Celebrity US agent Ryan Serhant has revealed the biggest mistake he sees people make when it comes to real estate.
Isaac Newton famously said, “what goes up must come down.”
According to celebrity real estate icon Ryan Serhant, Newton’s law of gravity applies just as well to the housing market.
Fox Business reports, Serhant, who was a keynote speaker at Australian real estate industry event AREC 2024 in May on the Gold Coast, addressed current market woes — explaining the ebbs and flows of the challenging housing landscape and revealing the one thing people looking to buy real estate do wrong.
In many ways, the US real estate market mirrors conditions experienced in some Australian markets.
“Housing is defined by three things and three things only: supply, demand and interest rates. So, when you have a rapid rise in interest rates, everyone’s going to call the end of the housing market. And when you have a rapid decline in interest rates, everyone’s going to call the boom. Markets go up, markets go down,” Serhart explained.
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Ryan Serhant of Million Dollar Listing.
“I’m biased, but the No. 1 mistake most clients make is not using an experienced real estate agent.
“You wouldn’t operate on yourself. You wouldn’t represent yourself in court, right? So use a professional. They’re there for a reason.
“It’s all about that price point at the end of the day, so use somebody who wakes up and breathes real estate. Don’t try to save a dollar, because you will cut your nose to spite your face every single time.”
“People need a place to live. And we’re here to help them find it.”
Serhant spoke to Fox News Digital about why he believes his new show‘Owning Manhattan’ is especially “relatable” to interested homebuyers amid current market uncertainty.
“I think [it’s] an aspirational show. It’s not just about .01 per cent homes. It shows those, but it shows everything. We show real estate across price points, and we show the ups and downs of entrepreneurship,” he said
“The cast of agents that work with me on the show … [it] follows about 12 of them. Half of them are veterans. They’ve been in the business, and they’re trying to keep their perch. The other half are brand new.
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Ryan Serhant, walking through the streets of Redfern, Sydney. Picture: Julian Andrews
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“If you want to sell real estate to your city, you’re signing up for no salary, no benefits, and you’re signing up for a business where over 85 pe5r cent of the people that get into it quit in the first year.
“There’s a churn because it’s incredibly, incredibly difficult.
“So you’re going to be able to watch that in a way that you don’t see on ‘Selling Sunset’ or the buying shows, or even ‘Million Dollar Listing,’ which I think is exciting for people. You’ll be able to relate more to this one.”
Serhant told Fox News Digital he believes the dream of homeownership hasn’t changed.
If anything, he explained, it’s only “gotten bigger.”
“I think the American dream for homeownership has not changed; I think the dreams have changed. I think people have different types of dreams now. They have multiple dreams,” he said.
Celebrity US agent Ryan Serhant at AREC 2024
“They’re not thinking about just their primary home with a fence for their kids. They’re now having dreams about, you know what? Maybe I’ll rent, because I want to have a second home in New York City.”
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This article originally appeared on Fox Business and is reproduced here with permission.