If you’re on the hunt for affordable real estate and a lower cost of living, renowned real estate mogul Barbara Corcoran has some surprising advice: steer clear of Florida and look elsewhere. Speaking recently on “Elvis Duran and the Morning Show,” Corcoran shared her insights on navigating the current housing market and finding the best value for your money.
Why Florida Might Not Be the Best Choice Anymore
During the COVID-19 pandemic, Florida experienced a massive real estate boom as people flocked to the Sunshine State. This trend has continued, causing property prices to soar and making it increasingly difficult for new buyers to find affordable homes. As a result, Corcoran suggests considering other regions for better housing value.
Where to Look for Affordable Homes
Corcoran’s advice is straightforward: seek out areas with poor school districts if you don’t plan on raising children there. These regions often have significantly lower property prices. “Go anywhere in the South, other than the hot spots,” she recommended. According to Corcoran, there’s always a cheap house to buy if you know where to look.
The Legitimacy of Low-Priced Overseas Properties
Co-host Medha Gandhi inquired about the seemingly too-good-to-be-true deals on homes in tiny Italian villages, often sold at extremely low prices with the condition of renovation. Corcoran assured listeners that these offers are legitimate, having personally inspected such properties. However, she cautioned that the major drawback is the lack of population in these towns. “The problem is nobody lives in these towns. Why would you want to go to Italy to live by yourself?” she questioned.
Timing the Market: When is the Best Time to Buy a Home?
Throughout her career, Corcoran has consistently maintained that it’s always a good time to buy a home. She reiterated this belief on the show, emphasizing the importance of entering the market as soon as possible. “It’s always a good time [to buy],” she stated. Corcoran encourages potential buyers to view home buying as more than just an investment. “You are not buying an investment only, you are buying a home to raise your kids in, to have good times, to cook in your kitchen. You want to get in the market.”
Conclusion
Barbara Corcoran’s advice offers a refreshing perspective on finding affordable real estate in a market that continues to heat up. By looking beyond popular hotspots like Florida and considering less sought-after regions, buyers can still find great value. Moreover, her reminder that buying a home is about creating a place to live and make memories, not just an investment, is a valuable takeaway for anyone considering entering the real estate market.
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