You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why. "If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.
By Erin Davis
Key Takeaways
- Barbara Corcoran is the founder of The Corcoran Group, which she sold in 2001 for $66 million.
- The "Shark Tank" star warned potential homebuyers on Thursday that they have about a month left to find a deal.
Barbara Corcoran still thinks now is the "very best time" to buy a house. But you only have one month.
The real estate maven and "Shark Tank" star posted a warning to Instagram on Thursday for people waiting to jump into the real estate market.
Related: Barbara Corcoran Says This Is the One Question to Ask Before Selling Your Home
"I'm here to tell you, you have one month to buy a house," Corcoran said in the video. "One month!"
Corcoran noted when the Fed cut interest rates, everyone expected mortgage rates to follow suit, but that has not happened yet. In fact, they've gone up, which has taken a lot of buyers out of the market.
"Everyone's moved to the sideline," she added, "taking a wait-and-see attitude."
The "uncertainty in the market" is caused by a lack of inventory, persistent inflation, high interest rates, and the upcoming election, so many would-be buyers are pausing their home-buying dreams. However, she said, this is the time when you can "find the best deals" because there will be "someone out there who will take a bid because they are uncertain, too."
Related: 'Not a Big Deal': Barbara Corcoran Says the NAR Ruling Hasn't Had Much of an Impact So Far
"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," she added. "There's not enough houses."
She also noted that, like this year, prices will go up another 5%.
