We’ve all heard the term “patience is a virtue” but have you ever asked yourself what does it really mean? As a Boston real estate broker, to me its the ability to wait for something without frustration and it also displays a positive aspect of ones personality.
The Buffet study
A study of behavior at breakfast buffets showed that the first item in the buffet was taken by 75% of the diners (even when the order of the items was reversed) and that two-thirds of all the food taken came from the first three items, regardless of how long the buffet is.
This means that smart consumers benefit from adopting patience as they consider what else is on the menu.
Of course, this game theory applies to a lot more than food.
How this applies to the Boston real estate market
I received an email the other day and I was asked when will prices start to come down for Beacon Hill apartments.
I told her I can’t give her an exact date, but I do know as tempting it is to jump on the fist item that meets your price criteria, it may be best to wait (have patience) to see what else is on the menu down the line . You might not have to pay a broker fee or you’ll see a better item on the menu at a cheaper price.