Barbara Corcoran (Image Source: Instagram/@sharktankabc)
Highlights
- Barbara suggests to go for properties that have been on the market for six months as it might get you the best deal.
- Barbara says purchase home in winters because that’s when demand is low, and allows buyers to secure better deals off season.
- A home with a separate entrance can provide extra income through renting, helping offset mortgage costs.
Purchasing a home can be difficult, particularly in a tight market where housing prices are steep and supply is scarce. Shark Tank investor Barbara Corcoran has revealed three strong tips that can put buyers ahead of the game and enable them to get the best possible deal.
1. Look for Older Listings for Secret Bargains
The majority of shoppers dash to view recently listed properties, skipping homes that lingered for months. Barbara Corcoran tells shoppers to do the opposite.
When a home has been on the market for six months or more, sellers will be more inclined to make concessions, allowing shoppers to negotiate a good bargain. Rather than joining the crowd, look at older listings that may be ignored, and you could end up finding your dream home at a lower cost.
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2. Buy Property During the Off-Season
Timing is of the essence when it comes to real estate. Most individuals search for houses in the spring and summer, and due to this, they are greatly demanded and expensive. Barbara advises capitalizing on the off-season, winter, as a matter of fact, when there is less demand.
In this season, sellers are more desperate to sell, and this provides better bargains and more bargaining leverage for the buyers.
3. Look for a Home with a Separate Entrance
One of the most intelligent methods of counterbalancing the expense of a mortgage is through the selection of a house with a separate entrance. Barbara states that having an area that can be converted into a rental space enables homeowners to earn additional money.
Whether an in-law suite, basement apartment, or converted garage, leasing a separate space can greatly cut down on monthly housing expenses.
Barbara Corcoran’s tips for buying a home involve savvy decision-making and long-term financial gain. By focusing on older listings, purchasing during off-peak season, and seeking homes with rental possibilities, consumers can maximize their investment even in a downturned market.
Barbara Corcoran had also ventured to predict the housing market in the past, predicting a severe increase in house prices after mortgage rates decline. She explained to Fox Business in an interview that although the market is slowing down at the moment because of high interest rates, it is not going to be that way forever.
According to Barbara, once the mortgage rate falls, home demand will increase tenfold, and prices will jump up dramatically. She opines that after the decline in rates, the market will rapidly warm up and send house prices shooting up to 20%.
Buyers waiting for decreased rates risk more difficulties with affordability when confronted by this rate spike, as per Barbara. That being said, the effect, according to her counsel, will also be different for locations, especially as the coasts already command high values of properties. According to her recommendations, buyers must remain vigilant and expect a turn-around in the market.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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