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Real Estate Mogul Corcoran: ‘A Great Time to Buy’

Wednesday, 28 Nov 2012 | 6:12 PM ET

Housing values are poised to outpace expectations, real estate whiz Barbara Corcoran said Wednesday on CNBC.

"You have 30 percent reduction in sale price. You have cheap money around," she said, adding that in nine out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once. "You don't think that until you go shopping for a house."

In response to a question from "Fast Money" pro Tim Seymour about whether people should borrow as much as they can if they can, Corcoran said she agreed with the premise.

Multifamily housing wasn't Corcoran's first choice.

Real Estate Mogul Corcoran: 'Great Time to Buy'
Housing appreciation is "going to go much higher than people anticipate," says real estate whiz Barbara Corcoran.

"I would first go out and buy a beachfront property," she said. "Go out and buy a second home. It's the last piece of the real estate market that has yet to hit bottom."

Corcoran, who built a multimillion-dollar real estate firm and stars on reality TV show "Shark Tank," said it was also a great time to step up a primary residence.

"Right now, if you're upgrading to a bigger house, even if you're selling at 10 percent off, you buy your new house at a 10 percent off," she said.

Appreciation in property values, Corcoran added, would be stronger than the numbers are suggesting.

"It's going to go much higher than people anticipate," she said.

Written by Bruno J. Navarro, CNBC.com Producer.

Trader disclosure: On Nov. 28, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Dan Nathan is long MSFT JAN 26/24 1X2 PUT SPREAD; Dan Nathan is long JCP DEC 18/19 CALL SPREAD; Dan Nathan is long YHOO JAN/DEC 17.5/18 CALL SPREAD; Dan Nathan is long BAC JAN 9/7.5 1X2 PUT SPREAD; Steve Grasso is long AET; Steve Grasso is long AKS; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MT; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Steve Grasso is long X; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long XLE; Brian Kelly is long GLD; Brian Kelly is long SLV; Brian Kelly is long NAT GAS; Brian Kelly is short XLV; Brian Kelly is short EWC; Brian Kelly is short EWA.

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