The housing boom of 2021 will be history soon. Cathy Baker of Baker Mortgage says it should continue. "I don't see a decline around here. We're in Texas and there are only 2 places where people in the U.S. want to live: Florida and Texas. Builders are still selling houses like crazy. They're buying land wherever they can find it because they can't build enough of them!" Baker says the only way the real estate re-sale market could go down is if we have another Covid Lockdown, otherwise it's Still Hot in Texas and people want to move here."
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Baker says inflation is actually adding to the number of people who want home ownership. "As the price of everything else has gong up - RENT has gone up. That is motivating some renters to look into buying their next home, saying, 'You know what --- this is too much money to give to somebody else just to live in a particular place!"
And about mortgages..."FHA is a great loan source that will be very popular in 2022. It still will allow people to buy a home and do so comfortably." Baker says interest rates have to go up some time, but she won't even hazard a guess as to when. She says people have been saying they have to get higher for a long time.
So, the craziness continues.
photo:GettyImages
Housing Market predicted to remain crazy in 2022Photo: Getty Images