St. Louis-area real estate agents: FOMO is pushing some millennials to buy homes

(Credit: KMOV)

A new trend among millennials is bucking their reputation as kids who just want to live in their parent’s basement. They are buying houses and social media may be a big reason why.

“As soon as I saw it I was just blown away by it,” said Patrick McGlynn, a 26-year-old who bought his first house in the Benton Park neighborhood of south St. Louis last year. “I kind of liked that old mixed with contemporary look that’s going on right now.”

So, when he closed on the house, he did what any millennial would do.

“Emma took a picture of me outside with the sign saying ‘SOLD,’” said McGlynn.

Then, he posted it on Facebook. That got his friends talking about what’s next for them.

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

According to a Bank of America survey, Fear of Missing Out, also known as FOMO among millennials, is becoming a bigger force behind some home investments.

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

Both McGlynn and Hauer said they see plenty of millennials with the mindset “If they are doing it, why can’t I?”

“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. It’s live opposed to just hearing them talk about it,” said McGlynn.

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

“That’s where people are. They are behind their computers, with their phones, they are looking on all the social media sites so it’s very influential,” said Hauer.

As for their reputation of living off their parents, that may be changing. A National Association of Realtors survey shows last year, more than a third of home purchases were made by millennials, making them the biggest generation that’s investing right now.

Copyright 2018 KMOV (Meredith Corporation). All rights reserved

News 4 Anchor/Reporter

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