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This conversation is important for buyers to understand as they are going through the process of buying a home (especially first-time buyers.) .It helps them put the buying process into perspective.

I call this The Big 3

Price – They want to stay within their budget (which is often some vague number)

Location – They want to be in their preferred neighborhood

Property – They want a property with the right level of upgrades, size, etc.

These are the 3 things that buyers want: the right type of property, in the best area, and within their budget.

When dealing with buyers, say they can choose 2 of these.

If they want the right price and in the right location then they may need to sacrifice features or size. If they need a certain type of house in a specific location, they may need to increase their budget. If they need a certain house and they can’t change their budget then they may need to be open to new locations.

Explaining this to buyers helps them understand that they need to make sacrifices and they need to be flexible with their “perfect house”. In reality, there is no perfect home. Even a brand new, custom-built home will have flaws.