We will begin with understanding the common experience known as FOMO or the fear of missing out. I enjoyed meeting a young family recently at a private school social event. I was impressed with how much the parents are entangled in the perception that other than educating three young sons, nearly every waking moment must be put toward buying their first home. Keep in mind that the parents are 32 and 30. 

The fear of missing out is a misguided perspective that others are having more fun, living better lives. Our psychologist friends tell us that the experience involves a deep sense of envy that can adversely affect self-esteem, as well as decision making. Social media sites such as Facebook and Instagram can exacerbate the experience. 

When it comes to residential real estate, all you hear about all over the news these days is about how low interest rates are and how little selling inventory happens to be available at this time. The current state of the housing market is a big influence on the fear of missing out both for buyers as well as sellers. The thought of not acting now which could cause a loss of benefits other people are enjoying is very strong. But in the nucleus of this external stress, the key is to making astute observations in a responsible manner long before signing any contract to buy or sell. 

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