What Home Buyer Personality Type Are You?

Different people approach buying a home in different ways. In fact, you could even say there are different homebuying personalities, each of which have their own challenges. Before you buy a home, it’s important to know what your personality is, so you can overcome those challenges to successfully purchase your dream property.

So what are those personalities, and their respective struggles?

A recent article from realtor.com outlined some common home buying personality types, the challenges they face, and, most importantly, how to overcome them. Those types include:

• The FOMO buyer. FOMO stands for fear of missing out, and buyers with this personality type are worried that their perfect home hasn’t been listed yet, and if they make an offer on a home now, they’ll miss that perfect property in the future. But there’s no telling what might hit the market in the future, which often causes this type of buyer to miss out on an amazing property while waiting for the “perfect” one to come along. If this is your type, try not to fantasize about homes that might be available in the future, and focus on what’s on the market currently.
• The market timer. The real estate market is constantly changing; interest rates, inventory, and competition rise and fall. The market timer is a buyer that studies market conditions, and thinks that their knowledge of the market will allow them to buy the home at the “perfect” time. However, market conditions are almost impossible to predict. While you can make educated guesses, you can never know what’s going to happen tomorrow, a month, or a year from now. If you’re this kind of buyer, it’s important to accept that you can’t time the market, but you can use past market data and trends to make decisions that can help you get a better deal on your home, like shopping during the off-season or looking into short sales.
• The wait-and-see buyer. Some people want to buy a house, but the thought of making such a big commitment feels scary, so they take a “wait and see” approach. But what often ends up happening is that these buyers continually push off buying a home and miss out on the right property for them. If you’re a “wait and see” kind of home shopper, work with an experienced buyer’s agent who can help you get more comfortable with the idea of buying a home, and find one that you’ll want to jump on.