Barbara Corcoran: ‘If You Buy a Home Now, It’s To Your Advantage’
Written by
Nicole Spector
Edited by
Gary Dudak
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The real estate market has been on a wild trajectory the past few years. We’ve seen interest rates hit historic lows and highs, a severe shortage of inventory, and some states experiencing soaring home values while others have fallen off a cliff.
If you’ve been on the fence about buying a home in the current real estate climate, it’s time to make a move and do it — that is, according to money expert Barbara Corcoran.
In a “Good Morning America” appearance on Dec. 12, Corcoran explained why she thinks 2024 is an ideal time to buy a home.
Housing Prices Will Go Up as Interest Rates Fall
It may seem like a bad time to buy, with interest rates so high, but those interest rates are probably going to come down. Now, you may be thinking, “Well, why shouldn’t I just wait until they go down to buy a home? Doesn’t that make the most sense?”
Not according to Corcoran. She believes it does not make the most sense to wait because housing prices will go up when that happens. In other words, the price of a home will still be cumbersome.
“If interest rates continue to come down as they will, and everyone’s expecting it, prices will go up,” she said.
Competition Will Amp Up
When mortgage rates drop more substantially, buyers will flock to buy a home. This means increased competition in an already tight market.
“So if you’re gonna wait awhile, and buy something a year from now, or six months from now when prices [are up] 7%, the whole world’s going to be out there competing with you,” Corcoran stressed.
If You Wait, You’ll End Up Paying More for Your Home
Because of increased competition, buyers will be extra interested in higher offers for their home. This means you will end up paying more for your home — especially if you get in a bidding war!
This Is Especially Important for First-Time Homebuyers
Remember, buying a home takes time — especially if you’re a first time buyer. This fact makes it critical to get moving ASAP.
“You have to get prequalified for your mortgage,” Corcoran said.
Get a Broker Who Hustles
The reality, as Corcoran sees it, is that housing prices will only go up from here into 2024, so you should floor the gas pedal on buying a home now. However, be sure to go about the process with a real estate broker who can really hit the ground running and get you in on some great deals.
“Find yourself a great broker who knows how to hustle because there’s always a deal to be had — no exceptions to that rule,” Corcoran said.
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