Shark Tank investor and real estate tycoon Barbara Corcoran sat down with Good Morning America to answer viewer-submitted questions about the housing market. Several questions gave her the chance to share her outlook on today's market.
When asked if the housing market is cooling down, Corcoran believes that despite interest rates, the market is likely to heat up. "The problem in the marketplace is the higher interest rates have pushed so many buyers to the sidelines," she said, "and there are a lot of people still hanging out there waiting to go out into that market and it's fiercely competitive."
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She also warned against "stinkin' thinkin'" as high interest rates lure buyers into a common trap. "You think, 'hey, it's too expensive for me to buy this house, but when rates go down, I'll be able to refinance.' It doesn't work that way. They also go up so you should take [the] payment for [you can afford and add] another two percentage points."
Corcoran also believes that it's still a seller's market--and it always will be "when you have five buyers and two houses [...] and I don't see that changing very radically the minute interest rates come down, which eventually they will. Prices will skyrocket all over again."
Corcoran had another key piece of advice for first-time buyers, and it's something she says they almost always overlook.
"People don't go back for a second look at the house at night or in the early morning. That's when you find out your neighbors are noisy, [...what time] the garbage truck goes by. People fall in love with the house [...] at that moment in time. No, you got [back] to see it in the morning [and] you got to see it at night.”
