Barbara Corcoran is probably best known as a “Shark” on the show Shark Tank. But her big start came when she founded the real estate firm The Corcoran Group, which gives her a unique perspective on the state of the real estate.
In an interview with Yahoo Finance’s Seana Smith, Corcoran says that right now is “the absolute best time to buy a home.” Corcoran gives two reasons why. First, mortgage rates will eventually come down and, when they do, homeowners will be able to refinance. Second, once rates do come down, buyers will flood into the market and push home prices up. Once rates fall “substantially,” Corcoran says, “everybody’s going to charge the market.”
For those who are looking to renovate, Corcoran says it’s still a good time to do that too because the cost of materials has come down. “The problem is finding a contractor. Contractors are busier than anyone else on earth,” Corocoran told Yahoo Finance. When it comes to the type of renovation, Corcoran’s tips include: make sure your house has the curb appeal you want and buy a new refrigerator, because potential buyers “always open the fridge.”
For more of our special coverage on Real Estate: The New Reality, click here.
Key video moments:
00:00:20 Corcoran on commercial real estate
00:01:30 Corcoran explains why now is the “best time” to buy a home
00:02:35 Corcoran on challenges facing first-time homebuyers
00:03:30 Corcoran’s most attractive markets right now
00:04:40 Why Corcoran says now is the time to renovate
00:05:50 Corcoran on what could happen with vacant NYC office space
00:06:25 How to play commercial real estate
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