Capital Region Real Estate Market Trends

  7/29/2024 Young Jin’s Monday Market update for Schenectady , NY June 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in June 2024? Here’s the latest June 2024 market stats on Schenectady NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Schenectady NY! The absorption rate came in at 1.58, which indicates that it takes less than 8 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at just over 103% which indicates that most homes sold almost 3% above the list price!   Median days came in at 8 days, which indicates most homes went under contract just over a week! Median sold price decreased to $268,111, a decrease of 0.33% month over month. In summary, once agai...

 7/8/2024 Y oung Jin’s Monday Market update for Slingerlands, NY June 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in June 2024? Here’s the latest June 2024 market stats on Slingerlands NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on SlingerlandsNY! The absorption rate came in at 2.37, which indicates that it takes just over just over 10 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 106% which indicates that most homes sold 6% above the list price!   Median days decreased to 5 days, a decrease of 66.67% month over month! Median sold price decreased to $475,000, a decrease of 27.48% month over month. In summary, once again the real estate market stat...

7/1/2024 Young Jin’s Monday Market update for Albany, NY May 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in May 2024? Here’s the latest May 2024 market stats on Albany NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Albany NY! The absorption rate came in at 1.03, which indicates that it takes just over 4 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 103.7% which indicates that most homes sold almost 4% above the list price!   Median days rose to 7days, an increase of 16.67% month over month! Median sold price increased to $310,000, an increase of 12.73% month over month. In summary, once again the real estate market stats show that we are in a very stro...

  6/24/2024 Young Jin’s Monday Market update for Clifton Park, NY May 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in May 2024? May 2024 reports have arrived! Here’s the latest May 2024 market stats on Clifton Park NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Clifton Park NY! The absorption rate came in at 1.57, which indicates that it takes less than 7 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 106. 2%, which indicates that most homes sold over 6% above the list price!   Median days fell to 6 days, a decrease of almost 15% month over month! Median sold price increased to $507,000, an increase of 9.8% month over month. In summary, once again t...

  6/10/2024 Young Jin’s Monday Market update for Slingerlands, NY May 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in May 2024? May 2024 reports have arrived! Here’s the latest May 2024 market stats on Slingerlands NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Slingerlands NY! The absorption rate came in at 1.12, which indicates that it takes just over 4 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 99.3%, which indicates that most homes sold slightly below the list price. Median days fell to 15 days, a decrease of almost 60% month over month! Median sold price increased to $655,000, an increase of 3.97% month over month. In summary, once again the rea...

  6/3/2024 Young Jin’s Monday Market update for Albany, NY April 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in the spring of 2024? It’s June already! Here’s the latest April 2024 report on Albany NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Albany NY! The absorption rate came in at 1.02, which indicates that it takes just over 4 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 103.4%, which indicates that most homes sold more than 3% above the list price. Median days fell to 6 days, a decrease of almost 57% month over month! Median sold price increased to $275000, an increase of 7.74% month over month. In summary, once again the real estate market stats...

Young Jin’s Market update for Schenectady NY March 2024 report: Wondering how the real estate market is doing?  Real estate market is a local event.  It all depends on what is going on in the region in terms of job market and demographics etc.… Here’s a latest market activity report on Schenectady NY, home to the General Electric!  The absorption rate is at 1.33, which indicates that it takes 1.33 months (less than 6 weeks) to sell all homes on the market!  A normal balanced market would be 5 to 6 months.  Once again it is showing an extreme seller’s market.  Median days on the market is 14 days,  17.65 % down month over month, with median sold price up by 4.87 % month to month.  What does this mean to you?  Excellent time to a seller, for sure!  Please reach out to me if you want to know more about your options as a seller or buyer.  Thank you for reading my real estate market update post! Wish you good luck in your real estate jou...

Latest Real Estate update on Slingerlands NY!! Surprise surprise... the market data above shows that homes may not be selling as fast...; the absorption rate for March 2024 was 0.64! Not much of a change here... However, what is interesting is the list to sold price being at 96.4%: It FELL 5.02% and the median days on the market increased by 133.33% to 35 days.  Also the median sold price has gone down by 33.43% month over month!  These are huge shifts!   Maybe the tide has turned for the buyers? Finally? Keep staying tuned!!  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

Latest Real Estate update on Colonie NY!! Surprise surprise... the market data below shows that homes are not selling as fast...; the absorption rate for March 2024 was 2.74! That is the highest number I have seen yet! absorption rate is a number that shows how long it takes all homes on the market to be completely sold. A normal market would be a 5 or 6. Buyers market would be anything beyond 6! Maybe the tide has turned for the buyers? Finally? Keep staying tuned! Wish you good luck in your real estate journey!! 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  

  It's spring now! Even though we had a huge ice snow storm on the past weekend... and now on to the spring real estate market! Is it still a sellers market. Yes! Wonderful time to be sellers and ... challenging market market for buyers. However, where there is a will, there is a way! I have posted market trend for Clifton Park NY. Maybe you can start here? Clifton Park NY is an exciting place from real estate point of view -- a lot of growth potential in the days and years to come for many reasons. More info needed? Please reach out to me on my cell or DM! Wish you 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

  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

  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 ...

  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 ...

  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...

  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...