Florida Housing Market Forecast For 2022

A panel of real estate experts announced the Florida housing market is expected to appreciate in the double digits in 2022 on Thursday, December 9th, 2021 at the National Association of Real Estate Editors. Tens of thousands of Americans migrated to Florida in 2021 due to the lenient coronavirus restrictions with no vaccine mandates, the exploding economy,  no state income taxes, dozens of other benefits. The massive migration to Florida is expected to continue for 2022 and 2023. The state’s government policies in people’s rights of no control are attracting Americans of all age groups to call Florida home and flee their current state and move to Florida. There was never a state shutdown order, mask and/or vaccine mandates, or school shutdown in Florida. Due to the historic record numbers of Americans migrating to Florida, demand for homes has skyrocketed to historic high levels.

Florida Housing Market Expected To Continue To Be Bullish For 2022

There is no doubt the demand for homes in Florida far surpasses the inventory of homes. Homebuilders in Florida can barely keep up on new home purchase orders. Florida home builders are thriving with historic record sales and revenues. The data and housing market predictions are not like the Florida housing market forecast for the rest of the country which may be good news for homebuyers. The housing market for the rest of the United States is stabilizing and cooling off. Home prices are expected to slightly drop and stabilize in 2022 for the rest of the country which is a blessing for homebuyers. The nation’s booming housing market in 2021 priced out many homebuyers out of buying a home. Many pre-approved homebuyers did not have luck in being able to seal the deal on a home since February 2021.

The History Of The Florida Housing Market

The housing market in Florida has been hot from the late 1990s until 2008. Then the Florida Housing Market crashed and crashed hard. However, the Housing Market has been recovering strongly year after year with no sign of a correction. With new mortgage regulations implemented on government and conventional loans, the demand for the Housing Market is expected to be stronger than ever in the year 2021 throughout the state of Florida. Due to high home prices, both the FHFA and HUD have increased loan limits for the past five years. In this article, we will discuss and cover the Housing Market For Home Buyers And Investors in Florida.

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The Nation’s Housing Boom And Skyrocketing Home Prices Have Lenders Scrambling

The country’s housing boom and skyrocketing home prices were causing havoc in the housing market. There was no stability in the housing versus mortgage markets. Mortgage companies were lobbying with FHA, VA, Fannie Mae, and Freddie Mac to have higher loan limits. HUD and the Federal Housing Finance Agency have been increasing the FHA and Conforming loan limits for the past six years. Non-QM lenders were thriving due to the non-QM and alternative mortgage loan programs they were offering. Gustan Cho Associates launched no-doc home loans for primary homes. This means no documentation and stated income loan programs are now back since the 2008 financial crisis completely shut no-doc mortgages.


Homebuyers Buying Homes Over The List Price Was The Norm During The COVID-19 Housing Market

A substantial number of pre-approved home buyers were priced out of the housing market.  30% of the pre-approved homebuyers who were pre-approved since the months of February and March 2020 could not find a home where they had their offer accepted and are still looking. Real estate offers over the list price was the norm in 2021. VA loans do not have a maximum loan limit. The minute a home was listed, you had dozens of potential buyers waiting to see the home the first day. Most listed homes had an average of five purchase offers. Homes sold an average of 7% of the list price. The recent high inflation numbers will definitely raise interest rates. Homebuyers and homeowners are scrambling to start qualifying for a mortgage so they can take advantage of historic record rates before it starts climbing.

HUD And FHFA Increases Loan Limits For Due To Rising Home Prices

The Federal Housing Finance Agency (FHFA) has increased conforming loan limits on conventional loans to $647,800 effective January 1st, 2022. The 2022 conforming loan limit was a $100,000 increase from 2021 $547,250. HUD has increased FHA Loan Limits for 2022 increased to $422,680 effective January 1st, 2022. Again, the new 2022 FHA loan limit of $422,680 is almost a $100,000 increase from the 2021 FHA loan limit of $356,362.

High-Balance FHA, VA, Conforming Loans In High-Cost Counties In The United States

High-Balance FHA loans and conforming loans in high-cost areas in the country have now increased their ceiling at $970,800 on both high-cost FHA and conventional loans. The United States Department of Veterans Affairs does not have a maximum loan limit on VA loans. Both HUD and the FHFA are fully aware of housing being in demand versus the inventory of homes and realize homebuyers were being priced out of the housing market. Home prices were increasing double digits year after year. Some states like Florida have home prices increasing at record levels.  It was like how the stock market is today where the Dow Jones Industrial Average is reaching 36,000. A large percentage of homeowners had second and investment homes and there were many Floridians who turned part-time real estate investors where they purchased and sold homes. Most of them made great money.

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Fall Of Florida Housing Market In The 2008 Financial Crisis

The Florida Housing Market was at an all-time high back in 2008. There were building homes on almost every block in all parts of Florida Then comes 2008 The housing market crashes and when it does, it crashes hard!!! Thousands faced foreclosures and thousands lost most of the equity on their homes A large percentage of homeowners were sitting on homes with mortgage balances that were higher than the value of their homes Then, the housing sales start picking up When it does, it surges like today’s Dow Jones Average No correction and no sight of a correction.

The Bullish Housing Market Versus Home Prices

What is the hot housing market and house prices

Homes are selling above list prices. There are multiple offers on the same property. Many homes are selling on the same day. My borrowers were asking me for multiple pre-approvals due to the fact that the offer they placed, they lost to a higher bidder. Never seen anything like this before in my 20 plus years as a real estate investor. Then when mortgage rates spike more than 1.0% in mid-2020, the housing market has somewhat tapered off and seems like it has stabilized. Has it? Mortgage rates have reached a historic low in May 2021 where 30-year fixed conforming rates bottomed at 2.62% for prime borrowers. However, with spiking inflation numbers, rates are creeping up and expected to increase substantially in months to come.

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General Overview Of The Country’s Housing Markets Versus Florida Housing Market

The Florida housing market is by far on steroid compared to the general overall housing market from across the country. Florida is the ultimate premium state most people think of moving think of. Florida’s economy has always been strong in general. One of the main reasons movers chooses Florida is due to its strong economy and phenomenal job opportunities. The state is leading the state by example. Under the leadership of Governor Ron DeSantis, the state is growing economically, fundamentally, and socially. Florida is one of the states with no state income taxes.

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Why Movers Choose Florida As The State Of Choice

The state has a lower cost of living, low property taxes, affordable housing, great schools, world-class beaches, warm weather 12 months of the year, countless places to visit, lower than other states in regulations and coronavirus restrictions, and the best place for Americans to retire. The Florida housing market is strong and growing and will always continue to grow. It is one of the best places to invest in housing and investment real estate properties. Most mortgage companies aggressively target the Florida housing market than any other market in the country.

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Florida Home Prices Continues Rising But Homes Are Still Affordable

There were areas in Florida such as Orange County where housing prices were appreciating at a rate of almost 2% a month in early 2020. This appreciation rate has continued until mid-2020 when mortgage rates jumped 1.0% in a period of a few weeks. Housing prices have slowed since then and competition is less rampant like it was before. The Orlando area was one of the first areas where the Florida housing market has recovered. Many international home buyers and investors first started buying in Orlando than other parts of Florida. Today’s new non-QM and alternative and specialty mortgage loan programs are enabling more fuel to the fire for the Florida housing market by adding more first-time homebuyers and real estate investors to the demand for housing in Florida.

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The Strong Booming Florida Economy Attracting Migrants From Other States

Which means Florida's hot and flourishing economy for the state

Southwest Florida is expecting growth in its population from 2% to 4% which means demand for housing and appreciation of housing values due to demand. Florida’s Panhandle has been behind in housing value increases. But it is expected to steadily continue to appreciate due to lower real estate values than the rest of the state. One of the major reasons for the slowness of housing appreciation is their lack of economic growth and jobs. Florida’s Panhandle’s biggest economic industry is the tourism industry.

Outlook Of 2022 Florida Housing Market Prediction

Nobody has a crystal ball and nobody can predict the Florida housing market but the way it seems. It looks that the Florida Housing Market has stabilized and a housing bubble burst does not seem likely in the near future. Things look scary in early 2021 when the Florida housing market was on fire. Seems like it was a wildfire that was totally out of control. Thankfully, it has stabilized and home builders seem like they are building new homes but not like the pre-2008 hay days. The FHFA and HUD saw that housing values throughout the state of Florida have been skyrocketing and had to increase conforming and FHA Loan Limits.

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Get Approved With Government, Conventional, or Non-QM Specialty Mortgage Loans

Florida Home Buyers who want to take advantage of the growing Florida Housing Market and need to qualify with a national direct lender with no mortgage lender overlays on government and conventional loans, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] We have a big presence in the Florida Housing Market. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays. Gustan Cho Associates are mortgage bankers, correspondent lenders, and mortgage brokers.

The Launch Of No-Doc Loans And Non-QM Loan Programs

No-doc mortgages were the most popular mortgage loan program prior to the 2008 real estate and financial meltdown. Subprime and alternative mortgage lenders close their doors, no-doc loans discontinued, Financial experts and economists said no-doc loans will never return. That turned out to be misinformation. Gustan Cho Associates offer no-doc mortgages with a 20% down payment and credit scores down to 500 FICO. More and more mortgage loan programs that were popular prior to the 2008 financial crisis have returned to today’s housing market which is fueling the already strong housing market.

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Gustan Cho Associates: One-Stop Mortgage Lending Shop

Gustan Cho Associates has a national reputation of its no lender overlays on government and conventional loans business model. The great news is Gustan Cho Associates is living up to its reputation of being a one-stop mortgage lending shop. Over 75% of our borrowers at Gustan Cho Associates are folks who could not qualify at other mortgage companies due to the lender overlays, last-minute loan denial, or the other lender not offering a loan program needed by the borrower. Gustan Cho Associates has dozens of lending partnerships with wholesale non-QM and alternative specialty financial institutions. Some of our non-QM specialty mortgage loan programs are no-doc mortgages, 12-month bank statements mortgages for self-employed borrowers, 90% LTV jumbo loans, non-QM jumbo loans with credit scores down to 500 FICO, P and L stated income mortgage loans, asset-depletion mortgages, and dozens of other mortgage loan programs for owner-occupant home mortgages, second homes, and investment properties.

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