Barbara Corcoran answers real estate questions
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Barbara Corcoran, a real estate expert, discusses the current real estate market, addressing questions about buying, selling, and renting. She advises that despite high mortgage rates (currently decreasing), now is a good time to buy because prices are expected to rise as rates continue to fall. She emphasizes the importance of finding a good broker and getting pre-qualified for a mortgage to be competitive. While renting is also an option, she encourages homeownership as a long-term investment. Selling a current home and buying a new one versus renting out the current home depends on individual circumstances, but she suggests holding onto a paid-off home if possible, turning it into a rental property to finance a new home purchase.
Highlights
- 🏡 Good time to buy: Despite high-ish mortgage rates, Corcoran believes now is a good time to purchase a home, as rates are falling and prices are expected to rise.
- 🤝 Find a great broker: Securing a skilled real estate broker is crucial for finding good deals in a competitive market.
- 💵 Pre-qualification is key: Getting pre-approved for a mortgage puts buyers on equal footing with cash buyers.
- ⬆️ Prices will rise with falling rates: Corcoran predicts that as mortgage rates continue to decline, housing prices will increase.
- 🏠 Consider renting out your current home: If you own a paid-off home, renting it out can generate income and help finance a new home purchase.
