Barbara Corcoran Says "Now Is The Best Time To Buy A Home"
"Shark Tank star and The Corcoran Group Founder Barbara Corcoran thinks that now is the absolute best time to buy a home. Corcoran says that even though interest rates may come down again, if you buy now, you can always refinance.
Corcoran tells Yahoo Finance's Seana Smith that if you wait "everybody will come charging the market and you'll be paying another 10% for the house."
Corcoran sat down with Smith to discuss her views on commercial real estate, residential real estate, first-time homebuyers, home renovations, and more.
BARBARA CORCORAN: Well, it's a choppy environment and a nervous one. And it shouldn't be. I think people are coming to the wrong conclusions on buying a home right now. I think it's the absolute best time to buy a home for a couple of reasons.
One, interest rates will come down again. And if you buy it now you can refinance. And also, if you wait until interest rates come down even by a point and a half, I think all hell is going to break loose. Everybody will come charging the market. And you'll be paying another 10% for the house.
So there's nothing in my logic that says it makes sense to wait. You ought to jump in now and get the house so you can when there's less competition. And it's still very competitive.
But what dictates first time homebuyers, which is the inception of any market cycle, is really jobs. And there's been tremendous job growth. There's been very little unemployment. I think there was a survey I was reading last week where they said the typical homebuyer is spending another 15% of their income on housing right now to keep up with it.
No, I think we have a lot of growth. I think it's very hard to get into the market for the first time. And 2/3 out of all the purchases are old cash. You know that. So it's rich people are buying now. But I think when interest rates come down again, the middle class people who want to get their first house will jump into the market with fervor."
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