The Resurgence of 'Property Inspectors' During the Long Holiday – Why Is No One Buying Homes?

As the long holiday in October 2024 approaches, many potential homebuyers, referred to as 'property inspectors,' are actively visiting neighborhoods and properties.

As the long holiday in October 2024 approaches, many potential homebuyers, referred to as 'property inspectors,' are actively visiting neighborhoods and properties. However, despite a seemingly stable housing market, actual transactions are not taking place, leading to growing frustrations among homeowners. This post will explore the activities of property inspectors, the current state of the real estate market, and the reasons behind the lack of home purchases.

With the long bridge holiday starting, many potential homebuyers, known as 'property inspectors,' are moving actively to scout neighborhoods and homes of interest. Property inspection refers to the process of visiting a location to check the surrounding environment and market atmosphere before making a purchase decision. This activity is an essential step in preparing for real estate transactions. This holiday is especially significant, as taking additional leave can allow for up to nine days off, encouraging many property inspectors to dedicate time to this endeavor.

Seoul resident Park (39) shared, "I already traveled abroad during Chuseok, so this holiday, I plan to stay in Korea and focus on inspecting neighborhoods of interest." In this way, the trend has shifted; while property inspection used to be predominantly undertaken by investors, it is now becoming common among everyday people looking to secure a home.

However, despite the increase in property inspections, actual transactions are often not happening, leading to rising frustrations among homeowners. A post on an online real estate community revealed, "Over 40 teams have come to see the house, but not a single one expressed an intention to buy." Homeowners are increasingly frustrated as they prepare their homes for viewings, spending time cleaning and making sure everything is perfect, only to have the visits lead to no purchases.

Another homeowner expressed, "Three teams are coming to see the house today, and it feels frustrating. They seem more interested in looking at other homes rather than actually buying." Many visitors do not intend to make a purchase, often using the visits to gather information about property layouts rather than expressing serious interest in buying.

While property inspections play a crucial role in the real estate market, homeowners are becoming increasingly frustrated by the lack of transactions stemming from these visits. Despite the activity from property inspectors, actual sales remain elusive. It will be important to monitor how these inspection activities evolve with the changing trends in the housing market.