Barbara Corcoran: Housing prices will "skyrocket." But when?

If you are planning to buy a home, you are likely in a difficult position. While you may want to wait for interest rates to drop, if you wait too long, you could face a surge in housing prices.

According to a recent statement by Barbara Corcoran, a real estate business agent, our market is in a state of "standoff," but this won't last forever.

According to Corcoran: "Sellers don't want to move out of their apartments or houses because they don't want to take on higher interest rates, and buyers are too afraid to purchase right now because they are getting less home for the same money. So we have a stalemate here. But everything is changing."

Corcoran believes that there will be a significant shift in the real estate market as soon as interest rates decrease.

“As soon as these interest rates drop, everything will go to hell, and prices will skyrocket,” she said. “Right now, sellers are not moving. But if interest rates fall by two points, they will stop being inactive.”

“This will be a signal for everyone to go out and buy like crazy, and housing prices will likely rise by 20%,” she said. “We could face a market similar to the one during COVID again.”

Corcoran noted that housing prices and market trends will continue to vary across different regions. In some areas of the U.S., prices are falling because homes are becoming unaffordable for most buyers. However, in the Southwest region, prices are rising, especially in South Florida.

"Housing prices in South Florida are still rising, and it's one of the hottest markets," said Corcoran. "People love Florida and are willing to pay any amount. I don't understand it, but it's very successful."

Don't expect a major collapse in the real estate market.