While previous generations looked forward to moving and retiring in Florida, the younger population is setting their sights on other locations. Generation Z and millennials are moving to different cities and states across the United States and it's a move 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 the Sunshine State.
With over 40 years of experience in the industry and as the owner of multiple properties, the “Shark Tank” star knows a thing or two about buying a home.
“Go anywhere there’s a poor school district where prices are really low,” she said. Although Corcoran noted that this strategy is best for people who are not looking for a place to raise a family and want a less expensive property with potentially high value.
“Go anywhere in the South except the hot spots. There's always a cheap house to buy, always. But not Florida, forget Florida,” she added.
Texas is a Southern state that is growing in popularity. 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 is home to the most Fortune 500 companies.
As in previous interviews and comments on social media, Corcoran insisted that she 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 enter the market, the sooner you will have a token in play. You can trade,” she said. “It’s always a good time [to buy]. You only have one chance to live. You're not just buying an investment, you're buying a home to raise your kids in, spend quality time in, and cook in your kitchen. You want to enter the market. Prices always rise in the long term, so why wait? »
When a listener doubted his advice about buying a home 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 ancient history, and people still believe they will,” she said. “So let's say they come down to something with a five in front, everyone sitting on the sidelines is going to rush into the market, drive up prices, there's not enough inventory to go around, everything the world will pay more as a result. by 10, 15, maybe 20 percent. So why wait?
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