Tariffs, interest rates making it harder to sell, renovate homes, real estate agent says
AUGUSTA, Ga. (WRDW/WAGT) - This time of year is busy for the housing market, as school lets out and people look to make those next steps.
However, tariffs are having an impact on those looking to renovate their homes.
The local housing market is haunted by a fear of the unknown.
Between an interest rate of 6.92%, rising costs for materials and an uncertain trade future with U.S. tariffs, it’s not looking pretty.
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“The market is still busy, but I would say things are probably sitting a little bit longer than they would have in previous years,” said Liz Skowronski, Meybohm realtor.
Skowronski says Interest rates are a factor.
“We have to in 2020-2021, 2022, we had much better interest rates. So you’re looking at rates of 2.5-3%, and now we’re closer to 7%,” said Skowronski.
She says you have to consider the new tariffs too.
“And that’s going to possibly affect building supplies and building materials. So on that note. Margins are smaller as far as that’s concerned with builds,” said Skowronski.
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Ian and his wife Jessica recently made renovations to their home.
“When you’re trying to figure out what materials to use, you’re like, ‘Do I do it now because of what if Monday comes around and the price jumps up 20%,’ or whatever it could be,” said Ian Davis, homeowner.
They put it on the market, sold it, and bought a different one pretty quickly, hoping they wouldn’t face too many challenges.
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“Even our next house search, you know, do you build? Do you find something used kind of thing, like what do you do in that front? And it’s just kind of like it’s the fear of the unknown. But I mean, at the same time, it’s like you’ve got to move forward,” said Davis.
And many people are still moving forward.
“Actually, it’s still a great time to list your house if you need to move. This is the perfect time. It’s beautiful outside. The flowers are blooming. Your lawn is green, and yes, people are moving and moving for jobs now,” said Skowronski.
Skowronski says these factors make moving now better rather than in October, November, or December.
“Which is great for Augusta. I would say people do want to live here, and people are moving here,” said Skowronski.
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