The housing market has been bad, and it shows no signs of improving anytime soon. Homeownership feels harder to reach these days, with so much shaping the market at once.
From Trump tariffs disrupting the market to inflation skyrocketing, owning a house is more of a lucky gamble than a long-term investment. When things get this confusing, people tend to look up to well-known voices who have been around the block a few times.
Barbara Corcoron happens to be one of those leading voices in the world of real estate.
She might not always see the struggle the same way that everyday buyers do, but every now and then, they share something useful that you won’t dig up by scrolling through search results.
Barbara’s Advice on Waiting for Cheaper Rates
The New York real estate mogul shared some unfiltered piece of advice. She said, “Prices are just going to continue to go up, [and] interest rates aren’t coming down.”
Contrary to popular belief, her advice is more of a nudge to stop holding back. Corcoran is basically telling buyers to take this info and use it as momentum. Sitting back won’t change anything, and she wants people to step into the market instead of watching it pass by.
In other words, it is only going to get worse with every passing day. The very best option is what is available right now.
What You Can Control in a Messy Market
Corcoran’s advice is pretty straightforward, i.e., if you’ve put together the money for your down payment, that’s your sign to start looking. In the current hyper-capitalistic environment, one cannot twist the market into doing what they want. And neither can one make the rates behave in their favor.
The only thing you can do is get your savings in order, and that will enable you to take the leap towards the far-fetched dream of being a homeowner in this economy.
Many people who work in finance share the same outlook as Barbara Corcoran. Right now, it’s very easy to get lost in market chatter and end up second-guessing every move. Holding your horses for some seemingly ripe condition can be a never-ending pigeonhole.
A better approach is to look at your own numbers and decide whether your savings and monthly budget can support a purchase.
Long-term Value Outweighs Market Fluctuations
Finance experts, like Minda Zetlin, who authored The Geek Gap, and has formerly served as the president of the American Society of Journalists and Authors (ASJA), align with Barbara’s words of basic wisdom.
Zetlin explains that buying a home is more often than not a once-in-a-lifetime purchase that shapes your life for a long stretch. If you plan to settle in and live in your house for many years, minor fluctuations in the market are not as major as they might seem at the moment. What really matters is how well the place fits the future you want to build.
Minda elucidated her point in a column for Inc. magazine recently, saying, “After all, you may wind up living in that home for several years, or maybe even decades. When you look at it that way, year-to-year fluctuations in the market start to matter a lot less.”
A bargain price feels good, but a home of one’s own liking feels even better.
The Price of Waiting in a Climbing Market
The point of the matter is that holding off can work against you. Prices have not stopped climbing, and neither do they show any sign of slowing down. Prices have spiked by four percent in the past year, according to recent housing market data. Waiting around could, unfortunately, mean paying a higher price down the road.
There is no forecast of a big price drop in the housing market anytime soon. And if you’re renting while you wait, your monthly payment is just helping your landlord build wealth. Delaying doesn’t always protect your wallet. In this case, it just shifts your money into another person’s pocket.
The market conditions are bad; missing out on your dream house could be worse.
Quick Summary of Barbara Corcoran’s Housing Market Advice
- Prices are likely to keep rising
- Mortgage rates not expected to drop soon
- If you have a down payment saved, consider buying
- Long-term ownership matters more than short-term fluctuations
- Waiting may mean paying more later
