Barbara Corcoran: Now is the time to find “sweetheart deals”

Deals are found during times of uncertainty, Corcoran Group founder said

Barbara Corcoran (Credit: Mike Pont/WireImage, iStock)
Barbara Corcoran (Credit: Mike Pont/WireImage, iStock)

The pandemic has made buying or selling a home a real feat, but Barbara Corcoran says those who keep their ears to the ground will be rewarded.

The Corcoran Group founder told Yahoo Finance that smart homebuyers will “stay involved” in the market, watching sales data and shopping online.

“Then they’re in the position to actually recognize a sweetheart deal when they see it and if they pounce on it, they’re going to get a deal of a lifetime,” she said.

There are other reasons to stay in the game, namely that mortgage rates are near record lows.

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But finding a property isn’t easy. Lockdown measures in hard-hit areas like New York City and San Francisco have made it impossible to tour properties, at least legally. Sellers are also pulling listings off the market and waiting to list new ones — 89 percent fewer listings hit the market in Manhattan from late March through mid-April than did last year.

Corcoran said that times of uncertainty are the best times to pounce.

“I can tell you that every real estate cycle that has gone up and down, the deals weren’t made in the down cycles or the up cycles, they were always made in there’s greatest uncertainty and everyone’s guessing,” she said. [Yahoo Finance] – Dennis Lynch