Barbara Corcoran: Here’s Why You Need To Buy a House in the Next Month
Written by
Gabrielle Olya
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Levi Leidy
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If you’re thinking of buying a house in the near future, the time is now, according to real estate expert Barbara Corcoran.
In an Instagram post she shared on Oct. 24, Corcoran told her followers that they have “one month to buy a house” — here’s why.
Uncertainty Leads to the Best Deals
Despite the Fed’s recent rate cut, mortgage rates have been on the rise. The average rate on a standard, 30-year fixed mortgage was 6.54% in the week ending Oct. 24, marking the fourth-straight weekly mortgage increase, CNN reported. The rising mortgage rates actually make it a good time to buy, Corcoran said.
“That sounds contrary, but with interest rates going up, everybody’s moved to the sideline, and they’ve taken a wait-and-see attitude,” she said.
This creates uncertainty in the market, which benefits prospective buyers.
“When there’s uncertainty in the market, you’ll always find your best deals, because there’s somebody out there that will take a bid because they’re uncertain too,” Corcoran said. “So get out there.”
The upcoming presidential election is only adding to the current uncertainty in the market, which, once again, can benefit buyers who act quickly.
“There’s an election around the corner,” Corcoran said. “Everybody is scared, everyone’s confused. Things aren’t working out the way they expected it to work out. So get out there and find the house you’re meant to have. Get out there. You’ve got one month.”
Don’t Wait for Mortgage Rates To Drop
Some buyers are currently waiting for lower mortgage rates to get back into the market, but Corcoran warned that this will end up costing them more.
“If you’re planning on waiting a year and seeing where interest rates go, you’re out of your mind,” she said. “The fact of the matter is, just like last year, there’s not enough houses, and prices will go up by another 5%. You can’t get ahead that way. So see the opportunity for what it is.”
Corcoran always believes the best time to buy is as soon as you can afford to.
“I always believe the best time to get into the real estate market is as quick as you can, the reason being that you need a chip to trade up on,” she previously told Forbes. “If you’re not in the market for a few years, the market runs away from you.”
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