EXCLUSIVE: Ryan Serhant Warns Homebuyers Against Waiting for 2027: ‘You Don’t Want to Wait Until It’s Too Late’

Ryan Serhant is warning would-be homebuyers against assuming that lower mortgage rates will deliver an easier path to homeownership in 2027—and says the housing market has a problem that cheaper borrowing alone cannot solve.

Speaking exclusively to Realtor.com®, Serhant shared his outlook for the year ahead, identified markets he believes could surprise buyers, and weighed in on the debate over private listings.

He also offered a glimpse inside his own townhouse and revealed a buyer request that has him searching for an enormous stretch of land with its own airport.

At the center of his housing outlook is a concern about people at opposite ends of the property ladder being unable to move.

“We have entered an environment where people can't afford to buy their first home, and their parents can't afford to leave their last one, and it's a problem we need to solve," he said.

“Lower mortgage rates will help, but rates alone are not going to fix the cost of housing or the cost of moving. We need to create more supply and fewer obstacles," Serhant added.

Serhant argued that the system has become an obstacle to moving, with consequences that have developed over many years.

“I think that what we've created is a environment, that is punishing mobility. Instead of rewarding mobility. And this was set up a long, long time ago. We didn't get here overnight.”

“Like, the housing market and the system we operate in rewards stability, because what's… it makes everyone feel comfortable. But then when that stability does not move, because stability is stability, mobility is mobility. Then everyone gets angry, and that's the environment that we're currently in.”

For his outlook, he is watching whether households have both the confidence and the resources to act.

“I think I'm watching employment, and I'm watching household confidence right now. I think pent-up demand only becomes a transaction when people have the confidence and the financial ability to act, and we'll see if that happens anytime soon.”

Why He Thinks Buyers Should Consider Acting Now

For people who can afford to buy but are considering waiting for a better deal in 2027, Serhant pointed to opportunities he believes already exist.

“I think in a lot of markets, we've entered a buyer's market now. You have the ability to negotiate in markets that you haven't been able to negotiate in in the past couple years.”

“I think there's a great opportunity to use the rate pressure that we have to negotiate closing costs, to negotiate rate buy-downs, to negotiate lower purchase prices, to get a house that really, really, really works for you. Remember, it is such an old and annoying saying, but you do marry the house, and you do date through the rates.”

His argument rests on the potential trade-off between borrowing costs and competition, although his comments about future rates and inventory are predictions.

“The market does become very stagnant. Interest rates should come down, and remember, you can refinance. And you should use the opportunity right now, if you can afford it, to purchase in a high-interest rate environment, because there's less competition.”

“Everyone wants low rates, they never want what comes with it. You know what'll happen if rates come down? There will be no houses for sale.”

“You won't even have the opportunity to complain about a high monthly payment. You won't even be able to talk about—the lack of affordability. You won't be able to complain, because there will be nothing for sale, because the demand is so great. There is not nearly enough houses for the demand we have in this country. Every 40-year-old who still lives at home will then move.”

Serhant also argued that the circumstances accompanying lower rates can make buyers reluctant to purchase.

“And what also brings down low interest rates is job insecurity. You know, is unemployment, is war. Are things that happen in the global environment that will make people, not confident to go and make a massive purchase. And so, you might miss that opportunity, too.”

He used the early months of the pandemic to illustrate his point about confidence and timing.

“In the spring of 2020, that was a great time to buy. But no, we had COVID, 'You can't buy. There's a death ticker on the bottom of every TV screen. You might not live.' You didn't take advantage of this environment, and then when the market came back, it was too late.”

“And so, I would use this moment to move quickly, because when things do even out, and they always do, markets go up and markets go down. Always. And forever. You don't want to wait until it's too late.”

The Places on His Radar for 2027

Serhant highlighted returning city residents and investment in jobs as themes behind his market picks.

“I think people are returning to cities in a way that we haven't seen before. It's one of the reasons we just were launching, officially Chicago. This coming Wednesday. I'm incredibly excited about that.”

“The demand and the volume we've seen from all of our other Serhant markets wanting to move back to Chicago, who moved out over the past couple years. Taking advantage of good value, like we just talked about, is really exciting.”

“And I think places where you're seeing incredible job growth. Areas like Ohio, where there's major, major tech investment, not just in data centers. In office. And in manufacturing.”

“We have a lot of investment that's going into Western Pennsylvania, and, you're also seeing a lot of movement into Alabama.”

“You know, I think there are markets that will really, really surprise you because of great quality of life for the best cost structure the country has to offer.”

His Take on the Private-Listing Debate

Serhant also addressed private listings, beginning with his explanation of how they differ from properties marketed publicly.

“A private listing is the opposite of a public to the consumer listing," he said.

“It has been the standard over the past… 20-some-odd years—that if you want to market your home, so that there is a fair and free market and competitive marketplace, that if you opt to work with a real estate agent. That you have to bring your home to the public marketplace.”

“Obviously, every home that's not on the market is technically a private listing. The Empire State Building is a private listing, for what it's worth. The whole world is a private listing.”

He then offered his criticism of listing restrictions and penalties. The following is his characterization of the debate, rather than a description of a single policy applying to every platform or multiple listing service.

“But what has changed now is the MLSs, and the listing aggregators have installed fees and penalties.”

“So, if you list with them, as you're supposed to, you can have the prize of being public, but if you don't list with them, because you want to work with an agent, but you don't want your home to be blasted all over the world, then you can never list with them ever, and we will also punish you, potentially with fines.”

“The current debate is over, should that be allowed? Who actually owns the data, and who actually owns the property? And access to it. Is it the brokerage? Is it the websites that showcase listings? Is it the multiple listing services? Is it the owner of the property?”

For Serhant, the discussion should focus on what sellers receive from the process.

“And that's what the debate is over right now, is what they say, consumer choice. I think what is broken is that it's not about consumer choice. I think everyone's focused on the wrong thing. I think people should be focused on consumer value.”

“Where's the upside? Where's the consumer upside? You know, the battle right now is over commission fees, and who gets a piece. And I think that's gross, and I'm in this business.”

“My position is pretty simple. I think your home deserves the whole market if you'd like it to. And if a seller genuinely wants privacy, we need to respect that. But then you have to explain the trade-off. Privacy and maximum exposure are different objectives.”

On concerns that private listings could reduce a seller's pool of buyers or disadvantage people without the right connections, Serhant acknowledged the risks.

“I think there are real concerns. But I think everybody has to be fully aware of what those concerns are. And again, I think it should be up to the consumer, and unfortunately, these rules exist because in a world where there is no rules, and there is no punishment. Not everyone is a good actor.”

He drew on his own experience working as an agent during the financial crisis.

“Like, all the people that are leading this fight, none of them were real estate agents like I was in 2008 and 2009. None of them were trying to get business on Craigslist. None of them were trying to figure out what was for sale and what wasn't for sale.”

“None of them were trying to figure out if the listing agent in front of them was lying to their client or not. None of them were trying to figure out, with the fiduciary responsibility of a buyer in front of you, how to give them the most accurate and up-to-date information.”

“None of them were, like me, on the streets of New York City, or trying to do deals in Florida and California, trying to figure out what is actually for sale, and if a buyer isn't paying an excise commission by working with that agent, they actually won't even get that property? Is that really? What we want to go back to?”

“I feel like a homeowner's value and a homeowner's biggest asset shouldn't become a real estate brokerage's, or an MLS's, or a listing aggregator's recruiting tool.”

Inside His Own Home

Away from the business of buying and selling, Serhant shared the first thing he does when he walks into his townhouse.

“I yell out my daughter's name. I wanted to see where she is in my house. We have a townhouse, so I'm trying to figure out which floor she's on, so I can, you know, prepare.”

His favorite spaces include a gym on the lower level, although his affection extends to the whole property.

“I have a pretty awesome gym. In the lower level that I built out, that's really, really cool, and I think that's pretty awesome, but I mean, I built it with my bare hand. It was a TV show that we did for Bravo about our renovation, and I love that house. Whole thing is great.”

He also described the practical details that help make his kitchen work, starting with a concealed ladder for reaching high cabinets.

“We have incredibly high ceilings. So we have a hidden ladder in our kitchen that looks like the baseboard under the kitchen. Island, and it pops out with the touch of your toe.”

“And, the ladder shows up, and so for anyone, you know, you know, who's vertically challenged to be able to reach upper cabinetry without having a ladder in front of your face at all times, so that you can still enjoy all that light and sunshine and high ceilings, I think is key.”

“Probably the greatest things that we have also in that kitchen are touchless, so, like, the sink, you know, you're cooking, and your hands are messy, and you're always hitting the thing. We have the kitchen sink, where all you have to do is tap it, and it turns on.”

“And so you just hit it with the back of your hand, and it turns on. So you're not, like, also getting the sink and the faucet dirty.”

“And then the same thing for the kitchen refrigerator and freezer. All you do is you slowly kind of, like, tap it with your elbow, or with the side, so you're not, like, yanking on anything, and it automatically just reveals itself to you. I think those little touches are overlooked.”

A Buyer Request on an Enormous Scale

Among the unusual requests Serhant receives, one current search involves a vast amount of land—and a private airport.

“They're all wild. I'm dealing with somebody right now that wants 100,000 acres of land, which is impossible, for the most part."

The One Thing He Will Not Compromise On

For all the features a buyer might want, Serhant has one clear priority when choosing a home.

“Location, location, location.”

“You can change everything about the house you want over the years, you can grow into it, you can grow out of it, you can update it, you can paint it, you can flip it upside down. Unless you are Ken Griffin, and you can pick up a house, and you can move it, for the most part. Change the location.”

“And so, you always buy location first. Whatever that is, wherever that place is you want to be for the next 5-10 years, and most times you're paying more. But no one ever paid too much. And regretted it years later. Very, very rarely does that happen.”

“Remember, if you buy a trophy, you get to sell a trophy. If you buy a discount, because you're cheap, you will have to sell a discount. And you will feel cheap.”