Mortgage
Barbara Corcoran, a real estate mogul, anticipates that a decrease in interest rates could lead to a spike in home prices.
Real estate mogul Barbara Corcoran advises that now is the best time to buy a home, despite declining mortgage rates. Lower rates may bring more competition and drive prices higher. Bidding wars have led to record-breaking home price growth, with sellers receiving multiple offers and 16% of homes selling above asking price. There is an inventory crunch, but new listings and supply are slowly improving. NAR’s chief economist, Lawrence Yun, predicts the housing market has bottomed out and expects rates to stabilize between 6% and 7%. Economist Mark Zandi warns that full market recovery may take several years. Corcoran suggests potential buyers should take action now and even consider writing personalized letters to homeowners they are interested in purchasing from.
Source link