Capital Region Real Estate Market Trends

  Do we really need a real estate agent in this age of an AI assisted world?  There are 3 reasons  for you to consider  why you may benefit from hiring a Real Estate agent! 1.         You need to know the value of the home regardless of whether you are buying or selling.   (How would you know the value of the home without seeing the home?   Online valuation tools are only estimates; to arrive at an accurate market price of the home one needs to see the actual conditions of the home in person!)   2.       You need an advocate who will communicate and negotiate for you!  Real estate market is very complicated and competitive… (Writing a winning contract requires a lot of skill: You need to first know the value of the home (because … home sells at market price), You may need to write in an effective escalation clause in many multiple bidding situations and a competitive inspection clause… to ...

  Are you wondering whether you should buy a home now or should you wait?   Higher mortgage rates are not a good news! But… if you think about why the rates are going up… you may think twice about holding off on buying! In this article, I will give you three reasons why it’s an excellent time to buy! 1.   Home prices tend to go down when mortgage rates go up:   Home prices go down when mortgage rates go up because of reduced buyer demand.   Many buyers hold off when rates go up, resulting in a reduced home price!   Less competition means a higher chance of getting a home and you generally end up paying less! 2.   Higher mortgage interest payments can be offset by the higher appreciation of your home over the years!   Home prices have been going up in the Capital Region, NY over the years…. and this means you can recoup the cost of higher interest payments in a few years due to higher than normal appreciated home values.   You can always r...

  Now that you understand the value of an open house as a seller, two most important things you would want to remember would be the following: First, put away any valuable items!  Remove all valuable items from the house, e.g., jewelry, cash, etc.  Secondly, professionally clean the entire house, if possible, including the basement!  Clean & organized home will make a better first impression on prospective buyers.  You may consider this stage as an opportunity to clutter bust items you no longer need!  If you are downsizing, you may want to hire a professional organizer to effectively address how to let go of “sentimental” items that have accumulated over a long period of time.  Good realtors should be able to connect you with best local professionals or resources to help you with organizing and clutter bust your home for the open house and future showings.  Clean homes will make a great impression on appraisers and inspectors, too! Wishin...

  Many prospective sellers will be asked to do an open house by their realtor as a marketing strategy.   Do you really need to do it?   I believe it can be an effective marketing tool When done right.   Open houses will bring many prospective buyers into your house all at once.   When 20 buyers come to the open house, you could receive multiple offers right there!   That’s it!   No more showings!   Another benefit of an Open House is that interested buyers will see the level of enthusiasm for the home and they will be more motivated to write a competitive offer!   In my next post I will write about how to prepare your home for a successful open house.   😊 Wishing you all the best in your real estate journey, Young Jin Chun Licensed Real Estate Salesperson Sinkoff Realty Group Email: YoungJin@SinkoffRealtyGroup.com Website: www.SinkoffRealtyGroup.com Cell : (518)728-6591

  Often people ask me "what does pending mean"?  In today’s competitive seller’s market here in the Capital Region, NY, People see a home online and most likely find that the listing is “pending”.  You may wonder: Can I still write an offer on that house?  My answer would be:  Anything is "negotiable" in real estate matters...  The question is: Would it be worth it? Technically, when a listing or the home on the market is labelled as pending, it would mean that the seller has accepted an offer, and the seller and the buyer are moving forward eventually to closing, provided that all contingencies be met (e.g., waiting for inspections to pass, mortgage being clear to close, title coming in free and clear, etc.)   In order to break the contract during the so called “pending” period to receive another offer, the seller party will have to be prepared to negotiate with the current buyer party.  Most sellers may decide it would not be worth the hass...