re: Building a house. Build now or wait to see if prices fall?

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This is supposedly due an increase in material which is largely atrributed to tariffs.

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No its not.

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Would we be better off waiting a year or two to see if these prices go down?

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Counting on deflation doesn't seem like a sound strategy to me. Labor is the reason for price increases. There's more jobs than workers causing prices to rise. Could the price of labor go down due to less demand in the next couple of years? Maybe, but that's entirely speculative and interest rates aren't going to go down in that time frame.