Barbara Corcoran’s Top 7 Tips for Succeeding in the Housing Market
Written by
Daria Uhlig
Edited by
Rebekah Evans
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The U.S. housing market is still a challenging one. With average home prices exceeding $357,000 in early April, according to Zillow and mortgage rates at 6.64%, according to Freddie Mac, buyers are struggling to figure out whether it’s worth buying right now and if so, how to go about it.
Sellers are in a better position, thanks to appreciated home values, but they’re still leery about trading in their low mortgage rates.
Real estate expert Barbara Corcoran, founder of The Corcoran Group, bestselling author and Shark and executive producer on ABC’s “Shark Tank,” has housing market advice for both.
Barbara Corcoran’s Tips for Home Buyers
Here’s how Corcoran advises buyers to approach their purchases to get the best value for their money.
Don’t Wait
With mortgage rates still high, and home prices still increasing at 3% or 4% per year, Corcoran said in an Instagram reel that buyers shouldn’t waste time waiting for the market to improve.
“The real problem in the marketplace is that two-thirds of homeowners are sitting on interest rates under 4%, and they’re not gonna move. Don’t stall. Get out there and buy a house,” she said.
Look at Listings That Have Been Sitting on the Market
“When a house is on the market for six months or longer, nobody’s paying attention,” Corcoran said in an Instagram reel. “That’s where your low offer will be accepted.”
“Days on market” is the metric to look for as you browse listings. But be sure to look at a listing’s total days on market, though, not just DOM for the current listing. If the owner had the home listed with other brokers prior to the current one, you’ll want to count that time.
Shop Off-Season
“Everybody’s out in the spring and summer so you should be shopping in the winter. That’s always where the best deals are taken,” Corcoran said.
Nationwide, average daily sales pick up in April and peak at 18,250 June, according to the National Association of Realtors (NAR). Compare that to just 9,630 existing home sales in January, on average. January is also when you’ll also find the highest median days on market.
But there’s one exception to Corcoran’s rule about avoiding spring: Spring Break week.
“Houses are undersold in that week because no one is around to sell those houses,” Corcoran said in an interview with Fox News.
Look for a Home With a Separate Entrance.
“A separate entrance allows you to make a separate unit, which you could rent to offset the cost of your mortgage,” Corcoran explained in her February Instagram Reel.
Before you buy a home with mind toward renting part of it out, check zoning rules to make sure it’s allowed. If you’re considering a home in a community with a homeowners association, you’ll also need to check the community’s covenants, conditions and restrictions.
Go Back for Another Look
In another Instagram reel, Corcoran warned buyers about the biggest mistake people make when buying a house — not returning for another look.
“That’s when you discover the noisy neighbor, the barking dog, the party house right across the street. Go back for another look,” she said.
Barbara Corcoran’s Tips for Home Sellers
Sellers have the edge in most local U.S. real estate markets, but Corcoran also has advice for people selling or considering selling their homes.
Ask the Tough Question
The decision about whether or not to sell is a tough one when it means trading your 3% mortgage for a 6% loan. In an interview with Entrepreneur, Corcoran offered a tip for figuring out if you’re ready to sell.
“Do I see myself here for the rest of my life?,” Corcoran said to ask yourself. If the answer is no, it’s time to jump off the fence.
Make the Most Important Rooms Shine
“Every buyer judges your home and decides that they’re not going to buy it within the first 30 seconds,” Corcoran said in an interview with CNBC Make It.”
Corcoran advised sellers to focus on the three most important spaces:
- Front entrance: Repaint the door and window trim, clean the windows, power wash the driveway and walkways, spruce up shrubs.
- Living room: People judge the size of the house based on the living room. Paint it, slipcover worn upholstered furniture, bring in new lighting and a bigger rug — people actually judge the size of the room by the size of the rug, Corcoran said.
- Kitchen: Paint or resurface cabinets and get a new fridge. Corcoran warned that buyers open refrigerators, so make sure the inside is “neat as a pin.”
According to Corcoran, first impressions matter.
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