Are you a buyer desperate to purchase a home and finding this competitive market overwhelming? Are you getting frustrated with higher prices, increasing interest rates and limited inventory? Does the thought of not being able to purchase a home challenge your wellbeing? Are you so anxious to purchase a home that you would be willing to extend your credit to the max? If so, you may be influenced by the Fear Of Missing Out (FOMO).
The Oxford English Dictionary recently added the term "fear of missing out" in 2013 and defined it as, "the uneasy and sometimes all consuming feeling that you are missing out -that your peers are doing, in the know, or in possession of more or something better than you".
This all consuming feeling has crept into the housing market especially as buyers struggle to secure a home during rapidly evolving economic times. The buyer's prevailing thoughts is: "If I don't buy now at today's price, I may not be able to afford to buy at a later date."
Overcoming FOMO
1. Understand that the real estate market is cyclical. The current real estate market has been driven by several internal as well as external factors that you have no control over. When the pendulum swings to the other side and the market softens, inventory will increase, and deals will be there for the making.
2. Change your focus. If I can not jump in the market now, then become a student of the market and watch for signs the market is shifting - with preparedness comes opportunity.
3. Have a plan ready to implement. Be practical and prepare for the coming change. Position yourself to be ready to move with the flow of the market.
Bottom Line:
The Fear Of Missing Out is real and the dangers associated with FOMO are real as well. But overcoming the anxiety associated with FOMO may be easier than you think.
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