What does FOMO mean for sellers?
From the REIA
region where we are so lucky to live. All of which adds up to an agent’s dream scenario. Uunfortunately there’s one rather inconvenient fact: Right now there are a lot more buyers than sellers.
FOMO or, Fear Of Missing Out is one of those expressions that, once you hear it, you immediately know what it means. In recent times we’ve heard a lot about FOMO in the real estate market. Especially in relation to buyers. And particularly since we all started living in the time of a pandemic. Locked-down city dwellers and cashed-up expats are desperate to buy property. Some seeking their dream home. Others looking for a sound investment. Either way there’s a lot of them. And they don’t want to miss out on the best opportunities. But competition is not just fierce at the top end of the market. It’s across all segments. Right down to first homebuyers who are at risk of missing out because the number of new homes being built is simply not keeping up with demand. It all sounds like a tidal wave of potential property purchasers. And nowhere are they more prevalent than in the wonderful
So what’s holding sellers back? Well, perhaps buyers aren’t the only ones suffering from FOMO. Owners I’ve talked to lately have been saying things like; ‘We know we can sell… and sell well… but we want to stay in the area and there’s not much for sale.’ ‘I see the prices on properties lately and think, if I wait a bit, they might go even higher.’ ‘Every time we think about selling… we realise how much we love it here.’ Which to me suggests a different kind of FOMO. Buyers are afraid of missing out on what they could get. Sellers seem more afraid of missing what they have.
But while all those factors may apply to lots of people, they can’t be true for everybody. Some owners will always need or want to sell, regardless of what the market is doing at the time. And if you’re one of those people I’d love to hear from you – I’d hate to miss out. Vicki Cooper 0418 231 955
Figures released earlier this month by the Australian Bureau of Statistics show, that the value of new loan commitments for housing increased again with investors back in force. Real Estate Institute of Australia (REIA) President, Adrian Kelly said the statistics show that new housing loan commitments rose 4.9 per cent in May 2021 (seasonally adjusted) to a new high of $32.6 billion, driven by investor housing loan commitments. The results reflect the very strong interest market growth has generated in the past year. ‘Investors and first home buyers alike are diving into the market, with the latter taking advantage of the current government incentives.’ Mr Kelly cautioned that lenders will continue to remain on high alert to potential lending restrictions in the future.
coastal & hinterland sales
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8 P O R T E R S T R E E T B Y R O N B AY
- Nyrell and John, vendors
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Free, independent weekly newspaper from the Byron Shire, on the Far North Coast of NSW, Australia.