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.

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Greenville Real Estate Market Update - Jan 2025

The local housing market remains steady, with a median sale price of $314,900, indicating that home prices are holding strong. Homes are sitting on the market for an average of 54 days, suggesting that while buyers have a bit more time to shop compared to last year, well-priced homes are still selling. With 3.3 months of inventory, the market leans slightly toward sellers, but buyers have more options than in an ultra-competitive market. For buyers, this means you’ll have some breathing room to explore homes, but with a list-to-sale price ratio of 98.2%, sellers are still getting close to their asking prices. If you find a home you love, don’t expect deep discounts. For homeowners thinking about selling, demand remains steady—1,424 homes sold last month, showing that buyers are still active. However, with 4,413 active listings, competition is increasing, making pricing and presentation more important. Overall, the market is balanced, favoring neither buyers nor sellers too heavily. If interest rates stabilize or decrease, buyer demand could increase, pushing prices up. For now, both buyers and sellers should approach the market with realistic expectations—buyers should be ready to act when they find the right home, and sellers should ensure their pricing strategy is competitive.

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What Happens to Your Mortgage and Bills After a Natural Disaster?

  With wildfires sweeping through Los Angeles County, images of destruction are everywhere. Over 12,000 structures have been burned down, neighborhoods reduced to rubble, and nearly 92,000 residents forced to evacuate. As Angelenos come together to rebuild their city—and their lives—people across the nation are asking the same questions: What happens to financial responsibilities, like mortgage payments, rent, and utility bills, when their home is destroyed? This guide answers the most pressing questions for homeowners and renters affected by natural disasters, drawing on resources and advice from FEMA, mortgage servicers, and disaster survivors. Do You Still Have to Pay Your Mortgage If Your Home Is Destroyed? Yes, even if your home is no longer standing, your obligation to pay your mortgage remains. However, there are relief options for homeowners impacted by disasters like the wildfires in LA. Homeowners can request forbearance, a temporary suspension or reduction of mortgage payments for up to 12 months. This relief is available for loans backed by Fannie Mae, Freddie Mac, the FHA, and the VA. During forbearance, late fees are waived, and foreclosure proceedings are paused. “Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months,” Fannie Mae stated in a recent press release. However, this relief is not forgiveness. Once forbearance ends, borrowers must repay the deferred payments, either as a lump sum, in installments, or by extending the loan term. For those with private loans, options vary by lender. Major banks like JPMorgan Chase and Bank of America have also implemented disaster forbearance programs. If your home has been destroyed, contact your mortgage servicer immediately to discuss available options. What Happens to Rent Payments After a Disaster? For those in LA, California law protects renters whose homes have been damaged or destroyed by natural disasters. If your rental unit is completely uninhabitable, your lease becomes void, and you are no longer required to pay rent. Your landlord must also return your security deposit. Here in South Carolina, state law doesn’t specifically address natural disaster situations in rental agreements. However, if the property becomes uninhabitable due to disasters like hurricanes or flooding, renters can often terminate their lease under Section 27-40-610 of the South Carolina Residential Landlord and Tenant Act, which outlines a tenant’s right to end the lease if the unit is rendered unfit for habitation. Tenants should document damages and provide written notice to the landlord. For units with partial damage, tenants have the right to terminate the lease or remain while repairs are made. During this period, rent payments are generally suspended until the unit is livable again. Renters without insurance may still qualify for FEMA assistance or SBA loans to cover relocation expenses and replace personal belongings. Do You Still Have to Pay Utility Bills? Utility obligations after a disaster depend on your provider and your property’s condition. In LA, Southern California Edison has suspended billing for customers in mandatory evacuation zones and permanently canceled bills for homes that were completely destroyed. In South Carolina, utility providers like Duke Energy and Dominion Energy often offer assistance programs after natural disasters. For instance, Duke Energy has paused disconnections and offered flexible payment plans in the past during hurricane recovery efforts. If your home has been destroyed or you are unable to access your property, contact your utility provider to discuss available relief options. Can You Get Relief on Property Taxes? In California, if your property has sustained damage exceeding $10,000, you can file a calamity claim with your local assessor’s office to request a reassessment. If approved, this can temporarily reduce your property taxes until repairs or rebuilding are complete. Claims must be submitted within 12 months of the disaster. In South Carolina, you may qualify for a reassessment of your property’s value under Section 12-37-90 of the South Carolina Code of Laws, which provides property tax relief for structures damaged or destroyed by natural disasters. Contact your county assessor’s office to file a claim. It’s crucial to provide evidence of the damage, including photos, repair estimates, and insurance documentation. How Can Residents Find Temporary Housing? Finding temporary housing can be a challenge after a disaster. We’ve all seen the news surrounding limited rentals and price gouging in LA. In South Carolina, after hurricanes or floods, organizations like Airbnb.org, Samaritan’s Purse, and the Red Cross often provide temporary housing solutions. FEMA’s housing assistance program is also available, but it requires a state request to activate. Be sure to check local resources through county emergency management offices, as they often have updated information on available housing programs. How Do You Cope Emotionally After Losing Your Home? The emotional toll of losing your home can be as overwhelming as the financial strain. Survivors and experts emphasize the importance of seeking support, whether from counseling services offered by FEMA, local nonprofits, or community networks.  ​​Recovering from a natural disaster is a long process, but you don’t have to do it alone. Document your losses, contact your mortgage servicer and insurance company, and apply for all available aid. With persistence and support, you can navigate the road to recovery.

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