“Shark Tank” star Barbara Corcoran says that buying real estate as soon as possible, regardless of the state of the market, is the best bet.
The real estate maven echoed these sentiments in a recent series with Forbes’ “Women & Wealth”, where she explained that if prospective buyers wait until interest rates drop down, they’ll face a tougher market due to increased competition and higher prices.
“If you think you have a problem now finding a house, you’re going to have a bigger problem and you’re going to pay a lot more for the house,” she explained. “So, there’s no sense in waiting. There’s nothing better about waiting.”
Corcoran said that she learned this lesson the hard way — decades ago, she passed on purchasing a studio apartment in New York.
“When I was in my late 20s, I got my hands on a studio that I could barely afford — I chickened out,” she said. “I just didn’t have the courage to go forward. But it took me probably five years to catch up to the market again. It ran away from me before I could find another studio.”
Now, the 74-year-old has plenty of real estate in her portfolio, including a $1 million double-wide trailer in California and a $13 million penthouse in NYC.
In an episode of the “Elvis Duran Show” last month, Corcoran first shared her thoughts on getting in on the market early, telling viewers that you can always upgrade and “trade up” when the time is right.
“It’s always a good time [to buy]. You only get one chance to live,” she said. “You are not buying an investment only, you are buying a home to raise your kids in, to have good times, to cook in your kitchen. You want to get in the market. Prices always long term go up … so why wait?”
Corcoran’s net worth is an estimated $400 million.
This story originally appeared on Entrepreneur
