FOMO (Fear Of Missing Out) in Real Estate is Real and Reasonable


FOMO (Fear Of Missing Out) in Real Estate is Real and Reasonable
By Scott Rogers • June 1, 2018
OK -- I'll bend the definition of FOMO a bit to make a point. The "real" definition -- "anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website" But then, for real estate... Sometimes a property can be on the market for a few weeks (or even a few months) without an offer -- and then when an offer comes in, all of a sudden a 2nd or 3rd buyer is also then ready to make an offer. So, what's happening here? Is it random timing? Likely not -- I think it is FOMO -- Fear Of Missing Out... If you're thinking about making an offer on a house, but you are not 100% sure if you are going to do so, there isn't necessarily much urgency for making up your mind UNTIL somebody else is making an offer, and potentially is going to eliminate your ability to ever make an offer. The fact that someone else is making an offer can provide some amount of confirmation that it is "a good house" or "a good opportunity" -- after all -- somebody else decided to make an offer, so maybe I should go ahead and do so as well. Some folks are just competitive. Wait -- those other (unknown to me) people are going to try to buy this house that I was thinking about buying -- well, I'll show them! :-) So, as a seller -- if you have had a good number of showings, but no offers -- don't be surprised if a second offer quickly materializes after the first offer comes in. And as a buyer -- if you are still potentially interested in a house, but have not made a decision about making an offer -- make sure the seller's Realtor knows of your continued interest, so that they can alert you or your agent if an offer does show up. The seller will want to make sure you have the opportunity to make an offer as well. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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