In the world of real estate, buyers often experience a common fear known as FOMO, which stands for “Fear of Missing Out.” This feeling can be particularly prevalent when searching for a dream home or navigating a competitive market. I decided to write this to help current and future homebuyers from not letting FOMO control their decision making.

What is FOMO?
FOMO, or the Fear of Missing Out, is a powerful emotion that occurs when a person believes they might miss out on a valuable opportunity or experience. When it comes to home buying, FOMO can occur in 2 different ways…1) they feel not purchasing a specific house will lead to regret or the loss of a unique opportunity or 2) they feel like they should not buy a specific house because there could be something better out there.

In our crazy, competitive market right now, buyers often experience it in a way based out of fear of losing out on the property and knowing that it will be hard to find another one on the market.  It is a rational fear and one that I would advise talking through with your real estate agent to get their opinion on if they think you’ll find another property in your price range and the area you like. 

In less competitive markets, some buyers feel nervous about pulling the trigger on making an offer because they feel like there might be a better house coming on the market soon.  The current house might not check all the boxes so they want to keep waiting for that perfect house.  

As an agent that’s been through both types of markets, my #1 advice is to make a top 10 list of the most important things to you and your partner (if buying together) listed in order of importance.  If a house checks your top 3-5 items, then it should be considered for writing an offer.  I instruct my buyers all the time that you will not find a house will all the items you’re looking for.  Some might be unrealistic depending on location and budget.  A discussion with your agent will help with this as well.

A list will help keep you, and whoever you’re buying with, on track and cut down on any emotional highs and lows that often happen while looking for a house.  It also helps your agent know what is important and what you’re looking for.  

If you’re currently going through some struggles looking for a home, contact me and I’m happy to talk things through!