Yesterday, I heard someone shared about the possibility of building / constructing new properties only after understanding what people want. Perhaps to ask them what they want. Supply of new homes should just follow demand and there will be no overhang in this case. Frankly, after listened to countless people telling me about their favourite property or even a dream home, I have just one conclusion. They may NOT understand what they really need or could afford.
“I have been looking for homes in this area for many months. Every time there’s a home which is way below market value, someone bought it first.”
“I insisted to the real estate agent to follow the price I wanted. They should work for me because I am paying them the commission! They never call me back.”
“I thought the market is bad. Why are the prices for those homes I want never reduce in price until today?”
When I answered that they should expand their search into more area as long as it meets what they need, they responded that they only want that area or those few areas. Well, end of conversation. As for property prices, when I told them that some times, the prices could only go up because of demand and supply, they look at me and tell me that according to everyone they know (excluding me), there is oversupply. End of conversation, again. Last but not least are people who continue to tell the world that they wanted to buy a property but has yet to start saving. Well, it takes action to make a dream come true or we will have to continue dreaming about that first property for a very long time. I know, they are also waiting for the zero-downpayment deals. Well…
These are the few reasons why asking people what they want will never get us any real results. They also needed to be educated on the property market and its intricacies too. Plus, we should also have proper property researchers who should stop telling people that it’s too expensive and tell these potential buyers to expand their search to more areas or to increase their salaries instead. Let’s be very objective because this is the world we live in. Cheaper and Bigger? Definitely FURTHER. Cheaper and Nearer will definitely be SMALLER. Else, we could start a startup which is very successful. By then, it could be any property we want. Until that day however, hopefully more will read more and thus be able to decide much more objectively than they could, today.
Next suggested article: 6 reasons to avoid property investment