FOMO out as FOOP swoops in

Passed in: Buyers are spoiled for choice but also hamstrung by tough lending rules. (Image: BusinessDesk)

Wed, 08 Jun 2022

Open homes and auction rooms are lonely places for real estate agents as tight credit rules, rising mortgage rates and forecasts of downward house prices start to bite.As buyers step back from the rapidly cooling residential market, 'fear of missing out' (FOMO) has virtually disappeared as a motivator, replaced by a fear of overpaying (FOOP) in a market offering much more choice.There are also fewer investors headed to market with their properties, says the latest survey of agents by independent economist Tony Alexander.In fact, there a...

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