Most recently, the best possible interest rates for a ten-year loan fell to 2.93 percent, i.e. below the three percent mark. Robert Hoetink/Getty Images
The term “FOMO” stands for “Fear of missing out” – the fear of missing something. According to real estate pros, there could soon be a FOMO moment when buying a home, too.
The reason for this is that the conditions for property buyers surprisingly improved shortly before the turn of the year. Both real estate prices and financing costs have recently fallen.
So the ideal time to buy a property could be right now. Experts expect that construction yields and five to ten-year mortgage interest rates will rise again by the end of the year.
The FOMO effect is well known among sociologists. The abbreviation stands for “Fear of missing out”. FOMO has increased especially with increased use of social media. You’re constantly seeing the great things others are doing, and you’re constantly worried that you’re not there.
If you take into account the current wishes and expectations of real estate professionals, there could soon be a FOMO moment when buying a home. Many investment experts have now ticked off the year 2023 as one of the worst in at least ten years.