Home is where the heartbreak is for GOMOs

Posted on November 11, 2013 by | 0 Comments
On the hunt: The Reids have missed out on five places.

On the hunt: The Reids have missed out on five places. Photo: Edwina Pickles

It’s a phenomenon fast becoming known in the property industry as ”GOMO”: Grief Over Missing Out.

Prospective buyers who pin their hopes on a dream home and are outbid at auction by competitors are increasingly slumping into a state approaching clinical depression, experts say.

“Some people put an enormous emotional investment in a particular place and fall in love with it before they’ve been able to buy it,” said Amanda Gordon, a clinical psychologist and adjunct associate professor at the University of Canberra.

“They invest a lot of time, energy and money into the search, having reports done, organising the loan, imagining themselves living there and putting off other things as a result,” she said. ”Then, when they fail to buy it, they are disappointed, distressed and can despair that they’re ever going to get anything. It can be like being left at the altar, and there’s a real danger then that they can become depressed.”

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