The Pros and Cons of Waiting Out the Hot Housing Market

[Ken and Ari Walker]

Just as the pandemic put a temporary damper on the housing market, so too did the jump in mortgage rates. But just as the economic shut down didn’t have a lasting effect on the market, neither will this increase in mortgage rates. And the reason is the same – very little inventory. There are still more Buyers than Sellers and that is driving the market right now.

Despite the slight increases in interest rates, and decreases in inventory, it doesn’t necessarily mean the market is going down. Because Builders have not built enough housing and interest rates remain relatively low, it is thought that the industry might slow, but not fall.

Waiting can be a gamble in this game of real estate. Even if you wait to purchase with the thought that prices could be coming down, if rates increase it will all be for nothing. And renting will not be a cheaper option in the long run.

The market is stable. It hasn’t been driven by Investors, Flippers, and bad mortgages, but by legitimate Buyers. While demand may slow down eventually, there are no signs of prices going down anytime soon.

If you need a loan fast or have not qualified for a conventional loan, consider a privately funded mortgage through Sun Pacific Mortgage. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com if you are purchasing or refinancing in California.

Best, Ken – The Guy in the White Hat
Private Money Broker at Family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988!  707-523-2099   www.Sunpacificmortgage.com
CA DRE License #01858042 and NMLS #1221130

 
Note:  Get our financing despite bad credit, difficult to prove income, property a fixer, etc.!  We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases and commercial.

The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.