Capital Region Real Estate Market Trends

  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 ...

  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