If you've been waiting for a housing market rebound, real estate experts Ryan Serhant and Barbara Corcoran want you to know that while the market isn’t crashing, it is evolving. Whether you're buying, selling, or renting, understanding today’s housing trends is crucial for making informed decisions.
In this SEO-rich blog, we’ll break down their expert takes on the real estate landscape and how you can navigate the changes to your advantage.
The Housing Market Isn’t in Crisis—Affordability Is the Issue
Ryan Serhant, CEO of SERHANT., argues that the U.S. isn't facing a housing crisis but rather an affordability crisis.
“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
While home prices aren’t plummeting, affordability remains a major hurdle for buyers. Entry-level homes are increasingly out of reach, with starter homes surpassing $1 million in 237 U.S. cities. Meanwhile, renters are also struggling, with housing costs consuming significant portions of their income.
“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
This means many aspiring homeowners are stuck renting longer than they’d like, delaying their entry into homeownership.
Why Sellers Are Hesitant to List Their Homes
So, why aren’t prices falling? The main reason: sellers don’t have to sell.
Barbara Corcoran notes that even if mortgage rates decrease slightly, it won’t necessarily flood the market with 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
Many homeowners locked in historically low interest rates in 2020 and are reluctant to trade them for today’s higher rates. As a result, inventory remains tight, and sellers who do list their homes often refuse to lower 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
According to a Redfin report, over half (54.5%) of listings at the end of 2024 had been on the market for over 60 days—marking a shift toward a more balanced market where buyers have more time to make decisions.
What This Means for Buyers, Sellers, and Renters
For buyers:
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Affordability remains a challenge, but fewer bidding wars and longer listing times mean better negotiation opportunities.
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With less pressure to make instant decisions, you can take your time to find the right home at the right price.
For sellers:
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While prices aren’t crashing, buyers are more selective.
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If you need to sell, competitively pricing your home and ensuring it’s move-in ready will attract more interest.
For renters:
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Rental prices remain high due to demand, but now is the time to start planning for future homeownership.
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Building savings and improving credit scores can help you prepare for a market shift in the coming years.
Final Thoughts: Stay Informed & Strategic
Regardless of market conditions, real estate success comes down to staying informed, making strategic moves, and working with the right professionals. The housing market is always changing, but opportunities exist for those who know where to look. By focusing on your long-term goals and leveraging expert insights, you can make confident real estate decisions in 2024 and beyond.
