Housing market uncertainty

EL PASO, Texas (KVIA)-- As President Trump continues with his sweeping tariffs, buying home could cost you more.

UTEP Professor of Economics, Tom Fullerton, says that's because construction costs are going to be higher than they otherwise would be without the tariffs.

"That's a real problem because right now, housing affordability has eroded so much in El Paso. This just exacerbates an ongoing problem," says Fullerton.

Professor Fullerton then said the next thing we're likely to see is some people being priced out of the market. In turn, that could mean demand for existing homes will go up and so will their prices.

Also, if you're looking to do home repairs you may want to do them now.

"Those costs are also going to be higher because of one, the tariffs on the imported materials that are used for that. And two, the fact that, the reduction, in construction below the volumes that otherwise would, which means, more people are going to be repairing and remodeling existing homes which is going to drive those costs up as well," Fullerton told ABC-7.

The President of the Greater El Paso Association of Realtors, Thelma Briffa, says that right now it is too soon to see the effect of tariffs on the housing market. That is why she says now may be the time to buy.

"You know, sooner than later, that's what the talk is. You know, buy now before the prices go up," said Briffa.