Therefore, people are looking for a place to park their money to fight inflation.

(risks:  inflation -- liquid cash may drop significantly in value, and commodity markets may prove volatile given overseas conflicts)4) Stay put, stay the course -- keep lower interest rate on mortgage, don't cash-out refi, slowly finish renovation, build capital for another purchase by doing wholesaling as a side-hustle, wait for the market to regain some semblance of sanity (risks: we miss out on higher property values, and lower interest rates -- and instead are faced with paying higher interest rates on with less-valuable dollars, and our options for taking out equity become a little more limited -- we are still 'borrowers' in a market where cash is king) We also happen to have a friend who would likely let us stay rent-free in their currently vacant home while they are away, through July of this year.What I'm looking for is input -- is there anything I'm missing? 

What caught a lot of us (and the fed) by surprise is the rise in inflation rate as we exited the pandemic.

With inflation you are so much better off paying yesterday's debt with today's dollars.

I agree that home prices will continue to rise due to supply issues, but taxes and insurance are going to take a toll on a lot of the homeowners who haven't seen their wages increase with the home inflation we are experiencing. 

Are you planning on sitting on the cash or do you have a plan for it to provide a higher return than inflation.

Since I get my insurance from my wife and I don't make much money anyway, especially when you take inflation into account, starting my own business seems more and more like a possibility. 

Inflation is going to force people to tighten their belts, the "free" COVID money from 2020/2021 is drying up, and mortgage rates are going to continue increasing in 2022 which starts making these high prices less affordable. 

My worry is that our market right now is very inflated and I've been following a few people that are suggesting there will be a big correction coming within the next couple years.

When inflation was 1-2% and housing was going up 7-8% it “couldn’t last” because housing goes up on average a little more than inflation, not 4 times it.