“Housing values are poised to outpace expectations, real estate whiz Barbara Corcoran said Wednesday on CNBC.
“You have 30 percent reduction in sale price. You have cheap money around,” she said, adding that in nine out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once. “You don’t think that until you go shopping for a house.”
In response to a question from “Fast Money”
“I would first go out and buy a beachfront property,” she said. “Go out and buy a second home. It’s the last piece of the real estate market that has yet to hit bottom.”
Corcoran, who built a multimillion-dollar real estate firm and stars on reality TV show “Shark Tank,” said it was also a great time to step up a primary residence.
“Right now, if you’re upgrading to a bigger house, even if you’re selling at 10 percent off, you buy your new house at a 10 percent off,” she said.
Appreciation in property values, Corcoran added, would be stronger than the numbers are suggesting.
“It’s going to go much higher than people anticipate,” she said.”