“Shark Tank” star Barbara Corcoran says buying a property as soon as possible, regardless of the state of the market, is your best bet.
The real estate expert echoed these sentiments in a recent series with Forbes’ “Women & Wealth,” where she explained that if potential buyers wait for interest rates to drop, they’ll face a tougher market due to increased competition and higher prices.
“If you think you’re going to have trouble finding a house now, you’re going to have a bigger problem and you’re going to pay a lot more for the house,” he said. “So there’s no point in waiting. There’s nothing better than waiting.”
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Corcoran said he learned this lesson the hard way: Decades ago, he gave up on buying a studio apartment in New York.
“When I was in my late 20s, I got my hands on a studio I could barely afford — I chickened out,” she said. “I just didn’t have the courage to keep going. But it probably took me five years to hit the market again. He got away from me before I could find another studio.”
Now, the 74-year-old has a lot of real estate in her portfolio, including a $1 million double trailer in California and a $13 million penthouse in New York.
On an episode of the “Elvis Duran Show” last month, Corcoran first shared his thoughts on getting into the market early, telling viewers you can always upgrade and “swap” when the time is right.
Related: ‘Everyone’s Afraid’: Barbara Corcoran Says Now is the ‘Best Time to Buy a Home’ — Here’s Why
“It’s always a good time [to buy]. You only get one chance to live,” she said. “You’re not just buying an investment, you’re buying a house to raise your kids in, to entertain yourself, to cook in your kitchen. You want to enter the market. Long-term prices always go up…so why wait?”
Corcoran’s net worth is estimated at $400 million.