While the real estate market may seem tough as interest rates hit a maximum in 23 yearsReal estate mogul Barbara Corcoran thinks it might actually be the best time for potential homeowners to make a purchase.
In an Instagram post on Monday addressed to her million followers, Corcoran said that while high rates and high prices are pushing “more buyers on the sidelines” to “wait,” she’s not exactly sure what everyone is waiting for, Because once interest rates go down, a home buying frenzy will begin and prices will rise even more, he predicted.
“The days of 2 or 3% interest rates will never come back. Forget about it, but they will come down,” Corcoran said. “The moment they go down and get to anything with a five in front of it, the whole world will jump back into the market, there will be no houses around and prices will go up 10% or even 15% — so don’t get out.” From the market.”
“This is the best time to buy a house because everyone is afraid,” he added.
Many agreed with Corcoran’s perspective in the comments section.
“We’re starting to see more and more homes on the market for this very reason,” said one real estate agent. “Buyers have a lot more bargaining power while others are sitting around waiting.”
“Bravo! Buy (now) and secure the property without crazy and then (refinance) when rates go down,” suggested another.
Earlier this summer, Corcoran spoke on Fox Businesses “The Claman Countdown” and I speak about the imminent problems he predicted for the residential real estate market following the inevitable drop in interest rates.
“The moment those interest rates go down, all hell will break loose and prices will skyrocket,” he said at the time.