Barbara Corcoran Says Now Is the ‘Best Time’ To Buy a House: Here’s Why
The best time to buy a house is now, according to “Shark Tank” shark and star Barbara Corcoran.
This year, interest rates for real estate hit a 23-year high. The real estate mogul said in an Instagram Reel that this news is pushing more buyers to the sidelines in an attempt to wait it out. Here’s why buyers should be brave and prioritize buying a house now.
Check Out: I’m a Real Estate Agent: 5 Cities Where Homes Will Be the Best Bargains in 2024
Learn More: 6 Genius Things All Wealthy People Do With Their Money
Why Buyers Shouldn’t Get Out of the Market
In her Instagram Reel, Corcoran stressed that what makes now the best time to buy a house is because “everyone is scared.”
A much more frightening aspect for buyers out of the market to consider is what the market might look like if interest rates do drop again. While Corcoran said the days of 2% to 3% interest rates are effectively gone, she also added that interest rates will come down.
Related Article: Barbara Corcoran: ‘If You Buy a Home Now, It’s To Your Advantage’
“The minute they [interest rates] drop and come to anything with a five in front of it, the whole world is going to jump back into the market,” said Corcoran.
Lower interest rates, however, present a few issues for buyers. The first is there will be no houses available to buy and the second is home prices will go up, with Corcoran predicting a 10% or 15% price increase.
3 Tips for Homebuyers Currently in the Market
For buyers who are brave enough to be in the current real estate market, Corcoran recommends following these three tips.
This doesn’t have to be your forever home. The home you buy now can be traded up later, according to Corcoran.
Your budget won’t go as far as it used to. Instead of looking at the added cost of a house or a mortgage, Corcoran said to figure out how much the mortgage payment is and to ask yourself if you can afford that.
Don’t forget to shop for the best possible rate. “People don’t do this,” said Cororan, adding you can start by reaching out to your bank to see if they have any special customer discounts.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Barbara Corcoran Says Now Is the ‘Best Time’ To Buy a House: Here’s Why
