'Shark Tank' Star Has Stern Warning About the Housing Market

Shark Tank star Barbara Corcoran is opening up about how the Los Angeles wildfires impacted California real estate.
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Corcoran, whose home was destroyed in the natural disaster, discussed the emotions behind relocating after experiencing so much loss.
"No one wants to move and [there are] fewer houses to choose from at higher rates. So it's difficult for homebuyers," Corcoran said on Mornings with Maria, on Thursday, February 6.

Los Angeles, Calif., is still recovering from billions of dollars worth of damage, and displaced residents are planning where to live next.
"Mentally, it affects the housing market because people are waiting for very good news and coming down a tenth of a point is not really good news. It went from 7 [percent] to 6.9," the real estate professional explained.
"Psychologically, that makes a difference, but with interest rates remaining high, what it really causes is fewer houses on the market," she added.

The Pacific Palisades was once a coveted zip code, but the tragedy left many wondering what people will do with the remaining land.
"I don't think it's in the nature of sellers to be realistic, honestly. Their house is always worth more," Corcoran argued, when asked about her neighbors looking to sell off their properties.

The demand for luxury homes still exists, but the businesswoman still has her hopes that the industry will improve.
"I don't think prices will shake out at all. I think they'll hold out hoping interest rates will go down again. And what is it to them?" she continued.
"It's another six months," she noted. "And a lot of the sellers have very low interest rates they don't want to give up."

"I really like the luxury market. I hate to say, I'm very bullish on that, particularly in warm climates," Corcoran asserted. "All the rates… are going up almost double the national average. And that's a pretty good report card."

In an emotional Instagram post, Corcoran mourned for her neighborhood.
"Strong community is at the heart of the Palisades," she penned. "All my neighbors are deeply committed to rebuilding their homes and getting back to our little slice of heaven as soon as we can."