Barbara Corcoran, the renowned real estate mogul and “Shark Tank” star, recently shared her insights on the housing market, specifically advising against investing in Florida’s real estate market due to its high prices.
Instead, Corcoran suggests looking for affordable housing in areas with poor school districts or in the South, outside of the popular hotspots. This strategy, she notes, is ideal for those who are not planning to raise children in these areas and are simply looking for a cost-effective property investment.
Corcoran emphasizes the importance of entering the housing market sooner rather than later, regardless of the current market conditions. She argues that waiting for the “ideal” market is not a practical strategy because such a market may never come.
Instead, she advises buyers to invest as soon as they can to start building their equity. Corcoran highlights that property prices tend to increase over the long term, making any time a good time to buy.
This perspective is especially relevant considering the significant influx of people moving to Florida during the pandemic, which has driven up prices even in areas that were previously not considered hotspots.
Despite the high interest rates that have made buyers cautious, Corcoran believes that there are still opportunities to find valuable deals outside of Florida.
Moreover, Corcoran addresses concerns regarding high interest rates and the notion that it might be better to wait until rates drop. She counters this by saying that waiting for significantly lower rates is unrealistic and that entering the market sooner can prevent potential buyers from facing even higher prices in the future.
Corcoran’s stance is that investing in real estate should be seen not just as a financial decision but as a lifestyle choice, emphasizing the importance of having a home to create memories in, regardless of the market’s state at the time of purchase.
For those contemplating real estate investments or home purchases in the current market, Corcoran’s advice offers a valuable perspective. Her emphasis on looking beyond the traditional hotspots and considering the long-term benefits of homeownership can inspire potential buyers to explore new areas and make informed decisions about when and where to invest in property.