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All Forum Posts by: Devin James

Devin James has started 80 posts and replied 391 times.

Post: Mortgage Rate Drops

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244
Quote from @V.G Jason:
Quote from @Devin James:
Quote from @Nathan Gesner:
Quote from @Devin James:

That's the problem. A lot of buyers are on the sidelines because rates are so high. When rates drop, everyone will jump back in. This could drive prices up and make things worse.

The better option is to buy now when there's less competition. Find the property that works for you and snatch it up. Maybe you can negotiate some concessions or a price reduction since the market is slow. Then when rates drop, you can refinance and bring the payment down instead of competing with the masses as prices climb.


Do you think rates will drop? 

If they do drop, I think prices will shoot up again due to Buyer demand. I also think the Fed knows this, and may keep rates steady to prevent housing prices going up.

Let there be all the demand in the world. How much of is it qualified? Meaning how many people can afford to put a 5-20% downpayment(sliding scale with DTI), and have the DTI to afford the house?

It's now less than any point post-pandemic. And inventory is getting to be higher, if not the highest, post-pandemic. This is a supply-demand function. So, let's revist that-- supply will be the highest post pandemic and qualified demand will be the LOWEST. That tells me, it cannot shoot up. At least not past the first little high the market will get.

Supply will be higher than ever, and real demand will be low. Yes, low. Fake demand will be high. It doesn't matter what demand is if they cannot qualify.

I say that fresh off a phone call for 4 houses that busted in Savannah and the market needs a bid. Credit issues. Demand is there, you are absolutely right. It's just not demand that's qualified and you need to factor that.

This will be the case in most markets post pandemic

H2 '20-H1' 22

Qualified Demand>>>>>>>Supply

H2'22-EOY 22



Qualified Demand>>>Supply

Q1 '23-Q3 '23


Qualified Demand>>>>>Supply

Q4' 23-Q3'24


Qualified Demand>>>>Supply

When rates cut it'll be:

Demand>>>>>>Supply
Qualified Demand>>Supply

 @V.G Jason Great point about demand vs. qualified demand. I haven't thought of it from that perspective.

Post: Mortgage Rate Drops

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244
Quote from @Nathan Gesner:
Quote from @Devin James:

That's the problem. A lot of buyers are on the sidelines because rates are so high. When rates drop, everyone will jump back in. This could drive prices up and make things worse.

The better option is to buy now when there's less competition. Find the property that works for you and snatch it up. Maybe you can negotiate some concessions or a price reduction since the market is slow. Then when rates drop, you can refinance and bring the payment down instead of competing with the masses as prices climb.


Do you think rates will drop? 

If they do drop, I think prices will shoot up again due to Buyer demand. I also think the Fed knows this, and may keep rates steady to prevent housing prices going up.

Post: Mortgage Rate Drops

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

Every time mortgage rates drop, we see significant increase in Buyer activity. When mortgage rates dropped earlier this month, we received a significant amount of showing requests on our listed homes, which ultimately led to multiple offers.

How will Buyers react if the Fed rate drops in 2024?

Post: Townhome Development Approval!!!

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244
Quote from @Mary Smith:

That's amazing, congratulations @Devin James!


Thank you Mary!!

Post: Interest Rates Affect on New Construction

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

High interest rates are preventing existing homeowners from selling, so Buyers are turning to new construction homes. That's where we come in!

Post: Townhome Development Approval!!!

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244
Quote from @Simmy Ahluwalia:

Congrats!  No small feat.  Locked up financing yet?


Thank you!!

Not yet, looking to attain permits & start horizontal development in Q1 2025. 

We're weighing our financing options now.

Post: Townhome Development Approval!!!

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

On Monday, we presented our 253-unit townhome Planned Unit Development (PUD) to the City Commission and received a favorable 4/5 vote!

We believe that to solve the ongoing challenges surrounding affordable housing, we need more units - supply & demand.

Looking ahead, we have another reading scheduled in August to allow for 135 single-family homes.

We're diligently preparing these lots, anticipating a market rebound.

Navigating through this unusual market has been tough, but I am confident that the experience and perseverance will pay dividends in the long run. 💪📈

Post: Tampa or Orlando That`s the question

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

Hey Petronella Kerssens, I currently live & invest in Orlando so I may be biased. But as others have said, you cant go wrong with either option. If you have any questions about Orlando, use me as a resource.

Post: Closed on our First Property

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

Congrats Kyle McVay! Good Luck!

Post: 18 years old and Looking to Learn

Devin James
Pro Member
Posted
  • Developer
  • Orlando, FL
  • Posts 400
  • Votes 244

Hey Reid Balmelli,

- Save as much $ as you can

- Continue to educate yourself by reading all of the books you can get your hands on. Not only investing books, but also psychology, philosophy and any other self improvement books

- Listen to the BiggerPockets podcasts

- Attend your local real estate investment meetups

Do all of this consistently for a couple years and I guarantee you will be well prepared to start your investment journey. Then, all you will have to do is take that leap of faith to get into the game, which will be difficult to do no matter how educated you are. 

We're here if you have any questions 

Good Luck!!