Capital Region Real Estate Market Trends

  We are moving into an AI assisted world more and more… It seems that we can do anything online with the assistance of all the digital tools available free of charge!    You can Google how to sell home on your own and Google will tell you what to do or what not to do… etc.??   It is certain that you can sell your home on your own without professional representation, however... stats reveal the odds are against you!    “Homeowners who decline to use a real estate agent to sell their property are twice as likely to say they weren’t satisfied with the selling experience because they realize that they made less money on their home sale and faced more stress by not having real estate agent."   (Realtor,   Sellers who regret not using a real estate agent, Winter 2024). Other than the monetary issue, sellers (FSBO) revealed: Buyers distrusted them because they didn’t have an agent. They struggled to understand their contract. They made legal mista...

  Wondering what the real estate marketing is like these days?   Here is a market update for Delmar NY as of February 2024.   The chart below shows months of inventory being 0.44.   OMG, a normal market would be a 5 or 6 months.   What does this mean? It means that it takes less than 2 weeks for all homes to be sold… It means that we are in a very strong seller’s market!   If you need more info on the market trends, please reach out to me on my cell.   Would love to help you out! Wish you good luck 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

  Homeowners insurance is an important document needed to close a home in the Capital Region, NY.   Lenders will require the buyers to purchase a homeowner’s insurance policy before closing (before clearing the mortgage to close).   Depending on the area where you purchase your home, it can be a deal breaker… ; and therefore, it would be advisable to look into a good local insurance broker before looking around for a home! In this fast moving seller’s market climate, buyers don’t often have a lot of time to look for professionals they would need once the contract has been accepted!   Did you know that i nsurance has become more and more important because of the climate change that we are experiencing globally?:   “Insurance has gone from a transaction detail to a primary burden in the real estate industry” (Realtor, Winter 2024).   Capital Region NY is not a hurricane prone zone as in Florida or wild forest fires as in California, it would still be wise t...

  Are we still in the seller’s market?   We have been in the seller's market for so long… When is the market going to turn to the buyer’s market? If you are wondering why we still have the seller's market, ... I may have the answer for you in this blog post!    The chart below shows the months of supply inventories for Albany County NY, a key indicator of the current real estate market!    In a normal balanced market, it should be 5-6 as opposed to the 1.53 as we have in our most up to date stats at the time of writing this blog post.  As you can see, we are in an  extremely strong seller’s market… and probably explains the reason why it is so hard to buy homes these days (most sellers receiving multiple offers within a few days of being on the market!)... For more info please reach out to me via email or on cell phone.   Wish you good luck in your real estate journey, Young Jin Chun Licensed Real Estate Salesperson Sinkoff Realty Group ...

The year 2024 seems to be another challenging year for buyers!  Higher buyer demand than the supply of homes in the real estate market in the Capital Region NY will continue and many buyers will wonder: How can I or we make homeownership a reality this year!  In this blog post, I am going to share some insights to help you write a winning offer.  First, you need to know the market value of the home.  If the list price is below the market value the seller will receive many offers way above the list price.  If the list price is at market value, it may not receive as many offers.  If the list price is above the market value, very few offers will be written.  Second, consider including an escalation clause.  An escalation clause will allow you to compete without “overpaying” for the home.  It works like this: Buyer is willing to offer an X amount of money more than the highest and best competing offer up to an X amount.  In my experien...