Real estate mogul Barbara Corcoran sat down with Yahoo Finance in mid-April to discuss the latest in the white-hot housing market. Corcoran, a real estate broker, investor, best-selling author, podcast host, and executive producer of ABC’s “Shark Tank,” talked straight-up about today’s housing market and the conditions buyers currently face.
Competition for homes remains stiff as potential buyers continue to contend for a scarce number of properties, driving up prices. With many buyers waiving contingencies on their home offers, in an attempt to make their offer more appealing to sellers, the market is no holds barred.
House hunters, Corcoran says, should be ready to put their absolute best foot forward on offers—or they’ll be in for a rude awakening.
“Number one, they should know what they’re signing up for when they go out. Most are in shock, just that they’re going to have to stretch on price,” she told Yahoo Finance. “And most importantly, they’re going to have to put their biggest bid upfront. I mean, most buyers take the loss of three or four houses before they realize they have to really put their belly up to the bar.”
Currently, most houses on the market last between one and eight days, says the businesswoman, and potential buyers don’t have time to go back and put in a better offer.
With homes flying off the shelves, bidding wars, and homebuilders unable to replenish inventory as fast as it’s sold, should house hunters pump the brakes on their search for a new home?
No, says Corcoran.
“I don’t see any end in sight. If you’re going to wait even three months, you’re going to pay another 3 percent, 4 percent for a house three months from today. So no, that’s not a good philosophy,” she said. “That would be hiding out and hoping that we have a bubble…this is nothing like a bubble. Prices are going to keep going up.”