Real estate mogul Barbara Corcoran knows a thing or two about the volatile housing market and purchasing worthwhile property.
The “Shark Tank” star recently appeared on the “Elvis Duran Show” and said it’s never too soon to purchase a property, and that it’s not worth waiting for the ideal market because that market doesn’t necessarily exist.
“I think the sooner you get in the market, the sooner you have a chip in the game. You can trade up,” she said. “It’s always a good time [to buy]. You only get one chance to live. You are not buying an investment only, you are buying a home to raise your kids in, to have good times, to cook in your kitchen. You want to get in the market. Prices always long term go up … so why wait?”
Duran asked Corcoran about the massive “boom” of people moving to Florida during the pandemic and pointed out how some parts of the state that weren’t necessarily hotspots are now becoming popular — and not just for retirees. In July 2023, the Wall Street Journal reported that Gen Z and Millennials are “flocking” to the Tampa area.
Duran wondered if it was “too late” to invest in property in the Sunshine State at a time when high interest rates have made prospective buyers look for deals with a better value.
Corcoran said there are still deals to be found. But things aren’t so sunny in Florida.
“Go anywhere that has a poor school district where prices are really low,” she said, noting that this strategy is ideal for people who just want an affordable property with potentially high value, not necessarily as a place to raise a family. “Go anywhere in the South, other than the hot spots. There’s always a cheap house to buy, always. But not Florida, forget about Florida.”
Later in the show, a listener wrote in saying that they disagreed with Corcoran’s take on now being a good time to purchase property, pointing to high interest rates in the current market.
But Corcoran respectfully hardened her stance and said that the alternative of waiting until interest rates drop is essentially more harmful in the long run.
“Interest rates will never come down to two to three percent, that’s history, still people believe they will,” she said. “So let’s say they come down to something with a five in front of it, everyone sitting on the sidelines is going to rush the market, bid the pricing up, there’s not enough inventory to go around … everyone is going to pay more to the tune of 10, 15 maybe 20 percent. So why wait?”
Corcoran’s approach mirrors comments she made in an Instagram video last fall when she told viewers that now is the “very best time to buy a house” because most buyers are “scared” of the market.