Got FOMO?

People buy homes for obvious reasons: better jobs, higher salaries, getting married and having kids, tired of living in parents’ basements. Interesting enough, FOMO (“Fear of Missing Out”) is apparently becoming a strong motivating factor for first-time home buyers, especially for Millennials (people born between the early 1980s and early 2000s) according to a recent Bank of America survey of 2,000 adults. Millennials see photos of homes on social media like Instagram and Facebook that their friends bought, and think: “What about me”? Millennials make up 65% of all first-time buyers, according to a survey by the National Association of Realtors (NAR). Food for thought: FOMO could be a strong contributing factor to the rising home prices in the Bay Area!