The real estate mogul explains why waiting for interest rates to drop could mean missing your chance to find the right home.
Transcript:
BARBARA CORCORAN: From my perspective, it’s always the right time to buy the house because prices have traditionally always gone up. People are hesitating because of interest rates. But the real reason people are hesitating right now is because people don’t want to sell their house. 2/3 of America have interest rates under 4% and that’s why the market is choked. I think if interest rates were to lower a little bit, maybe another point, we would have an incredible housing market. Thank God people aren’t putting their homes on the market so much because it’s helping house prices continually go up. Some people believe that interest rates are going to go up. Some people believe they’re going to come down. But what you should be doing is focusing on the most important thing finding a house, because it ain’t easy.
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