App Acronym That Captures the Zeitgeist
OK, so the term is easily confused — at least by someone with dyslexia — for another, not-so-nice acronym (“MOFO” — look it up).
And the new app designed to exploit “FOMO” (Fear of Missing Out) targets insecure, 20-something social climbers (called “CouchCache,” it lets users give others the impression that they’re at the hot new bar/restaurant/private party when they’re really . . . sitting at home on their couch).
But, it undeniably applies to at least some Buyers in today’s housing market.
What exactly are FOMO Buyers afraid of missing out on?
–Ridiculously (and artificially) low mortgage rates, courtesy of the Federal Reserve.
–Home prices that, even after a 10% – 15% bump last year, are still rolled all the way back to where they were a decade(!) ago.
–That hot, new listing that’s going to sell the first day it’s on the market — or before it comes on the market — because there’s such a dearth of inventory.
Combine all of the above, and this year’s housing market has the ingredients to be the most, well, interesting since at least 2005.
P.S.: If today could be called the “FOMO Market,” 2008-2011 would definitely have been the “$%!#MOFO Market.”