‘Shark Tank’ Star And Real Estate Expert Barbara Corcoran Discusses When Housing Prices Wil...

Barbara Corcoran is one of America’s largest public figures in the realms of commerce, finance and real estate. In a recent interview, she discussed when she believes the housing market will see another dramatic shift of increased home pricing.

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Barbara Corcoran is the star of ‘Shark Tank,’ but became a prominent figure from her work in commerce, finance, and real estate. 

Corcoran, founder of the Corcoran Group, stated that once interest rates are lower in the housing market, people will be more willing to buy, which will lead to an increase in overall pricing. 

While being interviewed on Cavuto: Coast To Coast, Corcoran discussed that she’s hoping for rates to decrease, and while she doesn’t know exactly how or when this would occur, once it does the market will experience another shift. 

“I can’t explain the rates going up or down – that’s not my bailiwick. But what I can explain is if rates go down, just another percentage point, that’s what I’m hoping for, prices are going to go through the roof,” she stated.

“Everyone will come out and buy. There are probably 10 buyers on the sidelines waiting for interest rates to come down that are actually active in the market. So everybody’s going to charge the market.”

Fox Business reported that as of March 27th, the interest rate on a 30-year fixed-rate mortgage at 7% with 15-year fixed-rate mortgages being at 6.125%. 

“If you wait for interest rates to come down by another point, I don’t think you’ll gain. I think you’ll wind up paying more, because I wouldn’t be surprised if real estate went up by another 8 or 10% if interest rates come down,” Corcoran explained

“There’s a magic number that makes people get all juicy about. And it just has to slide down there for everybody to say: let’s get out there and take advantage of it,” she added.

Corcoran also went on to explain that while the cost of homes could go down this year, it’s unlikely the market will see an overall decrease.  

“A lot of people are predicting house prices will come down because the seller will pay less of a commission and take that difference and give it to the buyer. Sellers aren’t made that way. When the seller lists a home, they want the most money they can get, so they’re going to take any savings and put it in their pocket,” she said. 

“The cost of housing, I believe, will go up because it has been going up. It’s been going up for the last five years, despite the dire state of the shortage of houses. So house prices have gone up 6% this year alone. But the real deal is, [there] is not enough houses to go around,” Corcoran concluded.

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