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 decision that real estate mogul Barbara Corcoran supports.
In a 2023 “Elvis Duran Show” interview, Corcoran was asked if she thought Florida was still a good place to move and buy a house. Corcoran suggested looking outside of the Sunshine State.
With over 40 years of experience in the business and as a multi-property owner, the “Shark Tank” star knows a thing or new about buying a home.
“Go anywhere that has a poor school district where prices are really low,” she said. Though Corcoran did note that strategy is best for people who aren’t looking for a place to raise a family and want a cheaper property with potentially high value.
“Go anywhere in the South other than the hot spots. There’s always a cheap house to buy, always. But not Florida, forget about Florida,” she added.
One Southern state that is growing in popularity is Texas. The state was the No. 1 state Americans moved to in 2023, according to U-Haul.
The Southern state has become a growing base for different industries, including tech and aerospace. As of 2022, Texas leads the nation as home to the most Fortune 500 companies.
Like in prior interviews and social media commentary, Corcoran doubled down on the fact that she thinks it’s always a good time to invest in real estate and there is no point in waiting.
“I think the sooner you get in the market, the sooner you have a chip in the game. You can trade up,” she said. “It’s always a good time [to buy]. You only get one chance to live. 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. Prices always long term go up … so why wait?”
When a listener doubted her advice on buying a house right now because of the high interest rates in the U.S., Corcoran said that waiting would do more harm than good in the long run.
“Interest rates will never come down to two to three percent, that’s history, still people believe they will,” she said. “So let’s say they come down to something with a five in front of it, everyone sitting on the sidelines is going to rush the market, bid the pricing up, there’s not enough inventory to go around … everyone is going to pay more to the tune of 10, 15 maybe 20 percent. So why wait?”
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