Ryan Serhant Says It’s “Nobody’s Market.” Here’s What That Means in Philly

 Ryan Serhant says it’s “nobody’s market” and shares how home buyers can still move forward with smart strategies and steady mortgage rates.

 Buying a home isn’t easy right now. Rates are higher than you want. Prices feel like they’re stuck on fast-forward. And every headline seems to say something different. It’s no wonder so many people are waiting for a clearer picture before making a move.

Mortgage rates have fallen to around 6.3%, and buyer activity has spiked. That’s good news. The challenge is figuring out what it means for your plans in Philadelphia.

Ryan Serhant, star of Netflix’s Owning Manhattan, recently joined FOX Business to explain what’s going on in housing right now. What he said may surprise you.

As Serhant put it:

“This isn’t a buyer’s market or a seller’s market. It’s nobody’s market because no one knows what to do.”

If you’re thinking about making a move to Philadelphia, here’s what that means for you.

What You Should Know About Mortgage Rates

Buyers feel uncertain about affordability. Sellers are nervous about their next move. Everyone is waiting for someone else to act first.

While rates have come down from their peak earlier this year, Realtor.com’s forecast shows they’ll stay close to where they are now for a while (low 6s). So if you’re waiting for a massive drop, that may not happen.

Serhant clarified this:

“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.”

Getting Creative Can Help You Win

Rather than waiting for rates to drop, today’s market rewards strategy instead of hesitation. Serhant gave a real example:

“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 (probably) not going to be in the house for 5 years anyway. And it makes sense for that monthly budget.”

Exploring all of the options available to you can help you move sooner. The key is ensuring they fit with your specific needs and future goals. 

Tools that can help buyers in Philadelphia:

Temporary rate buy-downs to lower monthly payments

Seller credits to reduce upfront costs

Expanding your search to include overlooked opportunities

There are more pathways to homeownership than ever.

Finding the Right Home in Philadelphia

If you’re hoping to buy, the biggest risk is waiting for a perfect time that never comes.

Serhant explained it clearly:

“I think affordability is definitely a crisis, but if you’re paying a lot in rent and you’re looking to build equity and you want to buy, now’s as good a time as any. 

The right strategy can turn this “nobody’s market” into your market. Especially when you have a strategy nerd in your corner who knows exactly how to help you win.

Let's get REAL
The Main Street Team
267-730-6381

Sources: FOX Business, Realtor.com, BAM