Weighty Words - Wisdom / Want
"Wisdom is knowledge of what is true or right coupled with just judgment as to action; sagacity, discernment, or insight." Wikipedia
"In economics, a want is something that is desired. It is said that people have unlimited wants, but limited resources. Each person has wants. You might want a laptop while your best friend may want a desktop computer. Thus, people cannot have everything they want and must look for the best alternatives which they can afford." Wikipedia
In the purchase or sale of Real Estate these words carry a lot of weight and consequences. If size mattered the scales would always tip towards wisdom but unfortunately wants often outweigh the wisdom when it comes to buying or selling your home.
When we talk to sellers we often hear I need or want to get X amount of dollars for my home. Sometimes the want out weighs the wisdom of the information provided by the agent to help a seller determine the best price that will get them the most money possible, in the shortest time and with the least inconvienence possible. When they go with their wants, they often end up having their home on the market for long periods of time and ultimately end up selling for less.
Buyers, on the other hand, who look at and sometimes buy homes based on their unrealistic wants without the wisdom of what they can truly afford, risk losing it all when money gets tight for unforseen reasons.
Wisdom or want, which way should we lean? The smart comsumer follows wisdom, the foolish often give in to their wants.
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Kathy Clulow Sales Representative RE/MAX All-Stars Realty Inc.. Brokerage 905.852.6143
Each office independently owned and operated Not intended to solicit clients already under contract
Kathy, yes they are ... weighty words...
I've actually released a couple of clients from their representation agreement, because their wants kept getting in the way. I didn't feel comfortable and couldn't get it across to them, that if they bought any of the homes they insisted on seeing, they would be in financial trouble. They could never afford to live (outside of paying the mortgage) ...
Sometimes, no matter how hard you try to look out for them, some clients just don't listen.
Hi Kathy,
I always say 'they have champagne tastes on a beer budget'. It's usually a learning curve for many buyers....and as you said, sometimes they get in over their head and are 'house-poor'. Not a good way to live.
Jo
Yes,that's why some of our tenants are habitually late on their rent. Their wants override the needs. Oh, well.
Sylvie - some people only hear what they want to hear ... some people ask for and listen to the advice we give ... all we can do is give them good advice ... they decide what to do with it.
Jo - our role is to educate ... the first lesson is to get preapproved for a mortgage
Leslie - weighty words indeed ... wants and needs
Many decades ago when I was a Realtor, I tried to help my Clients understand the difference between needs, wants, and goals. Once they understood those, it was easy to help them find a home.
Russel - one needs to understand the impact on ones financial well being as well as the differences between.