PFT #20 - Personal Finance Tip of the Week: This May Be the Worst Time to Buy a Home - Review Your Budget

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.