A high inflation rate means prices rise across the board so it is reasonable for someone to say “Yes”, but while home prices aren’t an exception, this should not be the reason keeping you from buying a home in 2022. We are aware of the appreciation that has occurred in the real estate market for the past couple of years, and the experts say we can expect that increase to continue in 2022, though maybe not as dramatically.
In this period of record-breaking, rising consumer costs, homeownership offers the one fixed overhead expense you can rely on with a fixed mortgage. As James Royal, Senior Wealth Management Reporter at Bankrate stated:
“Sure, property taxes will rise, and other expenses may creep up, but your monthly housing payment remains the same.”
With rent control going away, renters are in an even more precarious position. Ali Wolf, Chief Economist at Zonda, explains:
“You want to think through where you can put your money, so it does not lose value. Housing is commonly looked at as a good inflation hedge…”
Even if you cannot qualify for a conventional mortgage through the normal channels of banks and other lending institutions, there is still the private mortgage lending arena to consider. Sun Pacific Mortgage offers private money mortgages to Borrowers and Buyers who otherwise might not be able to qualify for a loan. Whether your FICA score is too low, or your property doesn’t meet the federal requirements, or you need to close in under a month, give us a call at 707-523-2099. You can also reach out through our website at www.Sunpacificmortgage.com. We have helped thousands of other Borrowers and Buyers just like you over the past 34 years we have been in business in California.