If you've been waiting for the housing market to bounce back, real estate moguls Ryan Serhant and Barbara Corcoran have some insights for you. They agree that the market isn't crashing, but it's definitely evolving. Buying or selling a home now is a different ballgame than it was just a few years ago. However, this shift doesn't erase opportunities; it just means you need to be informed about what to look for. Here's a breakdown of their expert opinions on the current state of the housing market and how you can capitalize on it, regardless of your position.
It’s an Affordability Crisis, Not a Housing Crisis
Ryan Serhant, CEO of SERHANT. Dismisses the idea that the U.S. is in a full-fledged housing crisis. In a recent
interview with Fox Business, he highlighted affordability as the real issue.
I don’t think there actually is necessarily a housing crisis the way you see and you read about it. I think there’s an affordability crisis. — Ryan Serhant
What does that mean? Simply put: home prices aren’t crashing. But for many buyers, affording a home has never been more challenging. While some areas have more homes hitting the market, much of that Inventory isn’t entry-level or budget-friendly. In fact, a starter home now costs over $1 million in
237 American cities—a shocking reality for first-time buyers. At the same time, renters are also feeling the strain, with rental prices consuming a significant portion of household incomes.
“Over half of all renters are spending more than 30%, sometimes more than 40 or 50% of their paycheck just on their rent.” — Ryan Serhant
That’s money going toward housing costs, not savings or future homeownership. So, while people want to buy, affordability remains the biggest hurdle.
Why Sellers Are Not Listing Their Homes
So, why aren’t home prices coming down? The short answer: sellers don't have to sell. In another
interview, Barbara Corcoran spoke about how, even if mortgage rates dip slightly, she doesn’t think it’ll be enough to trigger a wave of new listings.
No one wants to move and [there are] fewer houses to choose from at higher rates. So it's difficult for homebuyers. — Barbara Corcoran
Think about it—if you locked in a 3% mortgage rate in 2020, would you rush to trade that in for 7%? Most homeowners are sticking with what they have, which means fewer homes on the market. And even when homes do hit the market, many sellers are reluctant to lower their prices.
"I don't think it's in the nature of sellers to be realistic, honestly. Their house is always worth more… I don't think prices will shake out at all. I think they'll hold out hoping interest rates will go down again." — Barbara Corcoran
This has led to homes sitting on the market for longer. According to a Redfin
report, 54.5% of listings at the end of 2024 had been on the market for over 60 days.
While this may seem like a slowdown compared to the fast-paced market of recent years, it actually signals a shift toward a more balanced market—one where buyers have more time to make decisions instead of rushing into competitive bidding wars.
The Bottom Line
So, what’s the takeaway? The market isn’t stuck forever—it’s just changing. For buyers: While affordability is a challenge, there are fewer bidding wars, and homes are staying on the market longer. That means more room to negotiate and less pressure to make instant decisions.
- For sellers: Prices aren’t crashing, but buyers are getting pickier. If you need to sell, a competitive price and a move-in-ready home will get you the most interest.
- For renters: As more people stay put, rental prices remain high—but if you’re planning to buy in the next few years, now’s the time to start building your financial game plan.
No matter the market, there's always a way to make smart moves. The key is staying informed, being strategic, and working with the right professionals to navigate the shifts. Real estate has always been about focusing on your personal goals and finding the right opportunities—and they’re out there if you know where to look.
