Behind The Build with EDC Homes

Today’s guest on the podcast is Nick Jacovides, founder and CEO of EDC Homes. EDC Homes is an experienced Hampton Roads, Virginia-based home builder offering top-quality homes at affordable prices in Virginia Beach, Chesapeake, Norfolk, Hampton and Portsmouth. Locally owned and operated, they focus on homebuyers looking for prices starting in the low $300,000s as well as homes into the $800,000's.

The EDC experience can be summed up in one word: easy. From pre-closing through post-closing, we do everything we can to make the home-buying and move-in process as easy as possible for our customers. EDC homes offer superior value, functional design, and quality to each homebuyer.  EDC focuses on core principles of excellent service, customer support, and flexibility, placing great importance on attention to detail and what makes a house a home.

I speak with Nick about his decision to pivot his company from the construction lending space after the real estate crash of 2008, the many benefits buyers can expect when purchasing new construction from EDC, and how the market for new homes is finally going to have more inventory available in the coming months and years.

Lending Forward is a weekly podcast hosted by Taylor Ellard and powered by Atlantic Bay Mortgage Group.  We bring you raw stories from real people in the mortgage industry. We're covering what's next in lending, forward-thinking, and reflecting on lessons learned from Mortgage Bankers, Realtors, Financial Advisors, Coaches, and more! How are you lending it forward?

Founded in 1996, Atlantic Bay Mortgage Group® is a privately owned mortgage lender headquartered in Virginia Beach, Va. Atlantic Bay has been recognized as a Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and an Inc. 500 Fastest Growing Company.

Discussion Points:

• Intro and background - Nick Jacovides
• How the real estate boom of 2006-07 was very different from the challenges we’ve had in the last few years
• Building vs. buying? - wait times are finally coming down, EDC actually has unsold, built homes available for the first time in three years
• What is the EDC advantage? Ranked highly in the Coastal Virginia region, watching trends in home needs, offices, kids play, flex space. Buyers want great kitchens w prep and storage, smart home tech, energy efficiency, energy saving.
• Importance of four-pronged team - mortgage banker, listing agent, builder, buyer
• 2-1 rate buy downs from sellers is a great option for some buyers
• Doing your research as a buyer is important EDC offers extended warranties, works closely with buyers to find the right purchase scenario
• Advice for newer mortgage bankers looking to develop relationships with a builder – look at their inventory, current projects, pipeline, what’s coming in 4-6 mos., get the insider info, understand the buyer’s goals and needs
• Lending forward? Big plans for the last quarter of this year, many homes coming available, larger and smaller, for lower price points, new communities with single-family homes, townhomes - lower price but w/amenities, national homebuilders show

Resources/Links:

Nick Jacovides LinkedIn

EDC Homes Website

Taylor Ellard LinkedIn

Atlantic Bay Mortgage Group