How to Find the Next Hottest Real Estate Market: Tips from “Shark Tank” Star Barbara Corcoran
Real estate mogul Barbara Corcoran is well-known for her ability to read the market and make deals. As one of the stars of the hit show “Shark Tank,” she’s become something of an expert on finding the next big thing. In a recent post on her Instagram account, Corcoran shared one of her top tips for figuring out where the next hottest real estate market will be.
According to Corcoran, it’s too expensive to buy a house in many areas, so it’s essential to find the next up-and-coming area to set your sights on real estate there. To do this, she suggests talking to members of the creative community like dancers, artists, designers, and musicians. These people bring energy and life force to areas that may have been dead or stagnant, and within five years, these areas can be worth a lot of money.
However, Corcoran’s post received mixed reactions. Some people agree with the real estate expert, saying that real estate is an ongoing process, and you have to keep your eye on the prize. Others believe that she is encouraging gentrification, which has been a serious issue.
The Current Housing Market: Overview
In a separate post, Corcoran spoke about the current housing market, issuing a stern warning to those in the commercial business, as she felt it was heading towards a “bloodbath” between buyers and sellers. She also noted that the residential real estate market was picking up, but there was an inventory problem as people who go out to buy realize they are overbuilding. They are having a hard time getting the house, and right now, what everyone is afraid of is high-interest rates.
To understand the housing market better, let’s take a closer look at the real estate market trends and statistics.
Real Estate Market Statistics
The National Association of Realtors (NAR) reported that existing-home sales rose 0.7% in December 2021 to a seasonally adjusted annual rate of 6.26 million. These numbers indicate a 10.2% increase from December 2020’s rate of 5.68 million. The median existing-home price was $310,800, up 13.5% YoY, which marks the 12th straight month of double-digit price gains.
As per the Home Buying Institute (HBI), the hottest real estate markets in 2022 include the following U.S. cities:
Austin, Texas
Phoenix, Arizona
Boise, Idaho
Tampa and St. Petersburg, Florida
Salt Lake City, Utah
Raleigh, North Carolina
Denver, Colorado
Las Vegas, Nevada
Nashville, Tennessee
Charlotte, North Carolina
Now, let’s look at some of the top real estate trends to watch out for in 2022.
Top Real Estate Trends to Watch Out For in 2022
1. Increased Demand for Rural Properties
In 2022, more and more people will continue to move out of large cities and into suburban areas, small towns, and rural areas. COVID-19 has accelerated this trend, as many people have discovered the benefits of remote work, and they no longer feel the need to be close to their offices. As a result, rural properties are becoming more popular, and prices are rising.
2. Increased Focus on Sustainability
Climate change is becoming a priority for many investors, policymakers, and homebuyers. In 2022, more emphasis will be placed on creating sustainable homes and properties. Builders and developers will need to take this into account and ensure that they integrate sustainable technologies, features, and materials into their plans and designs.
3. Continued Rise of Rental Properties
The affordability crisis in real estate will continue to escalate in 2022, leading to more people renting homes and apartments instead of buying. This will drive up demand for rental properties, and homeowners with excess space will consider making a rental income. Companies like Airbnb, VRBO, and HomeAway will also play a crucial role in the rental market in 2022.
4. Emphasis on Technology
Technology will continue to play an essential role in the real estate industry in 2022. Over the next few years, AI, the Internet of Things, and other technologies will continue to transform the industry, from property management to homebuying and selling. Homebuyers will be relying more on virtual home tours, and real estate agents will leverage technology to drive leads.
5. Continued Strong Demand for Single-Family Homes
Single-family homes will likely remain the go-to choice of buyers, and there will be continued strong demand for them in 2022, leading to a shortage. Low-interest rates will incentivize more people to jump on the bandwagon, leading to increased competition and rising prices.
Conclusion
Real estate is a constantly evolving market, and those who can read the market and make decisions based on trends can reap significant rewards. In 2022, it is essential to stay on top of the latest trends and statistics to make informed decisions. From increased focus on sustainability to the rise in rental properties, there are many opportunities to capitalize on. However, you must proceed with caution, as every market has its own risks and challenges.
Summary
Barbara Corcoran, a real estate mogul and television star, recently shared one of her top tips for finding the next hottest real estate market. To figure out where the up-and-coming neighborhood is, she recommends talking to members of the creative community and asking where they live. These people bring energy and life to an area, and within five years, that area can be worth a lot of money. However, the post received mixed reactions, with some people saying that Corcoran is encouraging gentrification. In 2022, we can expect an increased focus on sustainability, a rise in rural properties, and continued demand for rental properties and single-family homes. Real estate is an ever-changing market, and staying on top of trends and statistics is crucial to make informed decisions.
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Real estate mogul Barbara Corcoran is a pro when it comes to reading the market and knowing how to make the deal.
This week, the “Shark Tank” star shared with his Instagram followers one of his best tips for figuring out where the next hottest real estate market will be, before prices inevitably skyrocket.
“It’s too expensive to buy a house in so many areas,” Corcoran told viewers, encouraging them to find the next up-and-coming area and set their sights on real estate there.
“I talk to the members of the creative community, the dancers, the artists, the musicians, the designers, and I ask them where they live,” he said, noting that creatives bring “energy and life force” to areas that may have been dead. or stagnant. “In five years, it’s worth a lot of money.”
Corcoran’s post received more than 12,600 likes and a slew of comments, some agreeing with the real estate expert and others claiming he was encouraging gentrification.
“Absolutely, real estate is not a one time event. It’s an ongoing process, you buy the first one to get to the next one,” wrote one person. “There may be some compromise from the beginning to the ideal, but you have to keep your eye on the prize!”
“Gentrification,” wrote another bluntly. “It’s been going on in all five boroughs for years.”
Corcoran made headlines last week when she spoke about the current housing market, issuing a stern warning to those in the commercial business, as he felt it was heading towards a “bloodbath” between buyers and sellers.
Corcoran also noted that the residential real estate market was picking up, but noted that there was an inventory problem.
“People who go out and buy realize they are overbuilding,” he said at the time. “They’re having a hard time getting the house. And right now, what everyone is afraid of is high interest rates.”
https://www.entrepreneur.com/business-news/how-barbara-corcoran-finds-up-and-coming-real-estate-markets/453876
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