Soft lumber, such as 2-by-4’s, drywall and metal products used in constructing homes are all expected to increase in price under President Trump’s tariff war. Shannon Roers Jones is President-elect for the Building Industry Association of the Red River Valley. She says, for wood, the cost is expected to increase by 40-to-50 percent because of the tariffs. Roers Jones says it’s an expense home builders will not be able to absorb…
“No, there's absolutely no way for a builder to just eat those costs.”
Roers Jones says the increased costs could be impactful for a potential new home buyer.
“Research has shown recently that builders are estimating that the average cost increase for each home is going to be over $9,000 and that estimate was done before the tariff increase that came today.”
But, she adds, not all is dark…
“If you're ready to make a move, it's still a great time to buy a house right now. Contractors have some inventory out there, or if you start your project right away, they may be able to take advantage of if they have any inventory as far as the materials go. And we are seeing just a little improvement in interest rates.”