Barbara Corcoran still think now is the “best time” to buy a home. But you only have one month.
Real Estate Maven and “Shark tank” the star posted Instagram warning on Thursday for people waiting to jump into the real estate market.
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“I'm here to tell you, you have one month to buy a house,” Corcoran said in the video. “One month!”
Corcoran noted when Fed lower interest rateseveryone expected mortgage rates to follow suit, but that hasn't happened yet. In fact, are attachedwhich has taken many buyers out of the market.
“Everyone has moved to the sidelines,” she added, “taking a wait-and-see attitude.”
“Market uncertainty” is caused by inventory shortages, continued inflation, high interest rates, and upcoming elections, so much potential buyers are putting their home buying dreams on hold. However, she said, this is when you can “find the best deals” because there will be “someone out there who will take an offer because they're also insecure.”
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“If you're planning to wait a year and see where interest rates go, you're out of your mind,” she added. “There aren't enough houses.”
She also noted that, like this yearprices will increase by 5%.