Consumer Warrior Clark Howard: Advice for first-time homebuyers

Many people dream of becoming first-time home buyers, however, the housing market is making that dream a nightmare.

Consumer Warrior Clark Howard says it’s okay to wait. “You don’t want to lose time in ownership, except right now, not the worst idea. interest rates peaked, they’ve come down a bit on mortgages but the payments are backbreaking,” Howard said.

The Consumer Warrior adds “the sweet spot: home prices have softened, sellers are offering more and more incentives, and interest rates will come down, almost certainly, as the economy slows in 2023.″

Another tip Clark suggests is “you can often ask the seller to buy down your interest rate on your mortgage to make that payment more affordable, either the next three years or the life of that mortgage, and make that home fit within your budget.”

You can find more money-saving tips on Clark’s website.