“Shark Tank” star Kevin O'Leary has some predictions for people hoping to buy a home in the current market — and it's not good news.

O'Leary Ventures chairman and “Shark Tank” star Kevin O'Leary appeared on Fox Business's “Sunday Night in America with Trey GowdyTo talk about the housing market and why potential buyers shouldn't plan on prices cooling anytime soon.

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Citing high interest rates set to offset inflation, the investment expert noted that while “real estate has always been a good investment,” that doesn't mean prices will fall.

'Hard to see' rates will drop soon

“Just 12 months ago, we were thinking about seven rate cuts, none of which have materialized because inflation remains rampant,” O'Leary said, citing high interest rates. “It's hard to see that change. I'm not sure it will change at all.

O'Leary also cited the “strange result” of the pandemic, where people moved out of cities, which then caused those home prices to rise.

“The prices of those homes in rural areas went way through the roof,” O'Leary said. “It's a new America. It's a digitized America and housing is more expensive.”

O'Leary's sentiments follow comments he made last fall FOX Business's Varney & Co. about the commercial real estate industry that was “getting worse every week.”

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“Unfortunately, what we have is that a lot of (commercial mortgages) are on the balance sheets of regional banks, up to 40% of their balance sheets. Those will go through, going through refinances over the next 18 to 30 months. next.” he explained. “We're going to see more cracks at regional banks and that's putting pressure on the loan books of those banks that are hitting small business.”

of actual target The Fed rate is 5.25% – 5.50%. Mortgage rates for a 30-year loan are currently 6.99% per Freddie Mac.

O'Leary's estimated net worth as of Monday morning it was $400 million.