While sitting at the closing table and signing the final documents, there was a moment when the buyer's attorney suddenly raised an objection regarding a special clause. As we coordinated with the seller's side in real-time and reorganized the documents, time continued to pass, and the Korean client present was anxious, not understanding the situation. I still remember conveying the progress in Korean in real-time and resolving the issue.

Before reaching such moments, the agent's work is much more detailed. It starts with searching for listings and creating a comparative market analysis by gathering recent transactions with similar conditions to gauge price ranges, followed by drafting offers, negotiating prices and terms, reviewing purchase agreements, coordinating inspection and appraisal schedules, and managing the final closing procedures. The role of agents outlined by the National Association of Realtors (NAR) is not significantly different from this scope. In simple terms, it means that a person is involved in coordinating every step from the moment you start looking for a home until you receive the keys.

Since the NAR lawsuit settlement in 2024, an additional procedure has been introduced. Starting from August 17, 2024, buyers must sign a written buyer agency agreement with their agent before viewing properties. This agreement must specify the amount or method of calculating the commission the agent will receive. If the terminology is unfamiliar, think of it this way: Previously, commission discussions would come up only after viewing all the homes, but now it has changed to being documented and initiated from the first meeting. For buyers who need to read the English contract and make judgments on the spot, understanding each clause accurately has become more important than before.

As of January 2026, the median price in the New York City housing market has risen to $870,000, a 2.0 percent increase from the previous year, and as of July, it has climbed to $907,000, marking a 5 percent increase year-over-year. The supply of listings is only 1.61 months, creating a market where sellers have the upper hand in price negotiations, and on average, it takes 76 days for a home to sell. In such a market, the timing of offers and the conditions can often determine whether a contract is successful.

This is where working with a Korean agent makes a significant difference. They can explain the special clauses in contracts and closing documents accurately without language barriers, and they can recommend areas considering the priorities of Korean families, such as school districts, access to Korean markets, and religious communities. An agent with experience in both Korea and the U.S. can also guide clients through complex situations like international remittances for family overseas, ITIN issuance, and FIRPTA for non-resident foreigners based on previous cases. Additionally, being able to connect clients with trusted professionals through a long-established network of Korean community lawyers, mortgage brokers, and inspectors is a great help.

It is also worth noting that the market temperature varies by borough within New York City. Even within the same city, Manhattan, Brooklyn, and Queens have different median prices and turnover rates, so it is necessary to organize which borough to prioritize based on budget and commuting conditions. At the moment of making an offer, the buyer's agent and the seller's agent represent their respective clients in negotiations, and if one cannot immediately understand and respond to the contract clauses at the negotiation table, they may miss out on favorable conditions. There are also instances where new defects are discovered during the final walkthrough just before closing, and knowing which clauses can be used to renegotiate with the seller is derived from the agent's practical experience.

However, since market data from sources like Zillow and Redfin may have different reference points, please check the timing of the data, and verify school assignments by address. This article is not investment or legal advice, and it is advisable to consult with a professional before entering into any actual contracts.