Barbara Corcoran’s Best Real Estate Money Advice of All Time
Real estate mogul Barbara Corcoran made headlines throughout 2023 by sharing her advice for buyers struggling to purchase homes in the turbulent housing market. Among her top takes, the founder of The Corcoran Group says “now” is the best time to buy a home because she predicts home prices will soar if and when mortgage rates decrease.
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What else has Corcoran said about real estate, and finance, that still rings true? Let’s look back at some of Corcoran’s greatest pieces of advice when it comes to real estate and your money.
Slash the Price of Your Home Before Putting It on the Market
Should you really slash the asking price early? In an interview with HGTV, Corcoran recommended sellers price their homes 15% below comparable homes on the market.
As unpopular as this advice may be with sellers, it’s a top recommendation from Corcoran when you’re in a down market. Sellers who overprice, Corcoran said, often end up making small price reductions again and again as similar homes with lower prices come on the market.
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Remember: Buyers Judge Homes Within 30 Seconds
In a 2019 CNBC interview, Corcoran said a buyer will walk into a home for sale and make a judgment about it within half a minute.
What does this mean for sellers? According to Corcoran, sellers need to invest their time and energy into specific areas buyers notice first as opposed to every room or feature in a home. If you want to sell your home, you need to make a good first impression in these three areas:
Exterior front of the home. Some of Corcoran’s recommendations are to repaint the door or purchase a custom door, power-wash the sidewalk and driveway and spruce up the bushes and garden.
Living room. Corcoran said to invest in updated lighting, fresh slipcovers and a bigger rug to present a room that appears to be more spacious.
Kitchen. Invest in a new refrigerator, resurface the cabinets and repaint the walls, if needed.
Shop for the Best Possible Rate
In an October 2023 Instagram Reel, Corcoran said many people will go to a mortgage company by default rather than shopping around for the best rate.
Her recommendation for buyers is to visit their banks. “Ask them if they have any special discounts for good customers who have been banking with them for a while,” Corcoran recommends. “It’ll often save you a full quarter of a percent. That doesn’t sound like a lot, but it adds up.”
Ask Family Members With Savings for Help Buying Real Estate
What’s the smartest thing you can do with your money if you’re a Gen Zer or millennial living in a big city? In an episode of the Chicks in the Office podcast, Corcoran said you should buy real estate as fast as you can.
Twentysomethings who don’t have a lot of money to buy real estate are encouraged by Corcoran to ask their parents, or other family members with savings, for financial help.
Corcoran said to ask them if they would like to be your partner on the purchase. She explained that in exchange for the down payment, the buyer (you) can offer to give a parent or family member half the profit when the property is sold and pay for the maintenance.
Don’t Forget: Your First Home Doesn’t Have To Be Your Forever Home
Even though Corcoran often stresses the importance of buying a home now versus attempting to time the housing market or wait for cheaper interest rates, she also acknowledges you don’t have to spend the rest of your life in the home you buy right now.
One of Corcoran’s tips for homebuyers currently in the market is to remember that the home you buy now does not have to be your forever home.
“You can trade up later, so don’t take it all so seriously,” Corcoran said.
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This article originally appeared on GOBankingRates.com: Barbara Corcoran’s Best Real Estate Money Advice of All Time
