Barbara Corcoran Encourages Home Buying Now

Barbara Corcoran, a prominent real estate mogul and one of the original investors on ABC's "Shark Tank," is encouraging potential homebuyers to stop fixating on fluctuating mortgage rates and to enter the housing market. In a recent interview with Bloomberg Television, Corcoran emphasized that waiting for interest rates to drop could lead to missed opportunities, stating, "If you would take my advice, I would say get out there." She warned that a slight decrease in rates could drive home prices higher, ultimately costing buyers more. As of now, the average rate for a 30-year fixed mortgage has fallen to 6.4%, the lowest since April 2023, according to Mortgage News Daily. Corcoran highlighted the ongoing rise in rental prices across the United States, which poses a significant challenge for many individuals and families struggling to afford housing. She believes that the current market conditions should prompt buyers to act rather than wait for ideal circumstances. This is not the first time Corcoran has advocated for immediate home purchases. Earlier in 2023, during an appearance on the "Elvis Duran Show," she reiterated that the best time to buy a home is always now, regardless of interest rates, which were then between 7% and 8%. Corcoran stressed that purchasing a home is not just an investment but a place for families to create lasting memories. In conclusion, Corcoran's message is clear: potential buyers should prioritize their needs and take action in the housing market rather than waiting for perfect conditions.