E
xperts are warning homeowners about the impact of policy changes on the housing market. Tariffs imposed by the White House on Canada, Mexico, and China will affect buyers and sellers alike, as many building materials come from these countries. Real estate agent Michael Wolters notes that lumber, a major component of homes, is particularly affected.

    "The cost of building materials like lumber, steel, and aluminum will increase, which will impact new builds and home additions," Wolters said. "Builders who have already purchased lumber may not feel the effects immediately, but homeowners will likely see sticker shock later on." The potential price hike could be up to $10,000 per house.

    Other economic factors are also influencing homeowners' decisions. China's 15% tariff on American farm products is expected to drive up prices for goods like apples and corn. This, in turn, may reduce buyers' budgets for housing. However, Wolters notes that the Salt Lake City market remains strong, with homes still selling and appreciating in value.

    Despite economic hurdles, Wolters sees a silver lining: "If you're a seller, your home's gaining value, which is good news. And if you're a buyer, it tells you that the marketplace is still functioning and thriving."