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Something On My Mind | Personal Finance

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Apr 29, 2021

The budget tip of the week explains why as of 4/28/21 this may be the worst time to buy a home. 

Since April of 2020 lumber prices have jumped 200% and are adding approximately $24,000 to the price of a new home. 

Prices for steel have risen 22% in the last three months.

Since April of 2020 the price for copper has risen 191%.

In December 2020, the median price for a single-family home increased 13.4% from a year ago to $340,000. 

The question is, should you get in now before this happens?

If you are going to be a first time buyer, you may priced out of the market.

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.