Barbara Corcoran told “Good Morning America” viewers on Wednesday that she doesn’t foresee prices dropping any time soon but could see them spiking once mortgage rates come down.
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In a market wrought with uncertainty, there’s one thing Barbara Corcoran is certain about: Housing prices are not going to fall any time soon.
On Good Morning America Wednesday, the Shark Tank star and founder of The Corcoran Group took questions from viewers about the state of the housing market. The first question of the segment was about housing affordability, specifically whether Corcoran foresaw housing prices decreasing in the near future.
“There’s not a lot out there,” Corcoran said. “But I can tell you this, house prices are not going to come down.”
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With mortgage rates sitting at 7 percent, Corcoran described the current housing market as “surprisingly strong” with few houses sitting on the market for long. The Federal Reserve has been gradually raising rates in its fight against inflation — which has dropped from an annual rate of 9 percent to roughly 3 percent over the past year.
The minute mortgage rates begin to fall significantly, Corcoran predicted a feeding frenzy.
Buyers who have been priced out will jump back in the market, driving up demand considerably “and houses are going to go up in price all over again,” she said. “I wouldn’t be surprised if they go up by as much as 10 percent or 15 percent when that happens.”
Current month-over-month and year-over-year U.S. home-price growth and projections through June 2024. Credit: CoreLogic
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