Episode 80

full
Published on:

13th Oct 2021

080 Ed flies solo with a quick real estate news update

Shelley is out sick today with a cold (not COVID) so Ed is left to share some quick real estate news updates.

Need help with your real estate questions? Call or email Shelley for a no pressure conversation about real estate in the Sarasota area!

Transcript

Edward:

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I got it I got a good joke for you Shelley

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Welcome to selling Sarasota podcast

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in every episode Shelley lays the smackdown on misinformation and delivers key insights into local real estate

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grab your notepad sunscreen and flip-flops it's time to listen and learn how to successfully buy and sell homes in Sarasota Florida,

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so you too can enjoy living in Paradise here to show you how is published author

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speaker business trainer and your residential expert Shelley panas.

Edward:

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Well I am fact am not Shelley panas,

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I'll be filling in my name is Ed panas I'm a licensed realtor with Century 21 beggins also the producer and co-host of selling Sarasota and Bay's tuned in they've heard me muttering in the background and doing my best to interrupt my,

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my lovely and talented wife Shelly who is the brains behind this operation Shelly caught a cold but a week or so ago

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before we were supposed to record the podcast and get waiting all weekend for her to get better and it didn't in fact it kind of progressed into bronchitis in a little bit of pneumonia so the good news is we went.

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Kobe tested just to be hundred percent sure and we're both clear,

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and took her to the old Urgent Care got are some good meds so she is resting and recuperating and is doing well and we'll definitely be back on the next episode in the meantime Shelly I've got

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hours and hours of Shelly's voice recorded so I will be able to have her interject virtually via the magic of Technology.

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I don't know harassing you is kind of fun.

Edward:

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Of course it is so Shelly is gonna have a lot of fun at my expense even though she's not here right now and she thinks she's hilarious.

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I'm clever.

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So be advised.

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For other married couples out there if you let someone produce a podcast and you're married to them they will literally have all the ammunition to make you say whatever they want to make you say as you will hear as this.

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Episode progresses in the meantime let's go ahead and just skip on over to the news I'm not going to bother with you know telling the story about how the podcast formed again we've got that covered in several episodes.

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We've been going strong since 2018 it's a lot of fun and.

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That's about it it's all about real estate folks so I'ma do my best to fill in for Shelly well she's out starting with the news.

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Good news with Shelly and Ed.

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Alrighty so we're going to kick off the news with neck and really waste too much time on the market snapshot this week just again just trying to get something recorded so we don't have just empty Gap in our catalog but.

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Last checked last time I checked press press release Kosh interest rates not press releases interest rates were around three percent still up down all around around 3%.

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So we got that going for us and.

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There's lots of people who want to buy there's tons of people who are selling and home values are really high so.

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That's pretty much that so we're going to go and start with the lead story is about.

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Homer homeowner Equity growing to nearly three trillion dollars in the second quarter of 2021 homeowners was mortgages about 63 percent of all us properties solid 29 percent annual increase in equity averaging out a gain of about

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$51,000 per per borrower.

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Yes I know Shelly that's that's quite something isn't it so any rate.

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I'm having too much fun with that homeowners gained a total of two point nine trillion

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inequity in the second quarter of 2021 as home prices continue to grow according to a new report negative equity share where a homeowner

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owns more on owes more on their home than it's worth fell 2.3 percent in the second quarter and a hundred sixty three percent of owner.

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A hundred sixty three thousand homeowners regained Equity according to core Logics homeowner Equity report.

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Consumer confidence is group is also rising to the highest level since the pandemic began as home prices grow so it is Americans confidence in the housing market,

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US News and world report previously said by the end of the second quarter consumer confidence had risen to the highest point since the beginning of the pandemic additionally in a recent CoreLogic is customer survey,

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59 percent of mortgage holder said they are extremely confident in their ability to keep up with their monthly payments in the year ahead.

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CoreLogic explained that homeowners have been able to remain current on their monthly payments due to government Provisions increased vaccine availability that has allowed people to return to work and record homeowner Equity gains.

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Home equity sits at record levels a person's home equity is determined by how much they've paid down on the mortgage and home price changes in July home price gains hit a record of,

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record high of 19.7% annually according to the latest SP CoreLogic case-shiller index report.

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That's a mouthful this boost is up from the previous month annual increase of 18.7% which was also a record high home equity wealth at.

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Is at a current record level and will bolster economic activity in the coming years CoreLogic Chief Economist Frank not have to said higher wealth Spurs additional consumer expenditures and also supports room additions and other investments in home.

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Adding to overall economic activity.

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You don't live in a vacuum.

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Bolt that's true Shelly but you never know I mean as you're improving your home's you know the whole idea of keeping up with the neighbors.

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A suicide or a death or murders occurred in a home you know who knows that your neighbors.

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Right okay so any help moving on to the next story most Americans would rebuild instead of move if a disaster struck.

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Even as climate change increases the frequency and intensity of extreme weather events from fires to floods and hurricanes two-thirds of Americans say if their home is hit they would rather rebuild their relocate.

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40 is here that's my place forty percent of gen Z and Millennial survey respondents said they would be more likely to move by far the largest the biggest percentage of Hmong the generations.

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I'm amazed at how different they can be.

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I know right it's you know that's they have a different mindset than,

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then most of us do I guess it's older folks the poll of 1220 adults which was conducted September 20th to 26th found that,

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about three in 10 Americans said they have personally been impacted by extreme weather event in the past two years it also asked whether such recent events generally change people's thinking about where they live.

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For the majority they have not fewer than one in 10 have said such events made them want to move from the city where they currently live.

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Billion-dollar disasters the mounting cost of climate fuel disasters have seen have been seen in communities across the country from New Orleans after Katrina to New Jersey after superstorm Sandy it's all been to the tune of a billion dollars

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or to accuse me of billions of dollars in the price tag is only going up,

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in 2020 for example extreme weather events caused 95 billion dollars in damage the fourth highest.

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Inflation adjusted annual cost total since 1980 according to a report from the national oceanographic and Atmospheric Administration short,

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Noah for short found that total cost of billion-dollar disasters in the US over the last five years exceeded six hundred billion dollars and those climate fuel disasters have become more frequent

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the Congressional research service found 10 or more such events each year since 2015 with a record 16 record-tying 16 such events in just the first nine months of 2020 so 2020

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it was as bad as we thought it was I mean can Shelly can you think of any other like natural disasters that homeowners should be worried about.

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Hey asbestos wood destroying organisms termites fungus if you know you have had or currently have termites yes and you know there were termite termites gone everybody's happy.

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Okay thank you might have a little bit Tourette's going there and you seem kind of obsessed with the termites and fungus let's move on the,

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cost to is here that leave my thing okay westerns westerners are more likely to want to move the new survey broke down responses regionally and those living in the west were,

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likely or the most likely 14% to say they'd want to move away because of recent weather events

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I don't think it's just the weather events kids the region has faced years of devastating drought increasingly destructive wildfires and widespread exposure to toxic smoke

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there's debate over which the bigger factor in the rise of the megafires climate change or the need for more aggressive Forest management fire scientist say both are to blame and here's the thought California

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maybe if you did a better job managing your Forest you know you would be burning them down every year and you know you wouldn't have all that,

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these plumes of toxic smoke which I'm pretty sure are worse than whatever the cows are doing or whatever my car puts out right Shelly.

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Nonsense and Mayhem.

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Exactly OK moving along here soaring home prices continue with roiling appraisals,

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up and in the sales and abnormally High number of homes across the United States are being appraised below their agreed-upon sale prices causing some deals to include.

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Sabbath that looks like okay with home prices soaring in recent months buyers often pay above asking price to win bidding wars as a result

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CoreLogic estimated about 13% of appraisals came in below the contract price in August that's better than in May which was 19.7% but still notably higher than pre-pandemic appraisals in January 2020 it was seven point,

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3% everything but that Shelly.

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Nonsense and Mayhem.

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Okay we re you re said that now you're repeating yourself.

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Disparity underscores the risk buyers face in the current market especially those stretching their dollars to win a bidding war.

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Mortgage lenders will typically offer only enough to cover the appraised value of Home forcing buyers,

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to either provide the balance renegotiate or terminate the deal the appraisal comes in below the contract price which by the way this is why we're not living in a bubble because back in two thousand six through eight will say yeah

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appraisals weren't really being.

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So influential on whether or not a contract Stay Together many buyers prepared for the possibility of a lower appraisal by making down payments of just five to ten percent and holding the extra cash in any case they need to make it up any difference should the appraisal fall below the sales price,

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to create a home appraisal home appraisals appraisers appraisals appraisers normally rely on factors like data from recent closed,

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recent closed and pending sales but since sales

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usually closed a month or two after going into contract some bios a rapidly increasing home values can sometimes skew appraisals that rely on home values recorded months earlier in a separate pool by the National Association of Realtors.

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Yeah I think I'm cynical because the minute I read blah blah blah blah blah Association I think oh.

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Okay.

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That was informative Gordon Susan are the National Association of Realtors 12% of contract clothes or terminated in August were hit with appraisal issues compared to nine percent in August of 2019 it's a pretty good bump.

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Let's see in recent months many vires voided their right to terminate a contract due to a low appraisal in an effort to make their offers compete however this practice appear to be waning somewhat,

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as the market cools and wrapping up this very short episode we've got here.

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Yeah I got this this up this.

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My brains just flat I'll go with this this last story here it's kind of fun by the way folks yeah you can see why I like doing a podcast with Shelly and why she's the host of the show,

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any rate there's last new story many bathroom remodels are really more of an upgrade bathrooms have become popular spots to renovate during the pandemic particularly.

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She made it outfit with more spa-like features according to the 2021 house H OU z z bathroom Trend study a survey of nearly 3,000 homeowners planning or who have recently completed a bathroom renovation.

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The report finds a higher interest in both bathtub and shower upgrades the percentage of homeowners who relax in their renovated bathroom by soaking in the bathtub is up six percentage points,

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this year reaching 61% survey finds that outpaces the 54 percent share who.

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The 34% who unwind with long showers more than three quarters of homeowners added premium features the bath tubs and showers for a bathtub.

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It included space for Whirlpool bath shower upgrades included rainfall shower heads that sounds nice dual showers body sprayers thermostatic mixers.

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And let's hear which maintain a steady temperature in the midst of the chaos created by the pandemic we're seeing homeowners turns their bathrooms for respite,

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creating calming sanctuaries with premium features hygienic surfaces and plants and other Greenery,

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given the major changes involved homeowners renovating their bathrooms or seeking out professional help at a growing rate,

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probably need professional about her pandemic and it's not with decorating and they've been hiring General Contractors the median cost of bathroom Project ROSE eight thousand dollars this year higher-end project started at

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thirty thousand dollars the following are some additional Trends revealed in their report so this is interesting for bathrooms,

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nearly more Greenery nearly 1/3 of homeowners added plants their bathroom after renovation for Aesthetics their role in creating a common environment and,

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they help purify the air marble is hot marbles being used by renovating homeowners this year more often than before is become a favorable or unfavorable.

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Mmm is becoming a favorite for fluorine inside and outside the shower along the walls out and along the walls outside the shower.

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Colorful vanities white continues to be the most popular choice but blue and wood vanities gained popularity,

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the share of homeowners opting for blue vanities doubled this year while medium and light wood tones are becoming more common.

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Lighting priorities more owners add lights to their bathroom upgrades wall lights and recessed lights were mine remained the two most popular upgrades but lighted mirrors such as those with LED lighting and anti flogging systems and sounds fancy.

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Breaking Bad fans bathroom pendant lights and chandeliers gained popularity this year dimming lights are dimming dimmable lighting also contributed to a more Spa like atmosphere.

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Commode upgrades commode or the last time I said commode.

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Thank you let's see here more than a third of homeowners who upgraded their toilets during the renovations added technology but days Remain the popular text feature added by one in five homeowners,

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followed by self cleaning mechanism heated seats overflow protection and built-in Night Lights,

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built-in Night Lights I think the commodes I think the day increase had something to do with the toilet paper hoarding what do you think Shelley yeah see that's what I thought

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okay last but not least custom-made custom medicine cabinets nearly 1/3 of renovating homeowners installed custom or semi-custom medicine cabinets many of these cabinets also included features like hidden plugs inside lighting.

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Again fancy stuff in the pandemic restrooms already so we're going to go ahead and cut this episode short what do you think Shelly do you think just a few new stories and,

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that's going to do it for us.

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Okay well on that note I guess it's time to say bye buddy.

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And I will say see a pal thanks for joining us and we will be back.

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Whenever the next episode drops and it will be on time and it will include Shelly for that until then.

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Thanks for listening to another riveting episode of selling Sarasota

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Sound Pad: ready to hear more stop by iTunes and check out our other episodes while you're there leave a review now for the disclaimer jelly panas is a licensed realtor with Century 21 beggins Enterprises in Sarasota Florida opinions suggestions implications were ridiculous comments made on the show do not necessarily reflect those of your broker or Century 21 at large though they are fun group of folks so you just never know.

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About the Podcast

Selling Sarasota
Welcome to Selling Sarasota Podcast! In every episode Shelley lays the smackdown on misinformation and delivers key insights into local real estate. Shelley Panas is a REALTORĀ® with Century 21 Beggins Enterprises in Sarasota, Florida.

About your hosts

Shelley Panas

Profile picture for Shelley Panas
Living in Paradise! After running a successful company in Colorado Springs I decided that although mountains are beautiful, it was time for beaches. I relocated to Florida and joined the highly successful team at CENTURY 21 Beggins Enterprises -- the #1 C21 in Florida! I love it here! There is always something new to experience. At the end of the day, it is so nice to hop on my bike and head to the beach. The feel of sand squishing between my toes, listening to the waves crash on the shore while watching the sun paint the sky beautiful shades of gold, red and purple as it set is the perfect way to end my day. So I ask, why just come visit when you can stay?

I believe there is something profound in owning a home. This is your personal place to dream big dreams, relax in comfort, and be with the ones you love. I became a REALTORĀ® to help people have a better life.

We started our podcast in 2018 after Ed spent most of 2017 developing ideas for launching a podcast, only he didn't like any of the show topics he was testing. To test his audio gear he started "interviewing" me about my work in real estate. Needless to say, these test recording sessions became very silly very quickly and that's we realized we had our show. Ed brings his technical expertise in web development and digital marketing to complement my skills and experience in real estate to the show.

Edward Panas

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I have been a huge fan of podcasts since before they were even called "podcasts"! I remember listening to talk radio shows as far back when I was a kid through my college years. My frustration was always with getting a good signal or catching my favorite shows when they aired. When "Internet radio" shows started in the early 90's I used to listen to streaming shows from college & public radio stations, but connection speeds were limited. When podcasting started in 2004 I knew this was going to be a significant change in audio entertainment. As my weekly listening time increased over the years my interest in starting my own show grew as well.

I started kicking around the idea of starting a podcast shortly after moving to Florida in 2014, so in 2017 I joined Florida Podcaster Association in Tampa and learned how I could start my own show. As Shelley mentions in her bio, my ideas all sucked. (She says it much nicer than this.) I either lost interest very quickly or the ideas were just plain bad. She agreed to work with me testing out my new gear and audio production skills talking about her work in real estate. We were having so much fun doing these practice recordings we realized that this was our show. After a few months of learning about audio production and working out our content plan, we launched Selling Sarasota Podcast at PodFest Multimedia Expo on February 9th, 2018!