Entering the world of real estate can be both exhilarating and intimidating. The potential for financial gain is enormous, but so is the fear of making a wrong move, or making a mistake which can lead to anxiety or decision paralysis. Back in 2021, FOMO (‘fear of missing out’) was all the rage but now with rising interest rates and the high cost of living, we are hearing a lot about FOMM or ‘fear of making a mistake’ in the real estate market.Â
Fear of making mistakes can affect buyers in many different ways. First off the fear is different for us all – some buyers fear that they will not be able to pay back their mortgage while others worry they could buy a property with major defects, or that the location may not be right. Some fear they have idealised a place that ticks every single one of their boxes and they’ll never find it. While others fear timing – is it the right time, is it too early, do I jump now or hold out for lower prices or more properties to come onto the market, in the belief that better options will appear?
If any of this sounds familiar, you are in the right place, as in this blog we have compiled a list of things to do to help you overcome your real estate FOMM.
1. Overcoming your Real Estate FOMM starts with clarifying your goalsÂ
Before you take any steps towards buying your property, think critically about your motivations. Are you looking for a forever home to raise your children? Do you perhaps want a lifestyle change and are you thinking about downsizing? Or maybe you are looking at buying a property as an investment to build wealth in the future?
Whatever the purpose of your purchase, ensure that you, as well as your family, are clear on the ultimate goal. This will help you make informed decisions, narrow down options, and navigate listings with more confidence.Â
Remember, this will be a big move that requires planning, so start drafting a 6 to 12 month plan that works for you. A solid plan will make things look more real and minimise any fear.
2. Refine your search criteria and pound the pavement
In order to overcome your real estate FOMM you also need to adopt an effective system for navigating listings. So, refine your search criteria and make a list of what you really need versus what would be nice to have in the property. Also, think about what you can change. Some things, like having a garden facing north or being near a good school, can’t be changed. So, if these are important to you, consider them essential. Other things, like adding more rooms or changing the layout, can be done later with renovations.
It’s also important to see houses in person, not just online. That way, you will get a better feel for the place and the neighbourhood you’ll be living in. Wonder around the streets at different times to get a feel for traffic, noise, amenities and so on.Â
Additionally, check out how many similar houses in the area were actually sold for, not just the estimated prices. This will help you understand the real market and make better decisions.
3. Keep an open mind and ask for professional help
If you have a real estate FOMM, you have probably been checking listings for months. You have probably found many “almost-perfect” places, but there was always something that turned your enthusiasm off. The result is inaction. Remember, FOMM leads exactly to that!
If you wait too long to buy a property, you might miss out on the right option for your situation. The property market keeps changing, and what you can buy now might become more expensive in the future.
The most important element in overcoming real estate FOMM is working with a professional real estate agent who will guide you through the process with confidence and help you score a great deal. If you are looking to buy real estate and need professional real estate advice, call us at 03 8680 9421 or email us today to find out how we can help you with your real estate goals.
