CHANNEL 11 EXCLUSIVE: How to get the best rate and price when buying a car or home
If you’re looking to buy a house or car right now, interest rates can look pretty scary. But consumer adviser Clark Howard says there could still be a deal out there that works for you.
Kiffany Garner, a real estate agent, says the market isn’t as bad as we think.
“These are not the highest interest rates we’ve ever seen,” she said. “And I think we got a little bit spoiled when we had the 3% interest rates.”
Garner said buyers were making bad decisions when interest rates were low, like waiving inspections and paying more than asking price. Now that home sales are slowing, buyers have more power.
“We’ve been able to negotiate closing costs,” she said. “We’ve been able to negotiate repairs. And there’s also less competition.”
Shopping around for a mortgage is important with higher rates. The same thing is true when shopping for a car.
Drivers say low inventory and high prices mean they’re waiting to buy a car.
Howard says we are seeing some improvement in new car sales. It varies by make and model, but we’re about halfway back to pre-pandemic inventory numbers and some cars are selling below manufacturer-suggested retail price.
If you’re looking at new homes, the builder may actually buy down the rate for you, and you’ll benefit for the life of the loan.
As for cars, Howard expects the market to much more consumer-friendly in the second half of 2023.
For more information, visit www.clark.com.
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