Social media may be driving millenials to buy homes - KMOV.com

Social media may be driving millenials to buy homes

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Pat McGlynn posing in front of his newly purchased house. Credit: KMOV Pat McGlynn posing in front of his newly purchased house. Credit: KMOV
SOUTH ST. LOUIS (KMOV.com) -

Instead of living in their parents’ basement, millennials are buying houses and social media may be a reason why.

When 26-year-old Pat McGlynn bought his first home in South City, he did what any millennial would do. He posted a photo of himself with the for sale sign on Facebook, something that got his friends talking about what’s next for them.

“I think many people see it and think ‘wow, maybe its time to settle down and make this investment,” said McGlynn.

According to a Bank of American Survey, FOMO, or Fear of Missing Out when people see a friend post a picture on social media, is becoming a bigger force behind some millennial home investments.

“I think a lot more millenials are getting better-paying jobs now. They see how wasteful it is to rent and throw that money out the window,” said Danni Hauer, a group buyer specialist with Gerard Realty.

“When you see it on social media or when a friend posts it, it makes it a lot more real. You get to see the image and you’re like ‘wow, they actually did purchase a home,’ I’m not sure seeing it, its live as opposed to just hearing them talk about it,” said McGlynn.

That has real estate agents marketing homes more on Facebook and even Instagram.

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