If Your Home Failed to Sell in 2018, These Tips Will Help You Rebound in 2019

 If your home failed to sell in 2018, we have a few tips to help you make sure the same thing doesn’t happen when you relist in 2019.

If you listed your home in 2018 but it failed to sell, you have our condolences. We’re experts at helping people whose homes previously failed to sell, though, and here are a few tips you can use to make sure you have a successful home sale in 2019.

First of all, think about hiring a different agent. The first thing we think about when we hear about a home failing to sell is the agent hired to sell that home. As our industry has blossomed over the last few years, we’ve seen a lot of inexperienced people get into the real estate business. Agents like these may offer you a low commission or promise to work hard for you, but the fact is, they don’t have the marketing budget or the expertise to sell your home.

Furthermore, if they failed to sell your house once, what makes you think anything will change the second time around?

Second, try adjusting your home’s price. Price plays a huge role in a home sale’s success, and a simple $1,000 reduction might make all the difference. Your agent might’ve wanted to lower your home’s price when it was first listed, but that was probably because they didn’t know what else to do. Also, was that home even priced correctly to begin with? Did your agent have a strategic pricing model in place to attract buyers to your home?

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Marketing a home isn’t just about listing it on popular real estate websites and social media platforms—you have to advertise it the right way.

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Next, rethink your marketing strategy. Marketing a home isn’t just about listing it on popular real estate websites and social media platforms—you have to advertise it the right way. If your home’s listing profile has bad photos, no video tour, and/or a poorly written description, it’s not going to sell no matter how much you advertise it. Your agent needs to separate your property from all the other comparable properties being listed and know how to connect with the buyers who are searching for it.

Also, keep in mind that a lot of agents don’t pay advertising fees to websites like Zillow, Trulia, and Realtor.com, so their leads get directed to other agents who aren’t aware of your listing and aren’t under any obligation to help you get it sold. If your agent doesn’t have a lot of reviews or listed sales on these websites, they’re probably not getting the inquiries for your listing that it needs to sell quickly and for top dollar.

Lastly, relist with proper timing. Whether you should relist right away in 2019 or wait a few months depends on your situation. When people in this situation work with us, we lay out their options and provide feedback to them as a fiduciary so they don’t recreate the same problems that plagued them the first time they listed their home and they achieve all their real estate goals in 2019.

If you’d like to get started planning your 2019 home sale, we’d love to help you. Just give us a call or send us an email, and we can make sure what happened in 2018 doesn’t happen again.

As always, if you have any other questions about our real estate market, feel free to reach out to us as well. We look forward to speaking to you.

The Benefits of Selling Your Home During the Winter

 Should you sell your home in the winter? Today I’ll give you some points to consider.

Why might you want to sell your home during the winter? Here are a few reasons:

1. Buyers are motivated. Buyers on the market during the winter have a sense of urgency to purchase a home, and as such, they may overpay for the sake of time and convenience.

2. Homestead exemptions. Many people want to purchase their home by the end of the year so they can take advantage of the homestead exemption. If they wait until January 1, they’ll pay their taxes a year later. As we’ve seen, home values have been rising, which in turn means that property taxes will be higher for them.

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By selling during the winter, you have less of a chance of attracting tire-kickers and looky-loos.

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3. There’s less competition from other sellers. Since most people tend to list their home in the spring and summer, it creates a mass entry of inventory; buyer demand can’t always keep up. Selling in the winter means that there will be fewer sellers on the market, which means that buyers will notice your listing more than they might in the spring.

4. There’s less of a flurry of activity. By selling during the winter, you have less of a chance of attracting tire-kickers and looky-loos, which means you’ll waste less time on entertaining non-serious buyers. It also means you’ll spend less time on home showings; since winter buyers are more serious, it may only take one showing to one person to get your home sold.

5. Title companies and mortgage lenders are often overbooked with business during the summer. Because of this, they sometimes rush through the process and provide lower-quality service. In the winter, they don’t have as many transactions to deal with, so the service quality tends to be higher. When certain details are missed or overlooked by mortgage and title companies, it can cost you money, time, and convenience.

I hope this information was insightful and impactful to you. It is, however, important to keep in mind that we will not universally recommend selling your home during the winter; each market and home seller situation is different, and our guidance will be influenced by your neighborhood and market.

If you have any questions about selling your home during the winter or were already considering doing so, we would love the opportunity to help you. Feel free to reach out to us anytime.

The Most Lucrative Way to Sell Your Home

 Today, we’ll be letting you in on the truth about all-cash, hedge fund offers. 

You’ve probably heard already about the Wall Street hedge fund buyers that have come into Tampa Bay to purchase property directly from investors. While this may be a convenient option, it isn’t right for everyone. In fact, the convenience of these all-cash offers can be very costly.
Advertisements for these national hedge fund buyers tend to make it seem as if they don’t carry a commission fee, but this isn’t the case. Oftentimes, the commission rate for a hedge fund buyer is higher than what you’d pay to a traditional agent.

Essentially, you’re paying more to earn less. If you care about netting top dollar for your home while extracting the most possible equity from your current home, you’re likely better off pursuing the traditional listing route. Specifically, we recommend you work with us: the Duncan Duo.

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When you work with all-cash hedge fund buyers, you’re generally paying more to earn less.

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We can sell your home quickly and for top dollar, but you don’t have to just take our word for it. We have hundreds, if not thousands, of reviews and testimonials from satisfied clients who have seen the power of what we can do.

Not only do we offer a more lucrative experience,but we are also very upfront about what you can expect. We won’t nickel-and-dime you.

The bottom line is this: There are instances where an all-cash offer from an investor is a better choice, such as in the case of a distressed sale, but this is very seldom the case.

When you hire the right team, a traditional real estate experience isn’t nearly as complex as these hedge fund investors might make it seem.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

The RE/MAX National Housing Report and How It Relates to Tampa

If you only follow the national real estate statistics, you might have a skewed perspective of what’s happening on a local level. Here’s what’s really going on in our market.

The RE/MAX National Housing Report comes out every month, and it discusses national statistics for home sales. These statistics can be misleading; you might see a number that suggests sales are down for the year on a national scale, but that doesn’t mean sales are down locally.

It’s important to remember that when you’re looking at national real estate trends, it’s a little like hearing a weather report that says the average high temperature in the United States is 82 degrees. That’s simply an overall look at the national average, and it shouldn’t be used to determine the weather (or market activity) on a local scale.

Local market statistics may be doing much better or worse than what the National Housing Report says. The most recent report from September noted that real estate values were up 5.6% year over year, but sales were down 11%.

This is interesting because if you look at Tampa, for example, sales are actually up 8.2% year over year; that means we’re outperforming the national market trend as a whole.

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Overall, I think this softening of the market will do us some good.

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If you watch the news about real estate, you’ve probably heard that a market shift is imminent. I think that it will impact Tampa, stabilizing and flattening out the market. Because there are so many home sellers who are having trouble selling, there is more inventory on the market for buyers. Many of these sellers are concerned that they won’t be able to find or buy a home to replace their listing.

Overall, I think this softening of the market will do us some good. It’s creating more inventory for buyers, and it will eventually make sellers comfortable enough to sell. Prices are at historic highs, but the number of sales hasn't decreased here as it has nationally. Further to that, we’re experiencing a lot of job growth via corporations relocated here, in addition to our booming local economy. We’re still seeing a lot of great things here in Tampa Bay.

This shift we’re expecting is not the same thing as a recession—we’ll simply be moving from having three months of inventory to having around four, five, or six months’ worth. The shift means the market is balancing, which in turn means that there won’t be as much pressure on either buyers or sellers.

For any questions you have about buying, selling, or moving to a new home, please reach out to us. We’d be happy to help you partake in that adventure.

What to Expect From Home Inspections as a Homebuyer

Today I’m here with team president Robert Johnson to talk to you about home inspections. What should buyers, in particular, expect during that process?

Many first-time homebuyers make it to the point of home inspections in the home buying process and have a breakdown, as though the world were going to end. But the inspection report is written in a way that’s meant to spook you, so we’re here to impart some knowledge onto you so that you can be prepared.

There’s no such thing as a pass or a fail during a home inspection. It’s simply a report with a list of things that are wrong with the house—and every house typically has something on that list. You just need to go through the home inspection report and work with the inspector, and your agent can help you establish which are the main issues to focus on. Not everything listed on a home inspection report needs to be addressed immediately.

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There’s no such thing as a pass or a fail during a home inspection

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Think of the inspection report as a blueprint for what needs fixing during the first few years of homeownership. It doesn’t mean that you can’t live in the home, just that you need to pay attention to those items.

When you become a homeowner, you’ll naturally have to spend some money fixing things over time, but the trade-off is that you get the benefits of tax write-offs, equity, and creative control over the home.

The inspection period is also sometimes an opportunity to renegotiate. Depending on what’s in the contract, you can sometimes have the seller pay for some or all of those items, or you can get a credit on the sale so that you can pay to have them addressed.

Ultimately, don’t let the home inspection process freak you out. There will always be items on the report to be fixed, but those shouldn’t usually be bad enough to cause you to move on to a different home.

If you have any questions about the home inspection process or are looking for a home to buy, feel free to reach out to us. We’d be glad to advise you.

Have You Heard About Our Immediate Cash-Offer Program?

Today we’re here to talk about something you’ve probably heard about from us before: our immediate cash-offer program. We’re going to discuss the benefits of this program and who might be a good candidate for it.

We’ve always made home sale guarantees in the past. But, we started rolling out this new idea to give clients more convenience because a lot of people don’t want to deal with the process of listing the home.

In addition to everything else we do as a team, we can give you an immediate cash offer for your home. You’ll have a quick close, few conditions, and we’re not looking to beat you up on inspections. You don’t have to lift a finger to sell your home with this program.

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This is a great option for anyone who needs to move quickly.

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This is a great option for anyone who needs to move quickly, is worn out with the home selling process, or if you’ve inherited a property.

In addition to providing you with this cash offer, we’ll also show you what you’ll leave on the table. If you’re weighing the options of having a traditional sale or taking the cash offer, we’ll show you what you’ll get from both options. We can help you decide what the right option is for you.

If you’re interested in our immediate cash-offer program or if you have any other questions for us, don’t hesitate to reach out by phone, email, or on our website. We look forward to hearing from you soon.

Why Do We Only Work With Vendors We Trust?

Being in the real estate business means being intricately involved in people’s lives when they decide to buy or sell a home.

With that in mind, several years ago we established an approved vendors list. Our goal in creating this list is to provide you with referrals to companies that align with our core values and our mission statement, which is to give great service to our customers. No matter what your needs are as a homeowner, we have the resources you can lean on. The vendors on our list are companies we’ve referred thousands of people to, so we know they’ll take care of you.

Working with someone you trust is especially important for anyone who’s moving to a new area or buying or selling a home for the first time. People come to us looking to see who we trust, and we can put them in touch with the people who are most important to us.

For most of our providers, we prefer to have one company per niche. This way, we know that if there’s a problem, it can be more easily solved because of the exclusive relationship we’ve established with that company. Our customers always have the option of getting quotes from other people, but the vendors on our list are the ones we know and trust.

The vendors on our list are the ones we know and trust.

We’ve spent years building our brand and selling thousands of homes, and we’ve worked with some companies for many years. Not only does this kind of relationship allow for problems to get resolved more easily, but it also allows us to work better together to hit certain goals. We’ve been in working relationships with these companies for so long that our own agents use them. Once you’ve worked with these companies on your own and have had great experiences doing so, it’s easier to recommend them.

If you’d like to see our full list of approved vendors, you can check it out on our website. If you’re a vendor and you’d like to join that list, you can apply on our website as well.

As always, if you have any real estate questions or you’re looking to buy or sell a home, don’t hesitate to give us a call or shoot us an email. We’d love to help you.

Can You Buy After Your Short Sale or Foreclosure?

Robert Johnson, the president of The Duncan Duo Team, joins me today to talk to you about something that may surprise you. If you had a short sale or foreclosure a few years ago, you may think that you cannot buy a home or you may hesitate to buy a new home because you are concerned about your credit.

Well, we have some news for you: You may be able to buy again!

Different mortgage lenders have different time frames, and every investor is a little bit different in terms of how that process works and when those events fall off. In fact, we are helping people every single week get into a home that had a short sale, foreclosure, or delinquency situation.

So, if you are someone who bought and sold and then had a problem, do not be discouraged because there is an option out there for you.

Also, since the economic crash happened so long ago, we started helping more and more people through those issues over the years. With the short sale they had to wait two or three years and three to four years for foreclosures, and that time has passed. Now we are seeing people who have foreclosures buying and selling.

Even if enough time has passed since your foreclosure or short sale, you can have someone purchase the home you want and rent it from them until you are ready to purchase.

There are a lot of programs out there that can help you, and oftentimes lenders will know about those programs that can help you buy. Many people are now considered first-time homebuyers again and are unaware of this because they have not talked to a real estate professional. Our team knows all about these opportunities and programs that are out there. We can educate and guide you the right way.

If you're a buyer and not enough time has passed or your credit still isn't high enough, there are programs out there that allow you to pick the home you want, we have somebody else buy it, and then you rent it until your credit is where it needs to be for you to purchase it yourself. You can start buying it now without an actual mortgage.

No matter what, you need a second opinion. There are companies out there that may be able to give you a loan in a great industry and if that is not possible, we can introduce you to one of the lease-to-own programs.

Too often we see people who think that they cannot look at homes for sale when they can. It is about knowing your options and talking to a professional. If you are one of these many people who needs to know the options, feel free to reach out to us. We would love to help you make your owning goals a reality.

May 2018 Tampa Real Estate Stats Statistics about home sales, inventory, luxury 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, #1 RE/MAX Agent in Florida, together with Robert Johnson, President of The Duncan Duo team, Mike Yates of Atlantic Mortgage, and Aaron Davie from Florida Agency Network, Hillsborough Title and Strategic Title, talk about May stats and how the real estate market in Tampa is doing.

Currently, there is 2.1 months of inventory which is a drastic seller's market. What it means is that homes are selling fast. There are not as many options as there used to be. There are bidding wars. There are more buyers than there are sellers.
 
According to GTAR, 3,670 home sales is the most number of home sales in a month that has been recorded for more than a decade. It beat last May's 3524 home sales which was the 2nd best month last year. May of 2018 has been the best month we have seen in a long time. May's sales is up from 2900 in April and has an average sale price of $265k.

Homes in the mid to upper average price points are selling fast. Buyers need to be prepared as there are not a lot of options for buyers as there used to be. This can also be seen trickling down to the higher end market, too, as there are more sales than there are inventory.    

Tampa is still considered one of the most affordable housing 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.

Getting to Know the New President of The Duncan Duo Team

Robert Johnson was recently promoted to president of the Duncan Duo Team, and today he’s joining me to answer questions about himself and his background.

Robert has been in real estate for almost eight years. Prior to joining the team, he didn’t have much experience. In fact, he says that he only had one sale.

Growing up in Tampa, Robert's family has been in the area for generations. Now married with three kids, his family has grown with his real estate career. His first son was actually born the same month he started with the Duncan Duo Team. In the years since he started, we have had the opportunity to get to know his family.

Of course, we already knew some of them since they work with us as well. His mother is a transaction coordinator and his cousin is the No. 1 agent in the company. He has even had friends work with us. He tells us that, although it was weird in the beginning, working with friends and family helped him thrive. Since they were able to blend together well, they have done great things through the years.

When Robert started eight years ago, he was a buyer's agent. He then became the No. 1 buyer's agent before becoming the No. 1 listing agent. From there, he was promoted to run the entire listing division team. Robert has done nearly every job in the company.

And now, after all his hard work and skill development, he has been promoted to president. Through the years, we have grown and so has Robert's success. In his first year, he only had 18 closed sales. Since then, he has had a year with 124 of them.

Through the eight years that Robert has been with us, The Duncan Duo Team has grown, much like his success.

When Robert first started with the company, there were only five people in a tiny office space. Through the years, however, it has grown, much like his success—In his first year he only did 18 sales, since then, however, he has had a year with 124 closings.

Personally, Robert, who went to Gaither High School and USF, says that he loves real estate. He enjoys water sports, baseball, Star Wars, and Disney. But mostly, he loves anything that involves his family.

If you have any additional questions for the man we now refer to as “El Presidente” or for me, please feel free to reach out to us. And, as always, if you are looking at buying or selling in the Tampa area, please call or email. We look forward to speaking with you soon.

Advice About How Sellers Can Handle Bidding Wars

I’m joined today by Robert Johnson, the president of our company, to help me discuss something that a lot of home sellers in the market are unprepared for—how to handle bidding wars. This is one of the biggest challenges in the market right now.

It’s no secret that we have low inventory. A lot of homes in the mid-level price range are seeing fiercely waged bidding wars. Many sellers aren’t ready to deal with this, since often these bidding wars lead to their home selling quicker than they expected.

What do sellers need to know about handling bidding wars and how to process all the offers being thrown at them?

No matter what advice real estate agents give, it will always be the client’s call. Even though some think that a bidding war is a great problem to have, you still need to understand how to navigate that situation and how to trust your team to help you select the best offer. On that note, it’s important to remember that, sometimes, the best offer isn’t always the best price; it might be the one with the best terms that fit your end goal.

No matter what advice real estate agent’s give, it will always be the client’s call.

As agents, one of the things we do to help clients make a good decision is to look for the highest and best among the offers received, and to give the offers a chance to come back with their absolute best shot, given the seller’s needs. There are always risks involved with this ‘highest and best’ approach, so discuss these with your agent.

I’ve seen agents make the mistake of sitting in the driver’s seat of the transaction. The seller needs to be involved because a lot of times, the buyer and their agent assume the highest and best offer is just a matter of price or of how quickly they can get to close. The seller might want a longer closing, or to lease the property back—you really never know.

In instances where there are 40 or more offers, a seller can’t be expected to have a conversation with every one of those agents. Sometimes those agents will get angry about not hearing a response to a question they asked, but we can’t do their jobs for them; we just have to present everything to our client and let them decide what they want to do.

That said, for this to work, sellers should be honest with their agent about their goal, whether it be about money, time, or connections.

If you’re thinking about selling your home, reach out to us. One of the great agents on our team will give you the best advice on how to accomplish your real estate goals.

Best Time to Buy a home if you have been sitting on the fence

 

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, #1 RE/MAX Agent in Florida, together with a full house of guests, talk about why NOW is the best time to buy a home.

The appreciation of the rentals is starting to outrun the appreciation on the housing market. This means that if you continue to rent, your rent is likely to go up. Some people don't realize that you can buy a comparable home for what you are paying in rent or even less!

A lot of these rentals are controlled and owned by hedge funds or big corporation which means they are in control of the rise in rental prices. Why keep paying for the rising rent if you have the ability to buy? For those who think they are not able to buy, Mike Yates of Atlantic Bay Mortgage shares that there are a lot of low money down options available. There are also some down payment assistance programs available. It's best to contact a lender to see what options are available for you.

If you decide to buy, do your research. Get pre-qualified and look for an experienced Real Estate team like The Duncan Duo to help you in this competitive real estate market and get the home you want.

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.

Create More Demand for Your Listing With "Coming Soon" Marketing

Today we would like to give you some insight into a phenomenal technique called “Coming Soon” marketing. There has been some speculation over whether this strategy works, but we believe it does. 

Before we get into why it is effective, let’s first discuss what Coming Soon marketing is. Coming Soon marketing is a strategy wherein we begin advertising a listing before it’s active. So, this marketing technique creates pent-up demand for a home. It is similar to putting out a Black Friday sales flyer before Thanksgiving.

Coming Soon marketing helps propel listings into multiple offer situations, which equates to faster sales and higher prices. This strategy ultimately creates a situation the seller would not achieve without this type of marketing. As real estate professionals, we do not want our sellers to miss out on any offers because their home lacks exposure, and Coming Soon marketing prevents this from happening.

We give our sellers advice and opportunities, but we also give them control over how to proceed.

At the end of the day, though, everything that we do comes down to the seller’s choice. While we are happy to give our advice, sellers will always have the option to pass on this strategy.

With that said, we do highly recommend it. Some of the best listings never actually hit the market. Sellers can often net a great price without ever going through the hassle of listing or showing the property. We can often even earn sellers a cash offer.

But if a seller does allow their home to be shown before it hits the market, this can reap some great results. Motivated buyers will often submit offers above asking price if they are serious about securing the home. 

Of course, all of this is simply an option—not an obligation. We give our sellers advice and opportunities, but we also give them control over how to proceed.

If you have any other questions, would like more information, or are curious how we can help you sell your home, give us a call, send us an email, or visit www.TheDuncanDuo.com. We look forward to hearing from you soon.

Working With a Reduced-Cost Agent Will Bring You Reduced-Quality Results

When listing your house, you should be leery of hiring an agent who cuts their commission. If an agent wants to negotiate down on their commission to earn your business, that’s a definite red flag. 

Real estate is a competitive business. As agents, we sometimes encounter clients who think the lowest commission is the best deal. But low commission rates often spell trouble.

You truly do get what you pay for. So when an agent offers to reduce their fee, you’ve got to wonder whether they’re also going to be reducing their level of service. Netting top dollar for your property requires heavy marketing, which is not cheap.

If an agent isn’t spending money on marketing your home, your home will get less exposure and you’ll get less money. Without money being spent on marketing, you could be missing out on professional photography, virtual tours, and other tools and tactics used to bring buyers into your home.

Saving 1% or 2% in commission doesn’t gain you anything.

Agents are not created equal. For the same reason you don’t look for the cheapest meal every single time you go out to eat, you shouldn’t be looking for the cheapest agent when it comes time to sell your home. Choosing an agent who is willing to cut down their commission not only leads to a sacrifice in quality, but also indicates that they aren’t a strong negotiator. Can you really trust an agent who can’t negotiate their own commission to negotiate the price of your home?

Saving 1% or 2% in commission doesn’t gain you anything. In fact, it will almost certainly translate to less money in your pocket at the end of the deal.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Missed Marks and Passing Cars—Check Out Our Blooper Reel

We have a lot of fun filming our educational real estate videos for you all, but even professional actors don’t get things right on the first take.

From passing cars to missed marks, we’ve created quite the blooper reel, and we want to share that with you today. To get a behind-the-scenes look at our video blog, watch this short blooper reel.

Common Real Estate Misconceptions for Buyers & Sellers debunked for best results

 

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, #1 RE/MAX Agent in Florida together with his guest, Robert Johnson, president of The Duncan Duo team, talk about the common real estate misconceptions for buyers and sellers.

You do not need a real estate agent to buy a home.
There are a lot of things an experienced agent can help you with. Real estate agents used to be the gatekeepers of information but now that more and more information are available online. The role of a real estate agent has evolved to where they help you navigate the process. They help you what to do with the information and how it's going to affect you. The real estate market is very tough right now and the contract to closing process has become more and more complicated. An experienced agent like The Duncan Duo team can help prepare you for the process.

You need 20% down payment to buy a home
You DO NOT need 20% down payment to buy a home. In fact, you can buy a home with no money down depending on the type of loan product and the location of the property. There are also loan products that offer 3% down or 5%. You can buy a home with a lot less than 20% down as most people believe.

Spring is the best time to sell a home
A lot of people think that Spring is the best time to sell because of the ramp up during the summer but it really depends on the area and the type of home you have. One of the arguments is that everybody wants to put their home on the market in Spring that you might just be one of the people at the dance. Another factor is the location. For some neighborhoods like Sarasota and Bradenton that targets the snowbirds in the wintertime, Spring would not be the best time to put the home on the 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.

How Do the New Tax Laws Affect Homeowners?

When the new tax laws were put in motion at the end of last year, a lot of people—including the National Association of Realtors—were concerned about how they would affect the housing market. If you’re a homeowner or a homebuyer, there are a few specific changes that potentially impact you.

First, though, we should talk about a change that, thankfully, didn’t take place, and that’s your ability to not pay capital gains tax when you sell a primary residence that you’ve occupied for two out of the last five years. In several different versions of the house and senate bill, this was going to get modified, but it wasn’t. If you sell a home you’ve occupied for two out of the past five years, you still don’t have to pay any capital gains tax.

There was a slight change to the mortgage interest deduction. It mostly stayed the same, albeit with a slight wrinkle. The majority of homebuyers still can write off their mortgage interest deduction, but the new cap for this deduction is $750,000. This can be for a first loan, a second loan, and it can be for a second property, but it no longer applies to a HELOC loan.

There was also a change with the property tax deduction, which was capped at $10,000. Anyone buying an average or above-average home, though, should still have property taxes below $10,000 and, therefore, be able to deduct them.

The majority of homebuyers won’t be harmed by these changes.

From a homeownership perspective, the majority of homebuyers won’t be harmed by these changes. Most of the deductions that were available to you beforehand are still available. You only start to lose some of your protections as you climb the price charts, and there were also other changes that offset the deductions that aren’t available anymore.

There is another caveat to this situation that’s worth mentioning. We may see an improvement in our local market because people in other states with high property taxes and state income taxes may end up moving here because of the lack of income tax that they can no longer deduct.

Since we only have 2.4 months’ worth of inventory—a record low—and more buyers potentially flocking to our market, our challenge moving forward is finding more inventory. This means if you’ve been thinking about selling your home, there has never been a better time to sell quickly and for top dollar.

If you have any other questions about these tax changes or you’re thinking about buying or selling a home in our market, don’t hesitate to reach out to us. We’d be happy to help you.

Have You Filed Your Homestead Exemption? The Deadline Is 3/1!

One of the questions we recently got from buyers is, “If I bought a home in 2017 and I live in the property, when do I need to file my homestead exemption?”

The homestead exemption is very important. You may have filed it when you bought the home. Some title companies do it and some don’t. Others may give you the application and encourage you to file it yourself.

If you bought a home in 2017, then you need to file your exemption by March 1.

Counties will consider applications after that date, so you can file after the deadline, but if you want to guarantee exemption, file by March 1.

You can go to hcpafl.org or, if you’re in Hillsborough, pcpao.org. You can also search for your county’s property appraiser website to get the application. Some counties may have you print it out and mail it in, while some may allow you to submit online. They will need some information about the house.

If you bought your home in 2017, you need to file your exemption by March 1.

Make sure to file other exemptions that you may qualify for. There are exemptions for disabled veterans, the widow or widower of a disabled veteran, seniors, and more.

If you bought your home a few years ago and feel like your taxes are too high, take a look and see if you have filed your homestead exemption. It’s possible that you didn’t. Look up your property on the property appraiser’s website to see if you did.

When you file for the homestead exemption, it caps your property taxes from going up any more than 3%. If you’re not homesteading, your property taxes can go up to 10%.

The homestead exemption can save you a lot of money. After all, no one wants to pay more taxes.

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

Should You Buy a New Home Before Selling Your Current One?

Welcome back to “The Duo Talks”, the monthly series where my wife Angela and I take questions about what’s going on in the real estate market from radio show listeners. We aim to give them the best advice possible to make informed decisions about real estate.

The question of the week to answer is: Why should you sell your house if you’re worried about finding another one to buy?

This is a fear a lot of people have. The most recent statistics from the Tampa Association of Realtors show that we only have 2.4 months of inventory, which is a record low over a decade span. Today, we have some practical advice about how to get the best for yourself out of this real estate market.

In a competitive market like this, it may be a better decision to buy a home before you sell. There are consequences that you might want to keep in mind, however. One is that you might, for a short period, have to make two mortgage payments.

But there is the convenience factor of not having the hassle of dealing with the home on the market. Additionally, buying first can allow you to search for and buy the right house without being pressured for time. If you have the ability to buy first in this market, it’s something I’d consider.

In a competitive market like this, it may be a better decision to buy a home before you sell.

You might worry about the ramifications of having to pay two mortgages at once. On the alternate side of that worry, however, is that if you rush to buy a house, you might pay too much or just buy a house that is wrong for you. The competitiveness of the market can cause people to skew their judgment.

Some people really just feel more comfortable about selling their home before buying, and there are ways you can do that, too.

First and foremost, hire us. We can do a guaranteed sale where the home is sold in 29 days, or we’ll buy it. We can also give you an immediate cash offer for your home. In this situation, it doesn’t necessarily mean that you’re going to get top dollar, but you will have the convenience.

Another option would be to sell your home and move to a temporary location until you can find a new home to purchase. You may not like that idea, but is it worse than buying the wrong home and having to live there long-term? Maybe three months in an apartment is a decent trade-off.

Just make sure that you take your time and buy the right house. Don’t get caught up in the emotion and pressure of the existing real estate market. A competitive market like this one makes it hard for sellers to accept offers from buyers who say that they need to sell their home before they can close on the seller’s.

Opportunities like that are few and far between. If you do manage it, you probably will end up overpaying and you won’t get great terms.

If you have questions about this or other real estate topics, feel free to give us a call or visit www.theduncanduo.com. We’d love to give you the right advice for your specific situation.

Join Us on March 11 for Our Client Appreciation Party

You are invited to our Annual Client Appreciation Party on March 11 at 1 p.m. at Amalie Arena.

We are inviting all of the people that have blessed us with their business, bought or sold a home with us, or endorsed our business. You can get tickets to the event here and ask us any questions you might have about the event, such as how many people you can bring.

We have this party every year but this year, it will be a party like no other. We will have at least one Lightning player there to sign autographs and meet and greet the fans. There will also be thousands of dollars available in prizes and free food.

We pride ourselves on giving back to the community. Metropolitan Ministries is our preferred charity for this event. We ask you to please bring a few unused baby items and Metropolitan Ministries will be there to collect your donations.

This year’s party will be like no other.

We’ve always been involved with Metropolitan Ministries and we think they do a really great job. We appreciate all of your business and support, and we just want to pay it forward.

This is a free event, but it’s for past clients, partners, customers, and friends only. The event is not open to the public at this point, so please get your free tickets here.

In the meantime, if you have any questions, just give us a call or send us an email. We would be happy to help you, and we look forward to seeing you on March 11!

Sarasota & Bradenton Year End Real Estate Stats 2017 Home Sales & Values Statistics

 

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, #1 RE/MAX Agent in Florida discusses with his guests, Robert Johnson from his team and Richard Vasquez of Artisan Insurance, the 2017 year end real estate stats for home sales and values and what to expect in 2018 for Sarasota, Bradenton, and Manatee.  He discusses the drop in distressed sales and the overall improvement in median prices as well as overall sales.

In Sarasota, the average sales price is $414,000 compared to $327k last year. There is 4.1 months of inventory vs 4.3 last year. Single family home sales in Manatee county is up from 420 sales last year to 460 this year. More are being paid in cash. The average sales price in Manatee county is $362k compared to $338k last year and 4.2-4.3 months of inventory.










There were more sales of condo and townhouses in Sarasota compared to sales in 2016. 325 homes were sold in 2017 compared to 258 the previous year. The average sales price was $493k compared to $322k the year before.

Rarely do you see the average sales price of a single family home be lower than the average sales price of the condo. This is because there has been a lot of development in the Sarasota county which are mostly waterfront and high end. It is also that time of the year where the wealthy Northeners or snowbirds are in town.

In Manatee county, the average sales price of townhomes and condos is $222k. There were 186 closed sales compared to 160 in 2016 and 4.2-4.3 months of inventory.

In the Sarasota and Manatee counties, we see more new construction sales. More new developments have been built and more smart home technology emerging.

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.