We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.
There’s a reason so many Americans are hesitant to buy a home right now. For starters, homes are less affordable than they’ve been in the past.
In April, the median existing-home sales price rose to $414,000, up 1.82% from a year ago.
Don’t miss
- I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
- Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
- Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
And, with the average 30-year mortgage rate sitting at 6.86% as of writing, per Freddie Mac, that’s a tough combination.
It’s not surprising, then, that only 23% of consumers say it’s a good time to buy a home, according to Fannie Mae’s most recent Home Purchase Sentiment Index. An overwhelming 77% think it’s a bad time to buy.
But if you were to ask Shark Tank personality and real estate investor Barbara Corcoran what she thinks of the U.S. housing market, she might put things in a more positive light.
"We have so much hesitation in the market, and it’s giving us an opportunity for buyers to make a good deal," Corcoran recently told Fox Business.
Why it may be a good time to buy a home after all
Ever since the Trump administration introduced tariff policies in early April, the stock market has been volatile. Corcoran acknowledged that the real estate market may be similarly vulnerable to upheaval, especially since she’s seeing large companies back away from long-term commercial leases.
"People don’t like to buy in uncertain times. People worry," she told Fox.
However, she insists that home buyers can benefit from this broad economic uncertainty.
"People at home are worried about their futures and nervous about everything, and the last thing they do is want to make a large commitment to anything."
Corcoran also told Fox that people who are moving money out of the stock market should consider putting it into real estate sooner rather than later.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
"It’s a much more stable environment, of course, because I love real estate, but I’m doing it myself. I have taken so much money out of the stock market. I’ve gotten great deals this month," she said.
"The deals that turned me away four months ago are coming back to me. So, I know it’s a good time to buy."
If you’re in the market for a new home as an investment or your primary residence, finding the best mortgage rate is essential in ensuring the property is a profitable investment Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type, price range and annual income.
Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.
After you match with a lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit.
How to navigate a turbulent housing market
If you’re looking to buy a home, you may want to take the opportunity at a time when other buyers may be backing away. But it’s important to go about things strategically, especially given that home prices and mortgage rates are up, and that economic uncertainty still abounds.
One thing you may want to do is get pre-approved for a mortgage. This can help you get ahead when housing inventory is low. Pre-approval tells sellers that you’re a serious buyer whose finances have already been reviewed by a lender.
Make sure to get yourself an experienced real estate agent who knows the local market well and who can help you determine whether you’re paying up for a home. And be careful with programs like Veterans Affairs loans that allow for a 0% down payment. Starting out with no equity could be a dangerous thing under uncertain economic conditions.
While you’re pricing the cost of a new mortgage, stay aware of your insurance needs, and shop around for the best price for your coverage. OfficialHomeInsurance.com, can help you find the lowest rates on your home insurance for free.
In under 2 minutes, OfficialHomeInsurance.com makes it easy and convenient to browse offers tailored to your needs from a list of over 200 reputable insurance companies.
Simply fill in a bit of information and quickly find the coverage you need at the lowest possible cost for you. On average, you can save $482 a year.
Finally, be very careful if you’re going to buy a fixer-upper. You may get a discount on the purchase price of the home, but you’ll often be reliant on raw materials like lumber to get your home into livable condition — and tariffs could drive those costs upward. Higher supply costs could throw your renovation budget way off course, so you may want to find a home that doesn’t need as much work.
What to read next
- JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
- This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
- Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
