Homebuyer expectations disappoint

Mood of the Market

Ahhh, the agony and the ecstasy of buying a home. Well, the ecstasy has largely been supplanted by anxiety and nervousness, but I’d like to think there’s still a little taste of excitement and suspense (the good kind) inherent in making this lifestyle transformation.

Nevertheless, I see buyers in my own practice overindexing on the agony piece, for reasons they can control. One of those agony sources is rigid expectations, or being unwilling to compromise.

As a case study, let’s look at a couple I recently worked with. They are moving to the San Francisco Bay Area in preparation for retirement, coming from more than 40 years of owning sumptuous, luxurious spreads on acreage in various other regions of the country. For what they want to spend in our area, though, they’re looking at 1,000 square feet of condo.