Affordability Crisis or Housing Crash? Ryan Serhant & Barbara Corcoran Weigh In

If you've been holding out for a housing market rebound, two of the biggest names in real estate—Ryan Serhant and Barbara Corcoran—are here to tell you that while the market isn’t crashing, it is changing. 

Buying or selling a home today looks very different than it did just a few years ago. But that doesn’t mean opportunities don’t exist—it just means you need to know what to look for. 

Let’s break down their expert takes on what’s really happening in the housing market, and how you can still make smart moves no matter where you stand.

It’s Not a Housing Crisis—It’s an Affordability 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 pointed to 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 tougher.

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 Holding Out

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.