Market takes psychological toll

The uncertainty in New York City’s real estate market has left many prospective buyers and sellers unsure about how to act this summer, psychologists say. Many sellers who bought at higher points in the market are reluctant to sell, even if selling could be a good idea, because they don’t want to admit a mistaken purchase. Buyers are equally unsure about their purchases. One buyer, actor Hans Tester, signed a contract for an Upper West Side one-bedroom but continued to attend open houses elsewhere, anxious about his decision. According to a Corcoran Group poll, nearly two-thirds of New Yorkers think now is a good time to buy, but many buyers say worries about job security and bonuses are still significant concerns. Corcoran broker Debra Bondy, also a psychotherapist, says she has to do a lot of interpreting of her clients’ emotions.