{"id":5403,"date":"2024-03-28T10:19:24","date_gmt":"2024-03-28T00:19:24","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5403"},"modified":"2024-03-28T10:19:24","modified_gmt":"2024-03-28T00:19:24","slug":"fomo-fobo-and-foop-how-they-can-hold-you-back","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/fomo-fobo-and-foop-how-they-can-hold-you-back\/","title":{"rendered":"FOMO, FOBO and FOOP \u2013 how they can hold you back"},"content":{"rendered":"

\"\"Nobody likes missing out on a good thing. But then again, who likes overpaying? So how do you strike the right balance when both fears can work against one another?<\/strong><\/p>\n

The property market rarely stands still. Interest rate movements, the number of homes listed for sale, and even the time of year can all drive shifts in the market.<\/p>\n

And change plus commitment isn\u2019t something we\u2019re all comfortable with.<\/p>\n

It can even see us put mental traps in place that mean we panic about missing out on a good buy, or alternatively, we convince ourselves it\u2019s better to sit things out on the sidelines.<\/p>\n

Let\u2019s take a look at three mind games that can work against home buyers \u2013 and how you could beat them.<\/p>\n

Fear of missing out \u2013 uh oh, FOMO<\/h3>\n

FOMO can be a real thing for home buyers, and it\u2019s possibly starting to have an impact on the property market once more.<\/p>\n

According to\u00a0REA Group<\/a>, today\u2019s buyers are being gripped by a sense of urgency to make their move into the market.<\/p>\n

The reason?<\/p>\n

Growing expectations of interest rate cuts are sparking concerns that property values may soon skyrocket again.<\/p>\n

Already, research firm\u00a0CoreLogic says<\/a>\u00a0market data points to further growth in home prices.<\/p>\n

The result is that autumn is shaping up as a particularly busy season as buyers look to race in before values head higher.<\/p>\n

So should you sprint into the market too?<\/p>\n

Well, before racing in to buy a home, have a chat with us and we can let you know if you\u2019re home loan ready today.<\/p>\n

Fear of better options \u2013 let go of FOBO<\/h3>\n

Some buyers never quite get into the market because of nagging doubts that an even better property could come along.<\/p>\n

The thing is, no home is perfect. Buyers often find a bit of compromise is what gets them into the market.<\/p>\n

To avoid FOBO, jot down the essential features you\u2019re looking for in a home. Then back it up with a list of nice-but-not-necessary features.<\/p>\n

If you can find a property that ticks the boxes for all, or most, of the must-haves you can be confident you\u2019re buying a place that will suit the majority of your needs.<\/p>\n

Fear of over-paying \u2013 forge a path past FOOP!<\/h3>\n

It\u2019s possible that humans have wrestled with the question \u201cam I paying too much?\u201d for centuries.<\/p>\n

No one wants to pay over the odds for their home.<\/p>\n

However, this shouldn\u2019t freeze you into taking no action at all.<\/p>\n

Two simple steps could help dispel concerns about whether you\u2019re paying too much for a property.<\/p>\n

First, do plenty of research and check out comparable home values in the area you plan to buy in. It can help you identify if the asking price for a place is reasonable or over-the-top.<\/p>\n

Remember, you can always attempt to negotiate on price \u2013 especially if you have home loan pre-approval, which shows sellers you\u2019re a serious buyer.<\/p>\n

Second, and perhaps more importantly, remember that property values typically rise over time.<\/p>\n

For example, data from\u00a0SQM Research<\/a>\u00a0shows that back in 2009 the average asking price for a house in Sydney was about $755,000. Fast forward to March 2024, and that figure has jumped to more than $1.9 million.<\/p>\n

Hence the saying: \u201ctime in\u201d the market generally beats \u201ctiming\u201d the market.<\/p>\n

Because if you plan to hold your home or investment for the long term, chances are you\u2019ll look back at what you paid, and be glad you purchased when you did.<\/p>\n

But \u2026 to help make sure you don\u2019t purchase a house that\u2019s beyond your means, get in touch with us today and we can help you work out your borrowing power.<\/p>\n

In turn, you\u2019ll be able to work out what your home buying budget is, and what your monthly home loan repayments will likely be.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nobody likes missing out on a good thing. But then again, who likes overpaying? So how do you strike the right balance when both fears can work against one another? The property market rarely stands still. Interest rate movements, the number of homes listed for sale, and even the time of year can all drive […]<\/p>\n","protected":false},"author":23,"featured_media":5404,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5403","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nFOMO, FOBO and FOOP \u2013 how they can hold you back · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/fomo-fobo-and-foop-how-they-can-hold-you-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FOMO, FOBO and FOOP \u2013 how they can hold you back · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Nobody likes missing out on a good thing. 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