The true difference between wants and needs!

Richard one of my most visited blog post was about wants and needs.  That has always interesting to me.  Yes many people don't separate wants and needs and to them it's all the same.

Hi Richard,

I believe that once buyers determine their needs, the wants becomes more minuscule. The way I see it, the wants are sprinkles on top of a frosted cake.

Buyers are liars.  They tell you they want a 3/2 detached home on 1 side of town and a month later that sign a contract on an attached 2/2 townhome. So many people's "needs" are really just "wants" .

Richard, this year many of my clients made homes choices on what I thought were not crucial criteria; like the size of a garage or an updated bathroom. Going in these didn't appear to be the driving force in getting a new home but somewhere in the process the lines got blurred and they made decisions that I thought were frivolous. However, they are the bosses and ultimately the purchase is theirs.

The smart ones will learn to compromise for the good of their future.

Richard, We've seen that collision of wants and needs vs. budget many times.  We'll usually run one search initially for a "grand slam" home, right with everything they want.  Then depending on time frames it's time to figure out what the true "must haves" are and leave the rest out and see what the market offers.

I could get really philosophical about this.  Our world would be a better place if folks spent more time focused on needs and less on wants.

Needs vs wants... yep, age old question.  Needs are so much more important then wants, pay attention to you mortgage broker and stay below what they tell you, you can afford. 

Richard, don't you find that sometimes a buyer has to look at houses and the inventory available to get a clear idea of what their wants and needs really are and then prioritize those by what they find and love.

Needs and wants are sometimes difficult to clarify. And when the picture is clear often it involves sacrifice.

Richard:

So true.  When you seen underdeveloped countries and the lack of things I consider necessary I see that they aren't necessary to life at all.  They are just the things I want to make my life more bearable.  We Americans are spoiled, but that is the way we live and I don't see any change coming soon.  And actually, I am not sure I want a huge change.