The housing market, according to Ryan Serhant , belongs to nobody right now.
On a recent appearance on ‘The Claman Countdown’, Serhant described today’s real estate landscape as a market without a clear identity, stating:
“This isn’t a buyer’s market or a seller’s market, it’s nobody’s market because no one knows what to do.”
His comments come at a time when consumer expectations are still anchored to past market conditions. Serhant went on to give some advice to consumers: “(It’s) why you want to make sure you’re fully educated as you enter the housing market.”
FOX Business interview w/ Ryan Serhant:
A Market Without a (One-Size) Playbook
Buyers are nervous about affordability. Sellers are unsure where they would go next. The Fed is likely to cut rates again this week, yet confusion still dominates consumer behavior.
Serhant explained the mindset problem better than anyone.
“New normal is not low rates. I think people are confused that we’re entering a new normal where we’re going to have lower rates. It’s not going to happen.”
In other words, waiting for rates to go down to 3% (or even 4%) is a recipe for disappointment and countless wasted opportunities. Too many would-be buyers and sellers are waiting for a market that no longer exists.
You can be the one who shows them what’s real and what’s possible.
Serhant didn’t mince words with Claman when she pressed him on whether buyers should keep waiting.
“If you’re waiting for rates to come down, I think you’re probably not a real purchaser. If you’re waiting for rates to come down to where we were over the last couple of years, I think you probably should stay renting.”
That lines up directly with new insights from Realtor.com, which shows:
- Mortgage rates will likely stay around today’s levels even with another Fed cut
- Monthly buying costs should fall in 2026 for the first time since 2020
- Rising incomes will help offset home price gains
- Affordability will improve gradually, not dramatically
As Realtor.com Chief Economist Danielle Hale put it:
“Mortgage rates are expected to be low enough to offset price gains… pushing monthly costs down in 2026 for the first time since 2020.”
But according to Realtor.com’s 2026 forecast, rates are expected to hold at an average 6.3% for the year, ending at the same rate.
Creative Deals Are the New Normal
A buyer Serhant mentioned has been dead-set against adjustable-rate mortgages his entire life.
Now that same client is choosing a 5-year ARM because it delivers a rate just above 5%, and he knows he won’t stay longer than five years.
“I was talking to a client who would never do an adjustable rate mortgage who now is because they can get it at just over 5%, and they’re not going to be in the house for probably 5 years anyway. And it makes sense for that monthly budget.”
That kind of adaptability defines who wins in this market. And it makes sense for a lot of renters who could buy a home but don’t realize these options exist. If they’ve only talked to agents who get nervous around anyone not textbook ready for a conforming 30-year fixed, it’s completely understandable why they might still be sitting on the sidelines when a 5-year ARM could be an ideal (if temporary) solution for them.
It’s not for everyone. But for some, it could be their best shot at becoming homeowners, assuming they can build enough equity in five years to help with their next move.
Also, as Serhant pointed out, creative financing doesn’t stop at ARMs:
“In New York City alone, 60% of all of our deals are done in cash across all price points… Those who are buying are paying cash, and if they’re getting loans, they’re structuring in different ways than ever before.”
That’s another sign that well-prepared buyers aren’t waiting for permission to move.
Follow the Signals Wealth Is Sending
Luxury demand is one of the most reliable early indicators of broader recovery. And right now, the top of the market is moving with speed and confidence. Serhant shared:
- Four straight weeks of $4M-plus contracts signed in NYC
- A penthouse closed for more than $7M at $2,700 per foot
- A $20M sale closed the same morning as his interview
Serhant summed it up:
“In the luxury sector, discounts are few and far between. But everywhere else, you can get a good deal.”
If the wealthiest buyers refuse to sit on the sidelines, that’s a signal worth sharing.
Prepare for the Biggest Shift in 50 Years
Serhant sees something bigger than rates driving behavior.
“People aren’t choosing just one city anymore… They’re choosing portfolios of cities.”
Hybrid work, tax strategy and lifestyle flexibility are driving a new era of mobility. Serhant highlighted four rising destinations gaining traction among affluent movers:
- New Hampshire
- Rhode Island
- Washington DC
- Las Vegas
The clients you serve aren’t rooted to one ZIP code anymore. Their lives span markets. Your expertise needs to move with them.
What Industry Voices Are Saying
Jared James weighed in on Serhant’s comments and connected the dots on affordability and pent-up demand.
“We have this tale of two worlds. In the luxury market, people aren’t just investing in one city, they’re investing in multiple cities. But what’s not being talked about is the middle, the place where most people live. It’s become so unaffordable that so many people are living off debt.”
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Realtor.com also highlighted the increase in renters losing hope of becoming homeowners, which is having an adverse effect on their financial habits and even their work ethic.
The result: more consumer debt and fewer opportunities for upward mobility.
On the other hand, industry forecasts still point to an increase in home sales for 2026 (though the size of that uptick varies by source). Because where there’s a will, buyers will find a way.
And that’s where you come in.
