Silke Mayr Barbara Corcoran, the founder of The Corcoran Group, which she sold for $66 million in 2001, has a bold message for potential homebuyers: you only have one month left to seize a good opportunity in the housing market.
In a recent Instagram video, the “Shark Tank” star emphasized that now is still the “very best time” to buy a house, but the window is closing quickly. “You have one month to buy a house,” she stated firmly.
Corcoran pointed out that while many anticipated mortage rates would drop following recent cuts by the Federal Reserve, the opposite has occurred, leading to an increase in rates. This shift has pushed many buyers to the sidelines. “Everyone’s taking a wait-and-see attitude,” she explained.
The current “uncertainty in the market” stems from factors such as limited inventory, ongoing inflation, high interest rates, and the upcoming election. As a result, many prospective buyers are putting their plans on hold. However, Corcoran believes this moment presents a unique opportunity to find excellent deals. “There will be someone willing to accept your bid because they are uncertain too,” she noted.
She cautioned against waiting a year to reassess interest rates, warning, “You are out of your mind if you think that’s a good plan. There aren’t enough houses available.” Corcoran also predicted that, like this year, home prices are expected to rise by another 5%.
If you’re considering buying a home, now might be the time to act