Queen of New York real estate weighs in on housing market

The Associated Press recently interviewed Barbara Corcoran, known as the Queen of New York real estate and founder of The Corcoran Group, on the current housing market and tips for home buyers.

Corcoran told the AP that she used to live in a rent-controlled studio apartment, illegally. But her living situation allowed her to save money and start The Corcoran Group, a real estate firm that later became a leader in the industry and sold for $66 million in 2001.

After chickening out of her first home purchase, it took Corcoran 8 years to save money and build up the courage to buy her first New York City apartment. Corcoran said the first home-buying experience is important for all new homeowners.

According to Corcoran, now is the time to buy a house because the market remains unpredictable and buyers are faced with low prices. She said to avoid waiting for the market to hit rock bottom.

"You can't sharp shoot the market and pinpoint when it might peak," Corcoran told the news source. "If you do that, life will always get in the way."

Corcoran advises prospective homeowners to buy with their hearts and not their heads because thinking too analytically may cause people to see the home solely as an investment rather than a comfortable place to live, the AP reports.

The real estate guru shared some tips with CBS MoneyWatch to help consumers with the home-buying process. Corcoran recommends visiting the neighborhood at different times of the day and throughout the week to see who the neighbors are and what kinds of activities go on locally. In addition, in order to find a neighborhood on the cusp of recovery, she says to look for a decrease in foreclosure signs and high academic ratings and scores.  

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