Downtown San Diego Condos: Worry People and the Real Estate Market

Worry people are both dolls and people. Don't we all know someone who worries and if there isn't anything to worry about, they worry about that. I found this picture on Flickr and thought it was appropriate to my topic of buyer worries.

I found this picture by jeremy jive on Flickr

Buyers have a tough time in today's market. They stress and sometimes the stress is real, and sometimes the stress is self-imposed. Since we work a lot in the Downtown San Diego condo marketplace, we find a lot of buyers carrying around a lot of buyer related stress. This of course is not limited to just downtown San Diego. This stress happens to everyone and everywhere.

I find that buyers have basically 3 sources of stress:

1. A first-time buyer, or even a repeat buyer are overwhelmed with new information. Where do you search? Do you use Redfin, or ZipRealty or Realtor.com or your own realtor's website IDX search? What average consumer even knows what IDX means? There are new terms, there are new technologies and there are new financing options.

2. On the other end of the spectrum, there can also be a lack of information. What seems normal and common place to the real estate agent, lender, escrow office, and inspector, is brand new to the novice buyer. A lot of times buyers ask themselves if they are getting enough information, correct information, up to date information, and how would they know if they weren't one way or another.

3. And a 3rd cause for stress is surprise. Surprises seem to pop up all through a buying experience. Some agents warn their buyers that odd things will happen. Lenders will try to destroy your sanity with stupid requests. Physical inspections may turn up something that no one knew about. Instant decisions will be required. Second guessing will happen. Would a buyer have acted differently if they had either known about the surprise, or at the least, had some time to process whatever the surprise is, and make an infomed decision? Unknown surprises can really throw people off track, and you can't blame them for being cranky or nervous.

Is there anyway to avoid these three stressful situations during a purchase? I would love to say "yes." Just use our "magic elixir" and everything will be fine. However, the truth is these surprises and stresses and information overload or underload can be mitigated, but they will never disappear. A buying transaction almost becomes a living breathing thing (or so it seems at times). There is the monster that tries to derail a transaction.

Your best defense is a good offense as they say in football. Make sure you have a realtor to represent you and your best interests. Make sure you have a realtor you trust. Ask about the information you receive. Review and ask for clarifications if needed. If asked to make some immediate decisions or lose the property, take a deep breath and ask yourself, "Is this decision a reasonable decision?" If you can be at peace with whatever decision you make, then you know you have made a good decision.

Buying may seem like an overwhelming experience. Just think of it like having a baby. Take a deep breath, make sure your decisions work for you, and remember, "This too will pass." If you can see the vision of your life after you buy your home or condo, you will be able to wrassle and deal with your stresses.

By Sharyn & Victoria Crown, Coronado and Downtown San Diego real estate brokers

This is part of a series of articles entitled, New Condos, Downtown San Diego Style