Though the housing market has been hurt by low inventory, high prices and high mortgage rates, “Shark Tank” celebrity investor Barbara Corcoran said that now is the best time to buy a home.
In answer to a Good Morning America viewer trying to balance the desire to own a home with fears of an impending recession, Corcoran encouraged viewers to buy now, saying that it’s all about interest rates and good timing.
“I’ve been in the business my whole life and I’ve never been able to sharpshoot this market. But what I can tell you, it’s a good time to buy,” Corcoran said. “Because the minute interest rates go down — everybody’s waiting for them to go down, even by a point. And when they do, they’re going to come rushing back in the market, prices are going to explode and you’re going to be paying more for the same house.”
Corcoran added that refinancing — paying off your current loan and replacing it with a new one, often with better rates — is always an option.
This advice comes amid expectations of another Fed rate hike, even as mortgage rates approach the 7% mark, the highest they’ve been since 2002.
Corcoran also chimed in on the coming deal to raise the debt ceiling, which has been agreed upon but not yet passed.
“It’s not going to have any material effect,” on the housing market, she said. “But what it does do is make people feel more confident, and when people are confident and sure of their footing, they buy houses.”
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