PFT #20: Budget Tip of the Week: This May Be the Worst Time to Buy a Home - Review Your Budget

<p><span style="font-weight: 400;">The budget tip of the week explains why as of 4/28/21 this may be the worst time to buy a home. </span></p> <p><span style="font-weight: 400;">Since April of 2020</span> <a href= "https://www.housingwire.com/articles/insane-lumber-prices-mean-new-homes-cost-24k-more/"> <span style="font-weight: 400;">lumber prices</span></a> <span style="font-weight: 400;">have jumped 200% and are adding approximately $24,000 to the price of a new home. </span><span style="font-weight: 400;"><br /></span></p> <p><span style="font-weight: 400;">Prices for</span> <a href= "https://eyeonhousing.org/2021/03/record-steel-mill-product-price-increases-add-to-lumber-woes-push-building-materials-higher/"> <span style="font-weight: 400;">steel</span></a> <span style= "font-weight: 400;">have risen 22% in the last three months.</span></p> <p><span style="font-weight: 400;">Since April of 2020 the</span> <a href= "https://agmetalminer.com/2021/02/22/copper-price-rises-as-the-metals-bull-story-continues/#:~:text=The%20copper%20price%20has%20risen,to%20%2410%2C000%20per%20metric%20ton."> price for copper</a> <span style="font-weight: 400;">has risen 191%.</span></p> <p><span style="font-weight: 400;">In <a href= "https://www.forbes.com/advisor/mortgages/home-prices-outlook/#:~:text=In%20December%202020%2C%20the%20median,less%20affordable%20for%20more%20buyers."> December 2020</a>, the median price for a single-family home increased 13.4% from a year ago to $340,000. </span></p> <p><span style="font-weight: 400;">The question is, should you get in now before this happens?<br /></span> <span style= "font-weight: 400;"><br /></span><span style="font-weight: 400;">If you are going to be a first time buyer, you may priced out of the market.</span></p> <p><span style="font-weight: 400;">If you sell a current home, you may get a great price - perhaps it may be part of a  bidding war; however, when you go to buy the new home, you may be part of that bidding war.<br /></span></p> <p> </p>