The busy spring selling season is coming to a close and some Americans may see their dream of homeownership fade from view. The housing supply is low now and interest rates are rising. The new tariffs placed on Canadian lumber are even affecting the market, sending the price of construction higher. Among those being hit the hardest are people who are trying to buy their first homes. Buyers face a competitive market in which they need to move quickly, make high bids and compromises if they want to land the deal. For every month that buyers don’t strike a deal, a combination of rising home prices and higher mortgage rates can add hundreds or thousands of dollars to the cost of a home.
What’s the best course of action for buyers to get their dream home? Is the market likely to change soon?
Kevin Yoder from Yoder Real Estate stopped by to give you a housing market analysis