Homeowners looking to sell may have reason to grow increasingly concerned about President Trump’s deteriorating relationship with China.
Millions of Americans could be looking to sell their homes in the next year. But will the ongoing trade war between the United States and China get in their way?
And a prolonged trade war with China is unlikely to help. “Consumer confidence appears to be weaker than recognized, particularly with respect to large ticket purchases like housing or remodeling,” said Rob Dietz, chief economist at the National Association of Home Builders. ‘The 25% rate on the existing set of tariffs represent a $2.5 billion annual tax increase for the housing sector in terms of materials used for construction.’ —Rob Dietz, chief economist at the National Association of Home Builders Consumer confidence and the jobs market are strong Others are more optimistic. Consumers generally have it good right now — and their confidence in the economy reflects that.
For instance, China’s tariffs on American agricultural goods could create major problems for farmers across the Midwest if they can’t find other buyers to pick up the slack. Farmers could lose their jobs and in turn find it harder to make mortgage payments. That could then cause more homeowners in those areas to go into default and risk losing their homes.Tariffs could increase home construction and remodeling costs A more direct effect of the trade war between the U.S.
‘If prices rise on clothes and shoes, these renters could find themselves even more financially imperiled.’ —Holden Lewis, housing expert at personal-finance site NerdWallet Rising inflation could keep some renters out of the home-buying market Many renters — especially those in high-cost housing markets — devote well-beyond the recommended third of their income to rent.
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