“The faster you can buy, the better. You’ve got to get into the game,” said Barbara Corcoran when asked advice for first-time homebuyers.
Corcoran, the founder of New York’s largest real estate company, The Corcoran Group, and Shark investor on ABC’s “Shark Tank,” is a person to pay attention to when it comes to helping your clients make real estate choices.
Corcoran encourages first time buyers, if they can be flexible about where they live, to buy in Nashville. “Nashville can give you more bang for your buck…(even though) everyone seems to want to live in New York or Los Angeles or Washington DC…no, you’re barking up the wrong tree because (those places) are too expensive.”
Corcoran believes that places like Nashville that, according to a Workforce Report from LinkedIn, has more jobs than any other small town in the country. Workforce indicates that hiring rates in Nashville rose +11.2% over the past two years and is ranked the #3 city for attracting talent. The only other cities comparable jobs-wise are Austin and Denver.
According to Corcoran, “For $295,000, you can get a three bedroom house in Nashville. Also, prices have gone up about 10% there in the last 9 months…that’s a tremendous gain.”
This real estate mogul ranks Austin and Denver in the top three next to Nashville for first time buyers. Austin is more expensive due to having Apple and Dell and Denver has more room to grow but, “If you’re watching your wallet and you want to make the most money in up and coming cites, those, I think, are the three best cities right now to plunk you cash down.”
Corcoran, a self-made millionaire plus, native New Yorker, has lived her entire life executing the mindset of “taking chances almost always makes for happy endings.”
Encourage your first time buyers to take some chances, reasonable ones, when making their home buying decisions.