Understanding the difference between Need vs Want and why it's so important.

Post Date: Nov 18, 2019

Don't miss out on the home of your dreams.

Is it possible you've found your dream home and it's time to celebrate or is disappointment headed your way? Know the difference between need vs want before hours or minutes of indecision dash your dreams.

A little homework can be the key.

It's possible to save yourself from the sting of regret. Having confidence in your decisions before they are forced can give you peace of mind and an advantage in the market.

Need vs Want.

Understanding the importance and the difference.

The real estate market in the Gallatin Valley just keeps gaining steam. Even professionals that have been in the industry for decades have been surprised by the number of offers being submitted on properties and the speed in which those offers have arrived. Bidding wars have erupted on some properties and offers have been submitted for well above listing price to secure the home sale for the eventual victor.

How can home buyers put themselves in the most advantageous position possible? 

Getting pre-approved for a mortgage loan is a definite but understanding needs vs wants and tolerance levels before you get into the market enables buyers to act quickly and sometimes that makes the difference between buying your dream home or missing out.

Only you as the buyer know how your priorities align. 

Is a school district the overriding factor in the neighborhood you’ll choose or is it the size of the yard and maturity of the landscaping? It’s best to determine this with all the people involved in this decision and make sure there is a clear understanding of expectations. Know what’s important to all parties and find a happy medium before you’re faced with a decision to place an offer or not.

Clarify whether this will be a short term or long term investment. 

Short term investors are all about a speedy and positive financial return on investment. For those buyers amenities such as the layout of a home and how they fit a lifestyle might not have the same influence as a long term buyer planning on living in a property, raising a family in a home and building long term equity. And as always, an awesome home in a not so awesome neighborhood can really affect the home’s value. Every location is not the same and will not have the same value or desirability. When searching for a home you may not find a perfect match but if you make a need vs want list as well as having a clear understanding of your price tolerances, you can be agile and will be ready to pull the trigger when you find the one that’s right for you.

Lastly, hire an agent that understands your need vs want list and is a skilled negotiator. 

Feel free to interview agents until you find someone you know you can trust. Make sure that person is the right fit for you and your transaction. You need an advocate that you know and TRUST can help you through the negotiation process and all the nuances that go along with the buying process.