In just five years, the housing market’s value in the United States has climbed $20 trillion, according to Zillow. Also, according to the company’s data, America’s housing market has risen 57% since 2020, to a record $55 trillion.
As CNN reported, the data shows a housing market that remains historically expensive. Below are the top three things real estate agents told GOBankingRates that people buying homes should do now in the current Trump economy to still get the best price possible.
Also here are 20 cities where home prices are expected to crash soon.
See Next: Renting vs. Owning a Home: Which Will Be Cheaper in 2025?
For You: 5 Cities You Need To Consider If You're Retiring in 2025
Explore Your Financing Options
Don’t settle for the first mortgage product you’re offered, said Casey Gaddy, senior real estate agent with The Gaddy Group.
“Different lenders offer different programs, promotions and varying benefits that can be really custom tailored,” Gaddy said. “You should be negotiating your rate with the lender like you would negotiate the price with the seller.”
Even a 0.25% rate reduction can save you tens of thousands or more over the life of a loan, per Gaddy. Sit down with your lender and your agent to map out your short- and long-term goals. If your lender isn’t presenting you with options and strategies, find one who will.
Check Out: 5 Types of Homes Expected To Plummet in Value by the End of 2025
Save More Than Just the Down Payment
“Buyers often think saving ends once they’ve scraped together a down payment, but the truth is you need a buffer with some additional reserves,” Gaddy said. “After you’ve accounted for closing costs, you should still have a financial cushion for emergencies, home maintenance and the unexpected.”
Focus on Existing Homes
“The biggest thing you can do if you are looking to buy a home right now is focus on the existing homes market. Tariffs affect new construction the most, because materials the U.S. imports from other countries are now more expensive,” said Omer Reiner, licensed realtor and president of Florida Cash Home Buyers, LLC.
Homes that are already built have materials that have already been paid for and not at the increased current rates, Reiner added.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Buying a House in the Trump Economy? Do These 3 Things Now, According to Real Estate Agents
