Navigating the Challenging Housing Market: Tips from Barbara Corcoran
In today’s real estate landscape, prospective homebuyers face a myriad of challenges. With high mortgage rates and a persistent housing shortage, the dream of homeownership can feel daunting. However, real estate expert Barbara Corcoran offers valuable insights that can help buyers navigate this tough market. Here are three key strategies to give you an edge.
1. Explore Listings That Have Been Sitting on the Market
One of the most effective strategies is to focus on homes that have been on the market for an extended period. Corcoran emphasizes that many buyers overlook these listings, opting instead for newer properties.
“When a house is on the market for six months or longer, nobody’s paying attention,” she explains. “They’re all running to the new listing in town. Make sure you look at the old listing. That’s where a low offer will be accepted.”
By considering these overlooked properties, you may find opportunities for negotiation that could lead to a better deal. Sellers of long-standing listings may be more willing to entertain lower offers, making this a smart approach for budget-conscious buyers.
2. Shop Off-Season
Timing can significantly impact your home-buying experience. Corcoran suggests that prospective buyers should consider shopping during the off-season, particularly in the winter months.
“Everybody’s out in the spring and summer, so you should be shopping in the winter,” she advises. “That’s always where the best deals are taken — in the winter time.”
During the colder months, competition tends to decrease, which can lead to more favorable pricing and terms. With fewer buyers in the market, you may have a better chance of securing a home that meets your needs without the pressure of bidding wars.
3. Look for Homes with a Separate Unit to Rent Out
Another savvy strategy is to seek out properties that include a separate unit with its own entrance. This could be a basement apartment, a guest house, or an in-law suite.
“A separate entrance allows you to make a separate unit, which you could rent to offset the cost of your mortgage,” Corcoran explains.
This approach not only provides additional income but also enhances the property’s overall value. As rental demand continues to rise, having a rental unit can be a significant financial advantage, making homeownership more manageable.
Conclusion
While the current housing market presents challenges, implementing these strategies can empower prospective buyers. By focusing on long-standing listings, shopping off-season, and considering properties with rental potential, you can navigate the complexities of home buying with greater confidence.
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