Barbara Corcoran Shark Tank investor joins her sister, Jeanine Corcoran on the 16th episode of the Discover Harmony Florida podcast to discuss the real estate market in Harmony, Florida. Jeanine Corcoran is the owner and broker for The Corcoran Connection.
Jeanine started off by welcoming her sister Barbara Corcoran from Shark Tank to the podcast. Barbara replied and said it is a pleasure to be here and how she has looked forward to being on Jeanine’s Discover Harmony Florida podcast.
Jeanine asked Barbara about the lack of inventory in the real estate market. Jeanine said that in Harmony, FL there is less than a month’s worth of inventory and it seems to be national. She asked Barbara what her opinion on that was?
Barbara answered that she has been in real estate for almost 50 years, and this is by far the craziest most bonkers market she has ever seen. She said prices are up 19% in the last 12 months and nobody thought it would extend that far. People have become fearful thinking that the market is going to bust. She said that there is no bust on the horizon.
Barbara said that home prices shooting up to the prices that they are is mind-boggling to her with Austin, TX going up 40% in a year and Jacksonville, FL going up 31% not bad for a year.
She did remember one market that was stronger, believe it or not, and it was a market that only lasted one year. It was a crazy market in Manhattan, NY when she was first in business in the 1970s. The city was coming out of bankruptcy, crime was up, and everything was wrong with it. It ended up bouncing back in one year.
Barbara remembers calculating numbers when she realized that prices had gone up 66% in one year. She remembers calling her mother and telling her that prices had gone up 66% and do you know what she said to me, “you should take your 6% commission and leave 3% on the table and ask your buyers if you can have 3% of the deal.” Barbara thought it was a stupid idea but if she had listened to her, she would have been rich by the age of 30.
The market continued to go up and go up and never stopped. That was a miracle market. Barbara has never seen such as the market we are in now sustained for 2 years and still going. She added that it will continue to get more expensive over the next year. Jeanine added that all the real estate experts with Barbara Corcoran being one of them are saying the same thing, that the hot real estate market is going to continue for the foreseeable future.
Jeanine asked the number one question that they receive all the time, will our real estate market crash again, what do you say to that? Barbara replied that she says the same thing to buyers all over the country. That it is a totally different market now because of the roots that it is built on. There is a dramatic difference between who is buying real estate now and who was buying it in 2008.
Barbara continued that in 2008 we had the subprime market and there was reckless lending with no parameters where anyone could get a loan. We had investors flipping like crazy, it was that kind of a real estate market. There was also crazy inflation. Those are terrible things like bad roots of a tree to base a market on and rising prices.
However today Barbara said is different. We have real buyers that are supporting our market. This is what gives me great confidence. They have loans of course but the banks aren’t lending them more than they can afford. So, what you have now is a totally different foundation of the market, and coupled with that is a whole new appreciation of what’s important in life.
Jeanine asked Barbara Corcoran Shark Tank investor what is the one piece of advice she could give to real estate agents to get more listings? Barbara replied that your ability to capture a listing whether it’s a firm or a real estate agent is a summation of a lot of things you’ve done well along the way. You have confidence, credibility, you talk about other spectacular sales, and you can win the seller over because of your real estate experience. You must become very good at what you do.
We hope you enjoyed Jeanine Corcoran interviewing her sister Barbara Corcoran Shark Tank investor. One of our goals at Discover Harmony Florida is keeping you up to date with the local real estate market and there is no better guest than Barbara Corcoran.
