Key findings from a survey this month of real estate agents highlight important trends and insights in the Kiwi housing market. Here are the significant results:
FOMO on the Rise, FOOP Declining: The survey indicates a noticeable increase in the Fear of Missing Out (FOMO) among potential buyers. The fear of losing out on a desirable property has increased, while the Fear of Overpaying (FOOP) has shown a decline. This suggests a growing urgency among buyers to secure their desired homes in a competitive market.
Increased Attendance at Open Homes and Auctions: The survey highlights a significant lift in the number of people attending open homes and auctions. Prospective buyers are actively engaging in property viewings and participating in auction events. This surge in attendance signifies a strong interest in the housing market and a willingness to explore available opportunities.
Growing Concern about Property Availability: Another notable finding from the survey is the increasing concern among buyers regarding the limited number of properties available for purchase. As demand continues to be more than supply, buyers are becoming more aware of competition and the need to act fast when they see something that ticks all their boxes.
The rising FOMO, coupled with heightened buyer activity and concerns about property availability, emphasises the need for prospective buyers to be well-informed, prepared – think Pre-Approvals - and proactive in their search for a new home.
As the market continues to evolve, staying informed about these trends enables buyers to make informed decisions and navigate the competitive landscape with confidence. Whether you're a first-time homebuyer or looking to make a move, understanding these market dynamics can help you navigate the housing market successfully.
Contact MortgageMe here or below for a quick chat about this and more.