Barbara Corcoran advises to disregard interest rates and take action to purchase a home.

Barbara Corcoran advises homebuyers to focus less on mortgage rates and enter the housing market.

The 75-year-old real estate tycoon has been in the industry for more than half a century. Additionally, Corcoran is recognized as one of the original investors on ABC's "Shark Tank," having participated in all 15 seasons of the program.

In an interview with Bloomberg Television in August, Corcoran expressed her view on the housing market and why she believes potential homebuyers are wasting their time by waiting for interest rates to decrease.

"Corcoran advises getting out into the market with one more point, as the price of the house will increase."

She stated that when interest rates decrease by another percentage point, prices will change accordingly.

Since the average rate on the popular 30-year-fixed mortgage has dropped to 6.4%, the lowest it's been since April 2023, Corcoran's advice follows news that mortgage rates are starting to drop.

In the interview, Corcoran addressed the issue of housing affordability in the U.S. and the ongoing rise of both home prices and rents across the nation.

The rise in renting costs across the United States is a significant concern because many individuals cannot afford the rental space based on their income, she stated.

Corcoran stated that she is concerned about people achieving the American dream due to the challenging housing market, where there is intense competition.

While the average rent for an apartment in the U.S. is $1,713, according to RentCafe, the average United States home value has increased by 3.3% over the past year, reaching a value of $362,481, according to Zillow.

Corcoran has previously proposed entering the real estate market without waiting for interest rates to decrease.

In a 2023 interview on the "Elvis Duran Show," Corcoran stated that the best time to buy is always now, and interest rates were between 7% and 8% at the time.

"Getting into the market early is crucial to having a stake in the game, and you can always upgrade later," Corcoran advised. "It's always a good time to buy, as you only have one chance to live. When purchasing a home, you're not just investing, you're creating a space for your family to make memories and enjoy life. Prices may fluctuate in the short term, but in the long run, they tend to increase. So why wait?"

In a 2023 episode of the Chicks in the Office podcast, Corcoran's advice remained consistent in a different interview.

"The timing of your earnings on that home is determined by when you have to move, not when you buy in. You have no control over that; your life is," she stated.

Barbara Corcoran is a panelist on "Shark Tank," which CNBC owns the exclusive off-network cable rights to.

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