Capital Region Real Estate Market Trends

  These days many buyers are considering waiving inspections to win the bid for a home!  As a real estate professional... how would I advise my clients when it comes to home inspections? The inspection clause is a very important component of a real estate purchase contract in the U.S.  Even though regulations may vary from state to state, sellers would generally prefer offers with fewer contingencies.   Then should you waive the inspection contingency in its entirety to remain competitive?  The answer is: it depends… Knowing that waiving inspections can entail a significant risk to the buyer, you could still remain competitive without waiving the inspection contingency.  How??  Here’s a thought: You could “increase the threshold of the major defect.”  Instead of the standard $1500 major defect threshold as is the generally perceived case here in the Capital Region NY, you could increase the threshold to $2500 or $5000, etc... to give a little...

Hello There, Real estate transactions are primarily governed at the state level in the U.S. and, to add complexity to the business, real estate buying and selling can also be dictated by the local customs.  This is why it is so important to hire a realtor that understands the local customs!  A good realtor will be able to recommend local professionals that are knowledgeable where you are buying or selling homes.  One of the professionals that a prospective buyer or seller would need to hire is an attorney in New York State.  Once you have a signed contract, this contract should be reviewed by the attorney of your own choice.  Attorney review period typically lasts 3-5 days from the date of the signing of the contract.  Buyer's attorney will review the contract on behalf of the buyer and seller's attorney will review the contract on behalf of the sellers.  Once both attorneys approve the contract, now the contract becomes binding and both parties move f...

  Why is it so hard to buy homes these days?  We know that the current real estate market heavily favors the seller, and it has been like that for quite some time.  Home prices have gone up so much and, to make matters worse, so have the mortgages rates in recent years!  Why is it so hard to buy homes?  The real estate market is a function of supply and demand; we just have way more buyers than sellers!  According to Lawrence Yun, Chief Economist of National Association of Realtors, we will need double the number of listings to comfortably meet the demand of home buyers. This indicates to me that it is going to be a while before the real estate market normalizes back to pre-pandemic years…, so buyers can negotiate the purchase of home without getting caught up in multiple offer situations. Wishing you all the best in your real estate journey, Young Jin Chun   

  Hello there, I am so thrilled to write my first blog post for this blog platform!  I have decided to create this blog... because so many people ask me what the real estate market is like... And I thought it would be a good idea for me to write about real estate market trends so that people can make informed decisions.  Writing about blog posts on the latest real estate trends will be beneficial to me as well; I will be encouraged more to learn & reflect about the fast changing real estate market and the overall global economy, which is always an important factor to take account of.  Please stay tuned to the next blog post and wish you all the best in your real estate journey! Best, Young Jin Chun, Lic. Real Estate Salesperson