The Corcoran Group founder Barbara Corcoran discusses losing her Los Angeles home to wildfires, Gov. Gavin Newsom meeting with President Donald Trump, home insurance companies canceling policies and U.S. mortgage rates.
Sunny skies aren’t shining across America’s real estate market just yet, according to one of the nation’s top experts and “Shark Tank” entrepreneurs.
“No one wants to move and [there are] fewer houses to choose from at higher rates. So it’s difficult for homebuyers,” Corcoran Group founder Barbara Corcoran said on “Mornings with Maria,” Thursday.
Mortgage rates are moving down “by a fraction of a point,” Corcoran pointed out while reacting to 30-year fixed rates falling to 6.96% – the lowest level in six weeks. As of Thursday, the 15-year fixed loan rate was at 6.21%.
However, in Corcoran’s view, rates aren’t low enough for sellers to list their homes. Redfin reported in December that more than half (54.5%) of homes on the market had been listed for more than 60 days, with many deemed too expensive by would-be buyers.
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“Mentally, it affects the housing market because people are waiting for very good news and coming down a tenth of a point is not really good news. It went from 7 [percent] to 6.9,” she explained. “Psychologically, that makes a difference, but with interest rates remaining high, what it really causes is fewer houses on the market.”
Corcoran Group founder…
