Veronica Morgan

So it's sort of a double-edged sword, that one.

FOMO is a very, very dangerous thing.

You know, our emotions guide so much of what we do and FOMO is sort of like a part of social proof.

You know, it's loss aversion.

There's all these sort of behavioural biases that we respond to when we're buying property.

And, of course, when we look around and we think we're going to miss out, then obviously we start getting desperate and start making massive compromises on the property that we may not have previously if we were feeling less stressed made and tend to overpay as well.

And this is one of the things a lot of buyers have to remember.

markets go around in cycles you know this what we're experiencing right now won't last forever there will be a downturn and then there will be an upturn again and then there'll be a downturn and you know sometimes they're short sometimes they're long but fundamentally and in solid locations that trajectory over time is generally upwards but it's it's not a smooth ride and this is the thing that when buyers are in a particular market experiencing those market conditions they don't actually know what it's like to be in

a different type of market.

It's a bit like in the middle of summer, you can't imagine being freezing cold in winter.

So it's only back in 2000, end of 2017, 2018, where there was another acronym called FONGO, fear of not getting out.

It's not that long ago.

And this is what I try to remind people when they're experiencing FOMO is that this is actually temporary.

My absolute pleasure.

Thank you for having me.

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