Why are Dave Ramsey & Barbara Corcoran Saying Buy Now?

Barbara Corcoran Says Housing Prices ‘Are Going To Go Through The Roof’: Here’s When..

In a recent Fox Business interview, real estate entrepreneur and “Shark Tank” star Barbara Corcoran shared her prediction for when home prices will rise, how much she expects them to increase and more.

Corcoran believes there will be a major swing in the real estate market as soon as interest rates drop.

“The minute those interest rates come down, all hell’s going to break loose and the prices are going to go through the roof,” she said. “[Right now sellers are] staying put. But they’re not going to stay put if interest rates go down by two points.

“It’s going to be a signal for everybody to come back out and buy like crazy, and the house prices [will likely] go up by 20%,” she said. “We could have COVID [market] all over again.”

Lower Interest Rates Will Mean Higher Home Prices

We’re currently experiencing a “bottleneck” in the real estate market, Corcoran said, but this won’t last forever.

“Sellers don’t want to move from their apartment or their home because they don’t want to take on higher interest rates,” she said, “and buyers are too afraid [to buy] because they are getting less house [for the price]. So you’ve got a standoff going on. But things are changing.”

Corcoran believes there will be a major swing in the real estate market as soon as interest rates drop.

“The minute those interest rates come down, all hell’s going to break loose and the prices are going to go through the roof,” she said. “[Right now sellers are] staying put. But they’re not going to stay put if interest rates go down by two points.

“It’s going to be a signal for everybody to come back out and buy like crazy, and the house prices [will likely] go up by 20%,” she said. “We could have COVID [market] all over again.”

Home Prices and Market Trends Will Continue To Vary Greatly Geographically

Although a recent report found that home prices experienced their first annual decline in 11 years, Corcoran noted that has not been the case everywhere in the U.S.

“In the coastal areas, prices are going down because houses are just so not affordable,” she said. “But if you look in the Southwest, prices are going up. You have some cities where prices are rebounding by 20% in six months.”

Should you buy?

This is highly personal. According to Dave Ramsey, if you have your debt paid off and your emergency fund set aside, owing a home is the next step to long term wealth. Personally, I know I feel more secure owning my own home. BUT, you have to make sure you can afford your payments and be comfortable. No one wants to struggle with their mortgage payments.

This is why I offer a FREE planning session for buying and selling. In this session we map out your 1, 3, and 5 year goals in a holistic approach and build a custom plan for you. Book your call today.