'Forget About Florida': Barbara Corcoran Says This Is Where You Should Look for Cheap, High-Value Property The "Shark Tank" star recently appeared in an episode of the "Elvis Duran Show" to talk about the real estate market.

By Emily Rella

entrepreneur daily

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.

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

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?"

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

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.

Corcoran owns an eclectic portfolio of properties, including a $1 million double-wide trailer in California and a $13 million NYC penthouse.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. 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.

Editor's Pick

Related Topics

Business News

Bumble Is Laying Off Over 30% of Workforce as Gen Z Moves Away From Dating Apps

The company revealed its restructuring plans during a Q4 2023 earnings report.


7 Ways to Create a Seamless Marketing Campaign Across All Platforms

Achieving cross-platform harmony requires strategic goal-setting, customized content optimization, and a mix of paid and organic efforts.

Starting a Business

How Can You Make Sure Your Business Will Survive Anything? Try These 3 Proven Strategies

No matter how uncertain the economy is, you can survive anything as long as you prepare. Here are a few strategies to consider.

Business News

Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study

Some surprising schools outranked Ivy League universities with the likelihood that their grads would found a unicorn.

Business News

Amazon's $1 Billion Innovation Fund Is Looking to Invest in a Specific Kind of Startup

The company's Innovation Fund invests in startups that focus on robotics, artificial intelligence, machine learning, and autonomy.