While older generations looked forward to moving and retiring to Florida, the younger population is setting their sights elsewhere. Generation Z and millennials are moving to different cities and states in the US and it's a decision that real estate mogul Barbara Corcoran supports.
In a 2023 “Elvis Duran Show” interview, Corcoran was asked if he thought Florida was still a good place to move and buy a home. Corcoran suggested looking outside the Sunshine State.
With more than 40 years of experience in the business and as a property owner, the “Shark Tank” star knows everything about buying a home.
“Go anywhere that has a poor school district where the prices are really low,” he said. Although Corcoran noted that the strategy is better for people who are not looking for a place to raise a family and want a cheaper property with a potentially high value.
“Go anywhere in the South other than the trendy places. There's always a cheap house to buy, always. But not in Florida, forget about Florida,” he added.
One southern state that is gaining 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 technology and aerospace. As of 2022, Texas leads the country as home to the most Fortune 500 companies.
As in previous interviews and comments on social media, Corcoran insisted on the fact that he believes it is always a good time to invest in real estate and that there is no point in waiting.
“I think the sooner you get into the market, the sooner you have a chip in the game. You can negotiate,” he said. “It's always a good time [to buy]. You only have one chance to live. You are not just buying an investment, you are buying a house to raise your children, have good times, cook in your kitchen. You want to enter the market. “Prices always go up in the long term… so why wait?”
When a listener doubted his advice about buying a home right now because of high interest rates in the United States, Corcoran said waiting would do more harm than good in the long run.
“Interest rates will never go down to two or three percent, that's history, but people still believe they will,” he said. “So let's say you come up with something with a five in front of it, everyone sitting on the sidelines is going to rush the market, raise the price, there's not enough inventory to go around… everyone's going to pay more to the tune of 10, 15 maybe 20 percent. So why wait?”
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