The popular real estate entrepreneur insists that we still suffer through a ‘difficult’ market
The founder of the Corcoran Group Barbara Corcoran discusses the loss of his home in Los Angeles to wild fires, a meeting of V
The sunny sky is still not shining in the US real estate market, according to one of the best experts in the country and entrepreneurs “Shark Tank”.
“No one wants to move and [there are] Fewer houses you can choose with higher rates. So it’s hard for home customers, “said the founder of Corcoran Group Barbara Corcoran “Morning with Mary,” Thursday.
The mortgage rates are moving down “for a fraction of the point”, Corcoran pointed out as he reacted to 30-year-old fixed rates falling to 6.96%, which is the lowest level in six weeks. As of Thursday, the 15-year fixed loan rate was 6.21%.
However, in Corcoran’s opinion, the rates are not low enough for sellers to list their homes. Redfin reported in December that more than half (54.5%) of the markets on the market are more than 60 days, and many of the potential customers have been too expensive.
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“Mentally, it affects the market market because people are waiting for very good news, and lowering the tens of point is not very good news. It’s been from 7 [percent] to 6.9, “she explained.” Psychologically, it makes a difference, but with interest rates that remain high, what actually causes is fewer houses on the market. “
The founder of Corcoran Group Barbara Corcoran shares good and bad news about American accommodation on Thursday “Morning with Mary”. (Getty Images)
Moreover, real estate expert does not believe that the house prices will soon fall.
“I think it’s not realistic in the nature of the seller, honestly. Their house is always worth more,” Corcoran claimed.
The founder of the Corcoran Group Barbara Corcoran claims that the mass fall of the mortgage would be “huge” for markets during the appearance of “Cavuto: Coast to the Coast”.
“I don’t think Prices will shake at all. I think he will endure hoping that interest rates will fall again. And what is it? “She continued.” It’s another six months. And many sellers have very low interest rates from which they do not want to give up. “
This current standing market was preceded by a tumultuous activity guided by great demand during pandemic, but it slowed significantly because the high prices of houses and mortgage rates led to a current accessibility crisis that pushed ownership of homes for many Americans.
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Some optimism pockets can be found on the luxury dwelling market, as Corcoran noted that these contracts are performed by the double rates of the national average.
“I really like the luxury market. I hate to say: I’m very noisy in that, especially in warm climates. All rates … They increase almost twice as much as a national average. And that’s a pretty good report.”
Fox Business’ Breck Dumas contributed to this report.
