I often meet children who come to consultations with their parents. The actual buyers are the parents, but the explanations given in English must be translated by the children, and in that process, the parents often miss out on what they are agreeing to. Looking at the recent market in San Francisco, this communication has become even more important. The median home price in the city is around $1.4 million, and when looking at the county level, the median price is projected to rise to $1.8 million by May 2026, a 14.1 percent increase from the previous year (Redfin). Across the metro area, the price has risen to $1.7 million as of March, clearly showing that demand from the tech industry is driving the market up again.

To put it simply, the work of an agent can be divided into six main steps. These include finding properties that meet the desired criteria and conducting a comparative market analysis (CMA), writing offers and negotiating prices and terms, reviewing purchase agreements, coordinating home inspections and appraisals, and managing the entire process up to closing (NAR). In a market like San Francisco, where an average of four offers are made and transactions are completed in 21 days, speed and judgment are required at each of these stages.

There are also changes to be aware of following the settlement of the National Association of Realtors lawsuit in 2024. Starting August 17, 2024, buyers must sign a written buyer agency agreement before touring homes with an agent (NAR). In simpler terms, the previous practice of discussing contracts only after viewing several homes has changed; now, the commission terms must be confirmed in writing before starting the tour. This agreement must specify the amount or calculation method of the commission the agent will receive.

When serving clients from the parents' generation, it is particularly important to explain each line of this contract in Korean. If the terminology is unfamiliar, it helps to clarify by saying that this is how it should be understood, and creating an atmosphere where they can comfortably ask questions before signing is also part of the agent's role. If they are managing assets between Korea and the U.S., having experience dealing with international remittance procedures or non-resident foreign withholding (FIRPTA) can be very beneficial. Being able to connect them with trusted professionals through a network of lawyers, mortgage brokers, and inspectors built over many years in the area is equally important.

Many clients from the parents' generation have most of their assets divided between Korea and the U.S. In such cases, if the limits or reporting procedures for international remittances and the timing of fund transfers to U.S. accounts are not planned in advance, there can be situations where funds do not arrive on time just before closing. Having experience dealing with these procedures multiple times allows for better coordination of the fund transfer schedule with the closing timeline, making it much more stable. Additionally, looking at the recent market, in competitive areas like San Francisco, decisions often need to be made within days after submitting offers, and in these moments, it makes a significant difference if the parents can communicate directly with the agent without needing the children to interpret. In situations where multiple offers are submitted simultaneously, preparing a trustworthy offer letter for the seller is also common, and the fact that parents can understand and participate in these detailed preparations is key to effective consultations. When examining properties or neighborhoods, we also consider school district ratings, and since school district boundaries change frequently, it is advisable to check the assigned school for the specific address before purchasing. It is also good to keep in mind that taxes and mortgage conditions can vary by county. This article is not investment or legal advice, and it is recommended to consult with professionals before making any actual contracts.