You can be on Entrepreneur’s cover!

'I Chickened Out': Barbara Corcoran Shares an Early Real Estate Regret — And How You Can Avoid the Same Mistake The "Shark Tank" star spoke about real estate at Forbes' "Women & Wealth" series.

By Emily Rella

entrepreneur daily
Christopher Willard/ABC via Getty Images

"Shark Tank" star Barbara Corcoran says that buying real estate as soon as possible, regardless of the state of the market, is the best bet.

The real estate maven echoed these sentiments in a recent series with Forbes' "Women & Wealth", where she explained that if prospective buyers wait until interest rates drop down, they'll face a tougher market due to increased competition and higher prices.

"If you think you have a problem now finding a house, you're going to have a bigger problem and you're going to pay a lot more for the house," she explained. "So, there's no sense in waiting. There's nothing better about waiting."

Related: 'All Hell Is Going to Break Loose': Barbara Corcoran Issues Warning About Real Estate Market, Interest Rates

Corcoran said that she learned this lesson the hard way — decades ago, she passed on purchasing a studio apartment in New York.

"When I was in my late 20s, I got my hands on a studio that I could barely afford — I chickened out," she said. "I just didn't have the courage to go forward. But it took me probably five years to catch up to the market again. It ran away from me before I could find another studio."

Now, the 74-year-old has plenty of real estate in her portfolio, including a $1 million double-wide trailer in California and a $13 million penthouse in NYC.

In an episode of the "Elvis Duran Show" last month, Corcoran first shared her thoughts on getting in on the market early, telling viewers that you can always upgrade and "trade up" when the time is right.

Related: 'Everybody's Scared': Barbara Corcoran Says Now Is the 'Very Best Time to Buy a House' — Here's Why

"It's always a good time [to buy]. You only get one chance to live," she said. "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?"

Corcoran's net worth is an estimated $400 million.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Business News

This Fan-Favorite Masters 2024 Item Is Still $1.50 as Tournament Menu Appears Unscathed by Inflation

The pimento cheese sandwich is a tradition almost as big as the tournament itself.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Here's One Thing Americans Would Take a Pay Cut For — Besides Remote Work

An Empower survey found a high percentage of respondents would take a pay cut for better retirement benefits and remote work options.

Business Ideas

7 Link-Building Tactics You Need to Know to Skyrocket Your Website's Rankings

An essential component of SEO, link building is not just a 'Set them and forget them' proposition, but a dance of skills and strategies.