Real (Estate) Fear Of Missing Out
Updated: Jan 26
HOW DID WE GET HERE?
Is this the right time to buy or sell a house?" That is a multi-million dollar question that remains valid regardless of the market shift. #marketshift
Considering the cyclical nature of the real estate market #realestatemarket and the whiplash we are all experiencing from riding the market seesaw in the last 12ish months. My head continues to spin from keeping up with the ever-changing market, from: "it's a seller's market", #sellersmarket to "now it's a buyer's market", #buyersmarket and the in-between state of whose market is it anyway? And are we now back in a sellers' market?
FOMO, #fomo short for Fear Of Missing Out #fearofmissingout defined by Dictionary.com as "a feeling of anxiety or insecurity over the possibility of missing out on something, such as an event or an opportunity."
Even the most confident and decisive homebuyers are constantly and sometimes unconsciously seeking the approval of desirability, regardless of being presented with all the facts that would naturally lead them to make a decision.
FOMO is non-discriminatory, cutting across generations. Buyers placing an offer on a home that just got 10 other offers. Kindergarteners fighting over one toy, never mind that there is a toy chest full of options with enough to go around. FOMO is real, a catalyst that fuels our desire to want something that other people have or not wanting to be left out of the movement, even if the train is going in an opposite direction from where we want to go.
I live vicariously through travel diaries on Instagram posts from friends, family, and frankly total strangers. I have tried to sing and dance on reels, and keep up with the latest TikTok challenges, I tried and failed on all fronts. I think I'll stick with writing the blogs.
CREATING THE FOMO FOR HOME BUYERS
Research shows that 90% of the populace does not have the ability to visualize the function of a home or imagine an empty space furnished in a way that is aesthetically pleasing and functional for daily living. A home that has been thoughtfully staged tells a story that tugs at the heartstrings of buyers who are looking for a home to make memories. On the other hand, a cold vacant home with empty walls tells no story and will capture the attention of only 10% of the populace who are looking for a bargain.
A well-staged home can be a compelling visual in any market condition, influential in creating a healthy dose of FOMO, and a catalyst for propelling buyers to make an offer on a home. You can never over-market to a buyer who has made a decision to buy a home, giving them that visual may be what gets them off the proverbial fence.