While previous generations looked forward to moving and retiring to Florida, the younger population is setting their sights on other places. Gen Zers and millennials are relocating to different cities and states across the U.S. and it’s a choice that real estate mogul Barbara Corcoran supports.
In a 2023 “Elvis Duran Show” interview, Corcoran was asked if she thought Florida was still an excellent place to maneuver and buy a house. Corcoran suggested looking outside of the Sunshine State.
With over 40 years of experience within the business and as a multi-property owner, the “Shark Tank” star knows a thing or latest about buying a house.
“Go anywhere that has a poor school district where prices are really low,” she said. Though Corcoran did note that strategy is best for individuals who aren’t on the lookout for a spot to boost a family and need a less expensive property with potentially high value.
“Go anywhere within the South aside from the new spots. There’s all the time an inexpensive house to purchase, all the time. But not Florida, ignore Florida,” she added.
One Southern state that’s growing in popularity is Texas. The state was the No. 1 state Americans moved to in 2023, in keeping with U-Haul.
The Southern state has turn into a growing base for various industries, including tech and aerospace. As of 2022, Texas leads the nation as home to essentially the most Fortune 500 firms.
Like in prior interviews and social media commentary, Corcoran doubled down on the proven fact that she thinks it is usually an excellent time to take a position in real estate and there is no such thing as a point in waiting.
“I believe the earlier you get available in the market, the earlier you’ve gotten a chip in the sport. You may trade up,” she said. “It is usually an excellent time [to buy]. You simply get one probability to live. You will not be buying an investment only, you’re buying a house to boost your kids in, to have good times, to cook in your kitchen. You must get available in the market. Prices all the time long run go up … so why wait?”
When a listener doubted her advice on buying a house right away due to high rates of interest within the U.S., Corcoran said that waiting would do more harm than good in the long term.
“Rates of interest won’t ever come all the way down to two to 3 percent, that is history, still people consider they’ll,” she said. “So as an example they arrive all the way down to something with a five in front of it, everyone sitting on the sidelines goes to rush the market, bid the pricing up, there’s not enough inventory to go around … everyone seems to be going to pay more to the tune of 10, 15 perhaps 20 percent. So why wait?”