‘Forget about Florida' and 6 other key pieces of real estate advice from Barbara Corcoran

Barbara Corcoran has made quite a name for herself with more than 50 years in the real estate business.

Corcoran, 75, is widely known as one of the original sharks on ABC's "Shark Tank." She has appeared in all 15 seasons of the show and has invested in over 80 businesses, according to her website.

The entrepreneur hosts the hit podcast "Business Unusual with Barbara Corcoran" and has written several books, including "Shark Tales: How I Turned $1,000 into a Billion Dollar Business!"

Over the years, Corcoran has shared key pieces of real estate advice on various topics, including the best places to buy a home, why young people should invest in real estate early, and more.

On the best place to buy a home

In a 2023 "Elvis Duran Show" interview, Corcoran was asked if she thought Florida was still a good place to move and buy a house. Corcoran suggested looking outside of the Sunshine State.

"Go anywhere that has a poor school district where prices are really low," she said. However, Corcoran did note that strategy is best for people who aren't looking for a place to raise a family and want a cheaper property with potentially high value.

"Go anywhere in the South other than the hot spots. There's always a cheap house to buy, always. But not Florida, forget about Florida," she added.

On the best time to buy

"I think the sooner you get in the market, the sooner you have a chip in the game. You can trade up," Corcoran said in the 2023 "Elvis Duran Show" interview. "It's always a good time [to buy]. You only get one chance to live. You are not buying an investment only, you are buying a home to raise your kids in, to have good times, to cook in your kitchen. You want to get in the market. Prices always long term go up … so why wait?"

When a listener doubted her advice on buying a house right now because of the high interest rates in the U.S., Corcoran said that waiting would do more harm than good in the long run.

"Interest rates will never come down to two to three percent, that's history, still people believe they will," she said. "So let's say they come down to something with a five in front of it, everyone sitting on the sidelines is going to rush the market, bid the pricing up, there's not enough inventory to go around … everyone is going to pay more to the tune of 10, 15 maybe 20 percent. So why wait?"

In a separate interview on a 2023 Chicks in the Office podcast, Corcoran said she always believes the best time to buy a property is "right now."

"Forget about the timing. The timing of what you earn on that home has more to do with when you have to move than when you buy in. You're not in charge of that, your life is," she said.

Young people should invest in real estate early, she suggests

"I believe the best thing you could do is buy something as fast as you can," Corcoran said on the 2023 Chicks in the Office podcast. "When you're in your 20s, you have a big ego... Hit up [your] parents. There's no shame in that. Nobody buys under 40 in New York without the help of their families."

The most common mistake she sees people make when buying a house

"You don't go back for another look. That's when you discover the noisy neighbor, the barking dog, the party house right across the street," she said in a 2023 Instagram post. "Go back for another look."

In a 2023 Good Morning America appearance, Corcoran doubled down on that advice, saying it's essential to know what the house you may have viewed in the early afternoon looks like at all times of the day.

"People fall in love with the house and think at that moment in time it's their new house," she said. "No, you got to see it in the morning and you got to see it at night. Do your snooping."

Corcoran's golden rule of real estate investing

In a 2023 episode of the BiggerPockets podcast, Corcoran said she believes it's best to buy a property by putting at least a 20% downpayment on a place where the area is rising in demand.

"If you can buy a property with 20% down, you break even, you get the tenants to pay your mortgage, you always make money," Corcoran said. "And if you can saddle onto the back of an up-and-coming area, you'll make a lot of money."

If you want to sell your house, focus on the areas buyers will see immediately

"Realize that the buyer walks in and judges that house within 30 seconds," she told CNBC Make It in 2019.

To make sure your buyer gets a good first impression, "you want to spruce up the front entrance to your house, repaint the door, make sure the bushes look good, make sure the garden looks in order, and power-wash the sidewalk and the driveway," Corcoran added.

Focusing on the living room is critical because "people will judge the entire size of the house based on the living room," she said.

To make the living room seem more spacious, buy a bigger rug, Corcoran adds: "Buyers will judge the size of a room based on the size of the rug."

In addition to investing in a good rug, "make sure your lighting is updated and make sure you have slipcovers that look fresh."

Finally, "you want to make sure you make the key improvements in your kitchen," Corcoran said.

Lastly, Corcoran added a seller shouldn't underestimate the value of a new and tidy refrigerator.

"If you watch a buyer walk into any kitchen, the first thing they do is open the refrigerator," she said, and "when a buyer sees a shiny, new refrigerator, they assume the whole kitchen is in better order."

Shop around for the best mortgage rate

In a 2023 Instagram Reel, Corcoran said it's better to visit several banks instead of just one for a mortgage rate.

"Ask them if they have any special discounts for good customers who have been banking with them for a while," Corcoran recommends. "It'll often save you a full quarter of a percent. That doesn't sound like a lot, but it adds up."

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Barbara Corcoran as a panelist.

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