy. VA can be 2 years out of a foreclosure or short sale. Andrew adds that there are also situations where the buyer can qualify sooner as long as they have unusual but very well documented hardships that could be made as an exception. Some of these are death of a major earner, losing your job unexpectedly due to a lay off, or even medical issues. One common question people have is if divorce is one of the exceptions, but no matter how traumatic it may be for some, it is not included in the list of exceptions.

So if you are one of these people, it would be best to get in touch with a great mortgage professional like David Diaz who can steer you in the right direction.

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 Sunday at 10 am.

Low Down Payment Options for Tampa Bay Buyers

Today I’m here with Mike Yates from Atlantic Bay Mortgage to discuss loan programs with low down payment options. Money.com recently had an article about lower down payment options for conventional loans, but there are a lot of other options out there. 

For example, Atlantic Bay Mortgage offers a conventional loan program through Fannie Mae that only requires 3% down. Although this program is mostly for first-time home buyers, you can go with an option that is open to other buyers. There is also an income-restricted option. 

VA loans are some of the best loans available on the market. Active duty military and veterans can purchase a home for no money down. Closing costs are covered as well. These loans also have low monthly mortgage payments because you don’t have to pay private mortgage insurance. 

VA loans are the best loans available on the market.

Another loan program that does not require a down payment is the USDA loan. USDA loans are used for purchasing property in rural areas and there are income restrictions you have to meet in order to qualify. Although you cannot buy a property in Tampa, you can get a property in one of the outlying areas. 

Last but not least, consider the FHA mortgage. This is a longstanding mortgage program used by a lot of first-time home buyers that only requires 3.5% down up to a certain loan amount. In our area, that loan cap is $271,050. 

If these programs aren’t quite the right fit for you, there are also down payment assistance programs available for first-time home buyers. You can use this money for your down payment, closing costs, or a combination of the two. In Hillsborough County, you can get $15,000 for your down payment and closing costs, and in Pinellas County, you can get $7,500 in down payment assistance. 

If you have any specific mortgage questions for Mike, you can reach him at 813-343-8551 or send him an email at MikeYates@AtlanticBay.com. If you have any other real estate questions, you can always give me a call or send me an email. We would be happy to help you!

Renovating vs Buying a New 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's #1 Realtor and David Diaz from Waterstone Mortgage talk about consumers that are thinking about remodeling or upgrading their home vs buying a new home and the pros and cons of each.

Based on personal experience, Andrew shares how living in the home during the renovations could be a nuisance. Another con is that most of the time, doing renovations would mean cash out of your pocket. David mentions one of the programs being offered by Waterstone Mortgage where the buyer has the option to add the cost of the renovations to the mortgage so that instead of paying a mortgage and paying cash for the renovations, everything will be built in. You have to be flexible with your budget because some things may come up that need more attention while they are doing the work on the house. One also needs to consider the time it will take to finish the renovations. You would need to allow a little bit of allowance to how much time will be needed.

Some of the benefits of buying a new home is the lower insurance, the upgrades that are already existing in the new home and there are less anticipated problems. The only issue may be that there are not as many new homes available in certain areas.

So whether you decide to buy a new home or renovate an existing one, make sure you weigh the pros and cons so you can make the best decision depending on your situation.

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 Sunday at 10 am.

Is Tampa Bay’s Luxury Real Estate Market starting to show signs of a slow down?

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.

Tampa Bay's #1 Realtor, Andrew Duncan, talks about Tampa's Luxury market based on an article in New York that says the top end market is the tipping point from the seller's to a buyer's market. This is usually the first step of a Real Estate transition from a seller's to a buyer's market when you start to see the changes in the upper end then it trickle downs to the lower price points.

There is an increase in the inventory of Luxury homes which means there are more sellers putting their homes on the market but not as many buyers for those homes. With an ageing population, it is normal to see home owners put their homes on the market because the kids are off to college and they think they do not need the big house anymore. It is not really selling because of a need but more due to a lifestyle change. The question now is if there's enough of the younger population who are getting older and getting an income increase to start to pick up those home being sold.

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 Sunday at 10 am.

Sarasota Real Estate Stats Update – Luxury Sales compared to Tampa & Manatee, Inventory, Average Prices

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's #1 Realtor, talks to Michael Barbino from The Duncan Duo's Sarasota office and Arnie Diaz of Waterstone Mortgage about the most recent Sarasota and Manatee real estate stats, average prices, saturation rates, how the market differs from Tampa in certain price ranges and much more.

Last month's stats showed a year over year decrease in home sale and inventory but a significant increase in home value. Michael talks about the numbers this month which shows that the market is similar to Tampa's except that there was an increase in the inventory as oppose to a decrease. Prices are going up which seems to be because of the price point increase. The market is starting to slow down a little bit though it's ironic because the in season for Sarasota is coming up. 

Arnie pointed out that there are a lot less cash sales although Sarasota and Manatee is a higher priced market. Since the recession, there has been a historicaly high amount of cash transactions. Down payments used be about 50% but are now down to 20-30%. Condos and townhomes cash transactions are higher though because of the misconception that it's harder to get financing on condos. There has been a lot less cash than a year ago. 


They also talk about how there is not much going on in the foreclosure market as there was a year ago. On the other hand, Sarasota and Manatee are doing well in the upper and or luxury market. The million dollar plus sales consistently outpaces Tampa. 

Why Days on Market Varies So Much in Tampa Real Estate

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.

I wanted to touch on an important topic today - housing inventory and days on market.

We're constantly asked how long it should take homes to sell in the Tampa Real Estate Market. It's really a loaded question because there is no truly correct answer. Real estate is hyper-local, so the "right" days on market really depends on your specific neighborhood and what's happening in that area.

Real estate is hyper-local, so you can't always cast a wide net.

What we're seeing right now is that most homes are selling within 60 days, but some are taking longer. The higher the price of the home, the longer it may take to sell because the buyer pool is smaller. Likewise, the cheaper the home, the larger the buyer pool, and the faster it's likely to sell. Some neighborhoods have houses that experience a bidding war within a week, and others that have houses that take six months to sell.

What's happening in Riverview may be different from what's happening in South Tampa or New Tampa. As an agent, we can look at your specific area and give you advice. Generally speaking, you want to look at statistics for days on market compared to your neighborhood, and remember that prices affect it as well.

Generally, right now we're seeing most homes sell more quickly due to low inventory, especially well-priced homes. Days on market can be interesting when it comes to marketing strategies as well. I think if you see homes sell in one or two days, sometimes that's a little too quick. We coach our agents to encourage our home sellers to leave a little bit of time to feel things out and make sure we're not leaving money on the table.

Remember, the supply and demand curve varies from neighborhood to neighborhood. For a more specific look at your area and what you should expect if you're buying or selling, email me or give me a call for a complete analysis. We're here to help!