Don’t Let Inflation Scare You Away from Buying in 2022
January 14, 2021
It is no secret, especially if you watch any news at all, that home prices are record breaking and have been on the rise for a bit now. Most news stations talk about there not being enough homes on the market, rising costs, lack of supply, and more. If you didn’t find the home of your dreams in 2021 due to these reasons or just because you weren’t ready, don’t let fear of inflation deter you in 2022. Prices on everything are on the rise right now including home prices, but here are a few reasons you should not let inflation stop you from buying a home in 2022.
Owning a Home Offers Stability and a Sense of Security.
As we have already discussed pricing on everything from food, shelter, entertainment and other goods are and have been on the rise. How can you protect yourself from this a little bit? Well putting it simply, your choice in housing can help with this.
Buying a home, versus renting, allows you to lock in your mortgage rate and know that it cannot just change at the drop of a hat on you. When you have a fixed rate mortgage then you will have the peace of mind that the vast majority of your “shelter” cost is locked in and not ever changing on you. If you are a renter you never really have that sense of security. Landlords or apartment complexes often raise pricing just because they see pricing around them rising. They feel that if you won’t pay the higher rate, someone else will.
Not only that but with interest rates at a record low you actually could save some money on the amount of your mortgage versus the amount you had been paying for rent. Even though inflation decreases the amount that a dollar is worth, record low interest rates actually give you the power to get more home for your money and they help bring the monthly payment amount down!
To wrap this up for you now is the BEST time to buy or at least start looking for your dream home! Don’t wait for prices to increase more. Act now, call me today and let me get started working for you! I want to be YOUR realtor!