Real estate mogul Barbara Corcoran is a pro when it comes to reading the market and knowing how to make the deal.
This week, the “Shark Tank” star shared with her Instagram followers one of her best tips for figuring out where the next hottest real estate market will be—before prices inevitably skyrocket.
“It’s too expensive to buy a house in so many areas,” Corcoran told viewers, encouraging them to find the next up-and-coming area and set sights on real estate there.
“I talk to the creative community members, the dancers, the artists, the musicians, the designers and I ask them where they’re living,” she said, noting that the creatives bring “the energy and life force” to areas that may have otherwise been dead or stagnant. “In five years, it’s worth a lot of money.”
Corcoran’s post received over 12,600 likes and a slew of comments, some in agreement with the real state maven and others claiming she was encouraging gentrification.
“Absolutely, real estate is not a 1-time event. It’s an ongoing process, you buy your first to get to the next,” one person wrote. “There may be some compromise from first to the ideal, but you need to keep your eyes on the prize!!!”
“Gentrification,” another bluntly wrote. “Has been happening all over the five boroughs for years.”
Corcoran made headlines last week when she spoke about the current real estate market, issuing a stark warning for those in the commercial business as she felt that it was headed toward a “bloodbath” between buyers and sellers.
Corcoran also noted the residential real estate market was rebounding but noted that there was an inventory problem.
“The people who are going out there and buying are finding they’re overbuilding,” she said at the time. “They’re having a hard time getting their hands on the house. And right now, what everybody’s afraid of is the high-interest rates.”
