You may have heard the lingo but what do these terms even mean?
These modern terms of FOMO is Fear Of Missing Out and FOOP is Fear Of Over Paying. In the current real estate market, buyers are always wondering what to pay for a property. It is a battle of the scales, and trying to find the ‘perfect’ purchase medium without missing out or paying too much is a challenge …
So how can one juggle FOMO and FOOP, well there is no fully correct answer but try research!! In a market like this it is always advisable to research what’s selling and for how much, this way you go into a property with the knowledge of knowing where it sits on the property scale .. However, as we are in a ‘sellers’ market which is described as an economic situation in which goods are scarce and sellers can keep prices high. Lack of supply is causing the market to move quickly leading to FOMO, which often leads to increase prices.
So, what is a tip for buyers in this current market? Get a pre-approval! it is important to know what you can afford to borrow and what you cannot this way you are not looking in a market that you can not afford and also gives you the benefit of potentially being able to offer better purchase terms which may appeal to the seller.
