Before buying something, it’s best to weigh the pros and cons to decide whether it is something you really need or if next month you would realize it wasn’t really necessary at all. A lot of times the best solution is just to put off the purchase and wait a week or more to see if you still feel the same.
To purchase a house due to “fear of missing out” is about the most ignorant reason of all to commit yourself to such a financial obligation.
“just to put off the purchase and wait a week or more to see if you still feel the same.”
In times of “hot” real estate markets there is no “week or more” or you lose the deal.
That is why your post is critical—potential buyers should not be buying in such markets.