Lot Size11,762 sqft
Home Size1,612 sqft
Days on Market2
Overland Park Home Buyers and FOMO
In a busy home seller’s market, as an Overland Park home buyer, you probably have lots of fears about buying a home. In the beginning, your fears are based around whether or not you should even become a home owner. But after a little education, you discover you can own a home for less than you’re paying in rent. And the freedom that comes with owing a home is well worth it. Once you get over those initial fears, you will begin to experience FOMO (fear of missing out). Just as your fear of missing out in social media, you now fear missing out on the right house.
Over the summer while working with Matt and Gaby, it seemed as though we couldn’t get to a new listing quick enough. And we tried really hard. Thankfully for them, they had a 60 day closing on the house they sold so they had some time to experience the ups and downs of the home buying experience.
Last Saturday, every buyer I’m currently working with had at least one house they wanted to see. I started at 10:00 Saturday morning and didn’t finish up until after 6:00 p.m. Plus, I received a referral from a Keller Williams agent in Denver of some new buyers who were looking for a house in South Overland Park. I asked the referring agent when they would be in town and he said they were here now. Thankfully they didn’t want to get together on Saturday.
I am meeting with the people from Denver today to start their home search. They know where they want to live, know their price range and their house in Denver is under contract. They chose 7 houses to look at and two of those went under contract since I sent them the list.
How FOMO gets started
FOMO really ignites when houses continue to sell quickly. Buyers fear if they don’t act now, the house they want may sell to someone else. A couple of weeks ago, I was out with some buyers and there were 3 other showings going on at that one house at the same time. It reinforced the fact that there are lots of buyers out there. “You are not the only buyers looking for a house,” is what I tell my buyers. The house you looked at today and want to think about until tomorrow is the same house someone saw yesterday and bought today. BUY NOW!
4 ways to avoid the long term effects of FOMO
The fear of missing out on the perfect house is stressful. It only proves that you need to follow the pre-game plan of home buying in Overland Park:
- Get preapproved for your home loan – you will never be able to compete in a multiple offer home buying situation without a good, solid preapproval letter. The listing agent is going to consider all options for the seller. Which buyer has done the work and is serious?
- Know your monthly payment based on your price range and be comfortable with it
- Discuss with your significant other what you like and don’t like in the home you’re going to buy and be cool with it. No home is perfect. You’ve got to be flexible when searching for a home in Overland Park. Have this discussion before you find the perfect house. The clock is ticking.
- Have all of your ducks in a row because when you find the house that’s right for you, you will need to act quickly. If that means your parents will need to see the house before you can act, they need to look at houses with you. This is not the time for dad to drive down from Nebraska. The house may be gone before dad packs his bag.
Last Friday I received a text from a buyer who was leaving town for the weekend but wanted to see a house that had just come on the market when she returned on Sunday. Saturday morning I sent her a text, “it’s gone.” In one day? Yes, in one hour. Houses don’t wait for you to show up. You’ve got lots of competition. Remember, you’re not the only buyer out there. Be ready.
What’s the cure?
I’ve personally experienced FOMO when going through the home buying process. It’s even worse when you find the right house and you don’t get it. Earlier this year, I met a family who had called their previous agent to show them a house. He was unavailable that weekend because he was going to a Chiefs game. They found me at an open house, we made a great connection and they asked me to show them another house. They bought it and then I listed and sold their house. Find yourself a great, experienced buyer’s agent who is available to show you houses when they come on the market and take the plunge. Knowing what you want and being able to act quickly is the only cure for FOMO when house hunting.
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(all data current as of 2/17/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.