"The minute you have enough cash" - Shark Tank's Barbara Corcoran on the best time to buy a house

Barbara Corcoran, a Shark Tank investor and real estate mogul, recently shared a video on her Instagram talking about the best time to purchase a property. She highlighted how the market is often unpredictable and the homebuyers and investors are often trying to determine the best time to make a purchase.

However, Barbara says that the answer to when the best time to buy a house is simple. She says that it is whenever one has enough money to put cash for a down payment.

One of the reasons that the Shark Tank investor advises individuals to buy a house sooner rather than later is because property values tend to increase with each passing year. She says that homeowners are not saving any money by waiting.

Barbara said,

"If you're waiting to buy the house next year instead of right now, forget about it. Prices are just going to continue to go up. Interest rates aren't coming down so you might as well get out in the market and do something about it. The best time to buy is the minute you have enough cash for the down payment."

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Shark Tank investor Barbara Corcoran shares her opinion on the best time to buy a house

The Shark Tank investor backs her reasoning with factual data, stating that house prices have steadily increased by about 4% in the last year. Looking at data from the past decade, Barbara Corcoran asserts that home prices have continued to rise.

This increase has been caused by high demand, limited housing inventory, and inflation. Even though rates vary from region to region, Barbara states that it is expected that the house rates will only go up in the prognostic years. She says,

"Because if you wait for say another year, houses went up 4 percent this last year. They're even gonna up more next year so you're not really saving anything by waiting."

Barbara pointed out her perspective, explaining that waiting to buy a house could be financially disadvantageous. If home prices continue to grow at a rate of 4% or more annually, delaying a purchase could mean paying even more for the same property in the future. This also means that waiting might lead to higher mortgage costs over the long term.

Given the fact that Barbara has been a real estate mogul in New York City and runs her own company, The Corcoran Group, she has experienced market trends over the years and understands the industry well. Her views align with the same and emphasize the benefit of purchasing a house sooner rather than later.

In one of her previous posts, The Shark Tank investor shared tips on buying a home in a tough market. She said that the first thing to do is look at houses that have been on the market for more than 6 months.

This is because everyone's attention is mainly on new listings, and they rarely pay attention to the older ones. According to her, this is a financially sound decision because sellers of older listings may be more likely to accept lower offers. Another piece of advice she gives is to shop off-season.

She further explains that most homebuyers try to purchase property during spring and summer, making demand higher. Barbara says that by shopping in winter, an individual might even land a good deal.

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New episodes of Shark Tank Season 16 air every Friday at 8 PM Eastern Time on ABC and are later available for streaming on Hulu.