FOMO Returning to the Market

A nice interview by the Financial Post below.

The clip supports local evidence that multiple offers are returning to the market as a lack of homes for sale forces the active buyers to bid on a fewer number of homes. This in turn is firming up prices, to the surprise of many observers.

It is important for buyers to maintain perspective that active listings are very very low right now. Getting swept up by emotions and falling into the trap of fear of missing out (FOMO) can be a dangerous thing to one's finances and financial future. Overpaying is never a smart investment strategy.

I advise my buyer clients to maintain their discipline with appropriate budgeting and following conventional affordability guidelines. This is critical to maintain balance in one's overall financial picture.

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