The veteran REALTORS and loan officers in Solano County may have thought and even told clients over the years, that they had seen it all. There are only a few benefits of being over 60 if you are lucky. #1 grandkids. #2 your kids no longer need financial support and #3 you have seen it all and have learned from your past wins and losses. I was one of those guys that thought I had seen it all as of February 2020.
I remember my first experience with the economy. I was one of those teenagers that was always running on empty. I ran out of gas once in San Francisco while waiting in a gas line. Mary and I had to push my car to the pump in 1978. The one thing none of us have ever seen is a Pandemic.
Home buyers and sellers across America are sitting on the fence and waiting for the recession to end and the inflation fears to subside. Nobody has previous experience with a pandemic and although we have seen the government spend more money than they bring in over the last 25 years, the 6 trillion is a new record for spending on stimulus to help businesses and citizens this last 24 months.
Because I have no previous pandemic experience, I am not certain about what comes next. One thing me and all the real estate pros know is homeownership is a hedge against inflation and locking into a fixed rate house payment protects our clients from rent inflation. Mortgage rates have come down a full 1% in the last 45 days. Homebuyers with 720 plus FICO scores can lock in loans with an APR below 5%.
Long time real estate brokers and loan officers know renting is a losing proposition because rents have gone nowhere but up over the last 30 years. Three quotes from legendary investor 91-year-old Warren Buffet that thought he had seen it all says it all. #1 “Trust in American ingenuity. American magic has always prevailed, and it will do so again.” #2 “Don’t invest in something you don’t understand.” I say buying a house and becoming a landlord is easy to understand. #3 “Seize an opportunity while you can. Don’t pass up something that’s attractive today because you think you will find something better tomorrow.”
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