A House as a Commodity

What is a commodity?

The origin of the word per Dictionary.com - started in 1375-1425 from the late Middle English term "commodite;" the Anglo-French term "commoditas" meaning timeliness, convenience that is equivalent to "commod"  meaning us.

We know it today as something tangible that we can buy from the market, like an everyday food that we eat or drink. Per Wikipedia, "In economics, a commodity is a marketable item produced to satisfy wants or needs."

House as a Commodity

Following this definition, a view can be advanced to consider a house as a commodity considering that a house is the center of wants or needs of people who are starting to build a family of their own and looking forward for a place to nurture their offspring, a place where they can retreat at night after a hectic day of work. On the other hand, businessmen and stock traders would revolt to such thinking on historical ground that commodity was not an essential feature during the 16th century when Europeans travelled to the East in search of spices - a valued commodity then. Traditionally, commodity refers to agricultural products like grains, livestock, cotton, etc.

As a Realtor, it pains me to see clients who could not get their hands on the homes that they want to buy, or homes that they need to buy for their families. If a house is commodity, there is no more resorting to a bidding race for the price that sells. If a house is a commodity, there is no more need for Realtors to be around showing houses because a house can just be picked up on the internet (as if buying an item from Ebay), or be bought on the street in answer to the sign of for sale by owner. If a house is a commodity, there is no more homelessness around us.

I would not quarrel with the general understanding of the house as not a commodity, but in terms of wants or needs, a house equates and functions as a commodity. In this modern time, surely a house is not less important than a food on the table. It was not so important in early times when Tarzan (?) was swinging from tree to tree, but in this age when drunks are roaming the streets and neighborhoods, a house with steel fence offers a safe haven and that is what a house is for.

House not a Commodity

In sum, a house is really more than a commodity. Not everyone can have it no matter how much they want or need it. For some, a house is even a dream.