Barbara Corcoran: House prices will skyrocket: here's when

are scared because they're getting less house for the same price. So, we're getting a stalemate situation. But things are changing.".

Corcoran believes there will be a major shift in the real estate market once interest rates come down.

"When those interest rates start to come down, everyone will fly into a buying frenzy and home prices will go up 20 percent," she said. "We could be facing a COVID-like situation again. "

Different geographical areas will have different trends in house prices and the market.

Although a recent report showed that home prices declined for the first time in 11 years, Corcoran noted that this was not true for the entire U.S.

"On the coasts, prices are coming down because homes are just not affordable," she said. "But if' 'She said. "There's no comparison now to what it used to be.