Barbara Corcoran offers 7 key pieces of real estate advice, including 'Forget about Florida'.

Over 50 years in the real estate industry, Barbara Corcoran has built a notable reputation.

Corcoran, 75, is widely recognized as one of the original sharks on ABC's "Shark Tank." She has been a regular on the show for all 15 seasons and has invested in over 80 businesses, as per her website.

Barbara Corcoran, the entrepreneur, hosts the popular podcast "Business Unusual" and has authored several books, including "Shark Tales: How I Built a Billion Dollar Business from $1,000."

Over the years, Corcoran has given valuable real estate advice on various topics, including the best places to buy a home and why young people should invest in real estate early.

On the best place to buy a home

In a 2023 interview on "The Elvis Duran Show," Corcoran advised against moving and buying a house in Florida, suggesting instead looking elsewhere.

She advised going to areas with low-performing schools and low prices for those seeking a cheaper property with potential for high value, but not for raising a family.

"Avoid the hot spots in the South and you'll always find a cheap house to buy, except for Florida. Forget about Florida," she said.

On the best time to buy

"Getting into the market early is crucial to having a stake in the game, and you can always upgrade later," Corcoran advised in the 2023 "Elvis Duran Show" interview. "It's always a good time to buy a home, as you only have one chance to live. You're not just investing, you're creating a place for your family to call home, to make memories, and to cook in your kitchen. So why wait? Prices may fluctuate in the short term, but in the long run, they always go up, so it's wise to get in the market as soon as possible."

Corcoran advised that waiting to buy a house in the U.S. due to high interest rates would not be beneficial in the long run.

"Interest rates will never drop to two to three percent, that's history, but people still believe they will," she said. "If they do come down to something with a five in front of it, everyone sitting on the sidelines will rush the market, bid the pricing up, and there won't be enough inventory to go around. Everyone will pay more, up to 20 percent, so why wait?"

In a 2023 Chicks in the Office podcast interview, Corcoran stated that the ideal time to purchase a property is always "now."

"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, as your life is," she stated.

Young people should invest in real estate early, she suggests

"According to Corcoran, the best thing to do is buy something as quickly as possible. In your 20s, you have a big ego, so don't be ashamed to ask for help from your parents. In New York, nobody buys anything without the support of their families."

The most common mistake she sees people make when buying a house

""Discover the noisy neighbor, barking dog, and party house across the street when you go back for another look," she said in a 2023 Instagram post."

In a 2023 Good Morning America appearance, Corcoran emphasized the importance of knowing what a house looks like at all times of the day, especially if you viewed it in the early afternoon.

""See the house in the morning and at night before deciding if it's your new home," she advised."

Corcoran's golden rule of real estate investing

In a 2023 episode of the BiggerPockets podcast, Corcoran advised that buying a property with at least a 20% downpayment is best in areas where demand is increasing.

"According to Corcoran, if you can purchase a property with a 20% down payment, you will break even, and your tenants will pay off your mortgage, ensuring that you always make a profit. Additionally, if you can invest in an up-and-coming neighborhood, you will see significant returns on your investment."

To sell your house, prioritize the areas that buyers will notice first.

In 2019, she told CNBC Make It that the buyer judges the house within 30 seconds.

To create a positive first impression for your buyer, it's important to enhance the front entrance of your house. This includes repainting the door, maintaining the appearance of the bushes, keeping the garden organized, and power-washing the sidewalk and driveway.

The living room is crucial because it will determine how people perceive the entire house's size, according to her.

A larger rug can make the living room appear more spacious, as buyers tend to judge the size of a room based on the size of the rug, according to Corcoran.

Updating your lighting and having fresh-looking slipcovers are also important when investing in a good rug.

Corcoran advised making sure to make key improvements in the kitchen.

A new and tidy refrigerator can be valuable to a seller.

"A buyer will always open the refrigerator when they enter a kitchen," she stated, and "they assume the entire kitchen is well-organized when they see a new, shiny refrigerator."

Shop around for the best mortgage rate

Corcoran advised in a 2023 Instagram Reel that it's more beneficial to visit multiple banks rather than just one when searching for a mortgage rate.

"Corcoran advises asking if there are any special discounts for long-term customers who have been banking with them, which can save a full quarter of a percent. Although it may not seem like much, it can add up over time."

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

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