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“Shark Tank” star Barbara Corcoran says it’s best to buy real estate as soon as possible, regardless of market conditions.
The real estate guru echoed similar sentiments in her recent Forbes series Women & Wealth, saying that if potential buyers wait until interest rates drop, they will face a tougher market due to increased competition and rising prices. He explained that he would have to face.
“If you think you’re having trouble finding a home now, you’re going to have bigger problems and end up paying more for a home,” she explained. “So there’s no point in waiting. There’s nothing better than waiting.”
RELATED: ‘All hell breaks loose’: Barbara Corcoran warns about real estate market and interest rates
Corcoran said she learned this lesson the hard way. Decades ago, she gave up on buying a studio apartment in New York.
“When I was in my late 20s, I got a studio with barely enough money to buy it, and I ran away,” she said. “I just didn’t have the courage to move on. But it took probably five years for me to catch up with the market again. The market ran away from me before I could find another studio.”
The 74-year-old’s portfolio now includes a number of properties, including a $1 million double-wide trailer in California and a $13 million penthouse in New York.
On last month’s episode of “The Elvis Duran Show,” Corcoran for the first time shared his thoughts on getting into the market early, telling viewers they can always upgrade and “trade up” when the time is right.
RELATED: ‘Everyone’s scared’: Barbara Corcoran says now is ‘the perfect time to buy a home’ — here’s why
“It’s always a fun time. [to buy]. “You only get one chance to live. You don’t buy just to invest, you buy a home to raise your kids, have fun, and cook in the kitchen,” she said. She wants to enter the market. Prices always go up in the long run…so why wait?”
Mr. Corcoran’s net worth is estimated at $400 million.
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