Real Buyer Talk 3

Along the lines of the recurring theme we’ve launched into, I thought it would be interesting to chat with some clients who’ve decided against buying in this area. Sonny and Diane Lee looked and then decided Walnut Creek was less stressful and easier to handle. It helps that Sonny works in Walnut Creek. They loved the Peninsula but not enough to fight these battles:

) As first time buyers, what was the experience entering this particular marketplace?

   It was an intimidating experience.  Things move very fast and there isn’t any time to ponder over one of the biggest decisions a couple could make.
2) Having seen the zaniness around here you opted for the East Bay. Are you happy with that decision?
   We are happy with the decision.  I used to live in the East Bay, we have friends in the East Bay, and my job is in the East Bay.  Although we love the Peninsula, we weren’t moving to an unfamiliar area. 
3) On the Peninsula you experienced not only having to pay significantly more over the asking price, but you also need to minimize if not eliminate terms. How intimidating was that?
   As first time buyers who are wary about hidden dangers, removing the inspection contingency on an offer was very intimidating.  I could bear removing loan and appraisal contingencies, but I was very uncomfortable making such a huge financial commitment without an opportunity to inspect.  This also relates to how fast things move.  If we wanted to get our own inspection, it felt like we had to order the inspection the minute we were done with the open house.
4) Do you see this insanity as a temporary bubble or is it just part of the reality of this area?
   I think it is a temporary bubble.  Inventory seemed like it was at record lows.  
5) How would you compare the two marketplaces, Peninsula vs East Bay. Do you think your decision might have been different if you both worked on this side of the Bay?
The East Bay market did not call for eliminating terms.  That in itself helped a lot.  If we both worked on Peninsula, I’m sure our decision would have been different.  With me working on the East Bay, easy BART access was key and that limited how far south we could go.  If we had a wider area, I’m sure we would have been a bit more patient and found the right place.

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