While my FOMO impulses have never been too material in terms of my finances due to my diversified approach to investing, this time it could be a game changer as I am going for a new home! After a failed experiment over the past 2-3 years, I have had to get out of my almost carefree position of having no debts to once again getting a mortgage to buy a home. I had thought that being a Renter could be a more long term prospect until I was ready to relocate to a better cost of loving area but I was wrong; this crazy housing market has felt the impact of inflation driving rental options to levels I could not imagine.
Prices are up so much that buying is actually cheaper. The issue is that it seems that many others think the same and the lack of inventory has prices higher as well. To make matters worst, it also becomes a race against higher interest rates as well. I have seen rates double since the beginning of this journey and at least I was nimble enough to lock in what now seems like an amazing rate for some time to find something.
This has all seemed surreal which made me relate to the FOMO thinking often seen in the Crypto asset class. It is a fair warning considering that most FOMO decisions are not the best given the emotion in decision making. Crossed that with the alternative of paying irrational prices or being homeless, it could spell a perfect storm. However, my mindset is more from a lifestyle and family perspective rather than an investment one. While that provides more comfort in my decision, it also reminds me of another home purchase which still stings today almost 20 years later (a long story in itself).
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