Barbara Corcoran: 3 Secrets To Buying a Home in a Tough Market
Written by
Gabrielle Olya
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
It’s a challenging market for prospective homebuyers. Mortgage rates are still high, and a housing shortage persists in many areas.
In a recent Instagram post, real estate guru Barbara Corcoran noted that even though “buying a house in this market feels impossible,” there are ways to make it happen.
Here are three secrets that will give you an edge in a challenging market, according to Corcoran.
Look at Listings That Have Been Sitting on the Market
Instead of looking at newer listings, browse homes that have been on the market for a while.
“When a house is on the market for six months or longer, nobody’s paying attention,” Corcoran said. “They’re all running to the new listing in town. Make sure you look at the old listing. That’s where a low offer will be accepted.”
Shop Off Season
We’re heading into peak buying months, so you may be better off waiting until temperatures cool down to look for a home.
“Everybody’s out in the spring and summer, so you should be shopping in the winter,” Corcoran said. “That’s always where the best deals are taken — in the winter time.”
Look For Homes With a Separate Unit You Can Rent Out
Corcoran recommends looking for a house that includes a separate unit with its own entrance.
“A separate entrance allows you to make a separate unit, which you could rent to offset the cost of your mortgage,” she said.
More From GOBankingRates
