Tariffs could raise home prices & affect your buying power in Phoenix, Arizona. Get a simple breakdown of what’s changing.
The tariffs are obviously a big topic of discussion right now, and they will undoubtedly affect our micro real estate market here in Phoenix. However, the exact impact is still unclear. Here are four potential effects to consider:
1. Interest rates. Tariffs can influence interest rates. If they drive up the cost of goods, interest rates could stay higher for longer.
2. Building materials. Tariffs could increase the prices of lumber, drywall, and appliances. If that happens, the cost of building or remodeling a home will also rise.
3. Consumer confidence. Consumer confidence is already being affected by all this. When people are unsure about what’s going to happen, they tend to hold off on big decisions, such as buying or selling a house.
4. Stock market. The way the stock market goes up and down affects how much cash buyers and sellers have available. If people are feeling uncertain about their investments, that can slow the market as well.
Looking ahead, what does this all mean for Phoenix? Over the next three months, during the summer, we can expect to see some changes in the market due to the new tariffs.
While it’s challenging to predict exactly how things will unfold, it’s essential for anyone planning to make a move this year to stay informed.
If you’re planning your next move, get in touch with me at (602) 501-9352 or sam@thebrokery.com. I’d love to help you plan your next move.
