Can You Power Down the Stress in Your Real Estate Deal?

Handling a real estate deal can be a stressful experience, especially in these difficult COVID times. Studies show that people who have a plan for how to deal with their stressful events experience less stress than people who wing it without a plan. A successful plan could contain a few of the following:

For a Buyer:

Decide on a limit for how much you plan to spend.
Get clear on how you are going tofinance the purchase.
Decide on how much time you have todevote to the search.
Find an experienced professional to help you in your search and buying experience.

For a Seller:

Find an experienced Realtor who can help you grasp current market conditions.
Discuss with your Realtor his or her negotiating strategy.
Have a plan for how to get help with the moving process.

Plan B

As a Buyer you probably hope your purchase will go a certain way. But the market is changing from day to day so you should consider creating a Plan B. Here are several questions to ask yourself: What if I’m being priced out of this market? Am I willing to accept less? Might I be able to borrow more than I prefer? Might I get a loan from a friend or family member? Am I willing to buy a fixer-upper? Having considered these possibilities reduces the stress of encountering these choices.

Stress Reduction

It is normal to feel stress when selling or buying a house. In fact, many people experience waking up in the middle of the night and have a hard time going back to sleep some where during the process. It can be helpful to have a plan for how to deal with this increased stress. For example, you may want to plan extra time for working out, meditation, yoga, walks in nature, or any stress reducing activity that you enjoy.

Mesa Market Report

Update on Short Term Rentals

The City’s lawsuit appeal of Short-Term Rentals (STRs) in the Coastal Zone has been delayed due to Covid. A final outcome will probably come in April. So, STRs in the Coastal Zone can continue to operate without City enforcement until the appeal is settled.

The City makes it onerous and expensive to secure permits for STRs even if the zoning laws allow them. A lawsuit that had challenged the “Hotel” definition in Residential and Commercial zones tried to make STRs easier to secure. Yet that lawsuit lost. So, the City continues to make it difficult by pushing requirements for additional parking and ADA compliant bathrooms. The reining City culture is anti-STRs. (STR information provided by Paradise Rentals)

The implications of this information are that buyers in the Coastal Zone, between Cliff Drive and the ocean, continue to like the STR model of ownership. That’s because a simple 3+2 home produces 30 percent more net income and allows the owner opportunities to use their home between tenants. If renting your home as an STR is of interest to you, please call me for more information.

Client Talk…

“Scott did a fantastic job for us. We were remote sellers and so needed to have a Realtor that could take care of everything, that was Scott. Excellent communication, excellent planning and follow through. The plan that Scott put in place for us included setting our expectations, getting the place ready, coordinating with workers for repairs and improvements, professionally staging the house, professional photography, and creating an excellent brochure for the sale. Scott was also very patient as we hit the market, getting several offers, providing excellent guidance, managing a difficult escrow and eventually selling for over full price. We would recommend Scott to anyone selling or buying a property in Santa Barbara.”

Ian