Trump tariffs expected to hit home buyers
SARASOTA- According to Neal Communities, Trump’s tariff’s hurts homebuyers. Real estate developer, Pat Neal says in a written statement, recent economic polices prevents them from providing affordable housing solutions. Rudd International, President Lauren Rudd explains how the tariffs will affect homebuyers.
“Well the tariff is going to force the Federal Reserve to raise interest rates which it doesn’t take much of an increase to make a mortgage go from affordable to unaffordable,” said Rudd.
The Rose Cottage, an entry-level home by Neal Communities offers two bedrooms; 2 bathrooms, walk in closets and a garage, all for an affordable price. Neal estimates the tariffs has made this type of home impossible to build or sell. Rudd says the tariffs will affect more than home production, it will directly affect your pockets.
“Think about it, we’re going into the Christmas season. A lot of the products sold in the Christmas season are going to find they have higher prices due to the tariffs,” said Rudd.
Neal Communities writes Trump’s tariffs have already increased the price of lumber, steel, aluminum and construction equipment. Rudd says it would take several years to build factories and find labor to start producing these goods.
“You don’t just move industries around the way you do pieces on a chess board,” said Rudd.
But home buying is no game. Rudd’s advice? Buy now.
“I’d do it soon while you can lock in a mortgage rate. Mortgage rate are not going down, they’re going up.”
So what’s good about these tariffs? Not a lot, according to Rudd.
“Tariffs by definition are bad, free trade is good,” he said.