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So many people have been waiting the market to slow down from last year, some of them have the down payment to purchase this spring.) F2 q4 z/ A" P1 N- j; j
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
* l% B# C7 S. M, l0 j9 k+ LIt is always better to buy when it is on the way up than it is on the way down.
J! d0 T- Q+ x5 _, b KFor example, the condo average price is around $240,000 this March, now it is $270,000.! e1 y- ]: k ~0 ^; }2 M
Say, it is at its prime now even though there is no sign in the condo section yet. Can any body guess, when it will come down to $240,000.2 t) h% d9 S" u
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.5 z% A/ i+ \+ _4 {$ m* n+ s& @# X$ N
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,5 Y' L9 D! N+ u2 |2 y9 e5 \
your mortgage interest rate may have reached 6%.
8 ?* c: Z0 O! [8 bHouse market will not go down if the interest rate is low, so if you want to buy a low price house when it is over priced, you will have bear the high interest rate.
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0 Y+ M; }. V; c% q# vOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0005 M0 s8 V; A& F& K8 K8 X) C0 t
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same
. {7 ]: p8 y5 m5 ^; X1 [( {7 y- Ocondo with $1000/month rent) Total: $344,040
" _: y" e7 O' w4 ~0 i/ Vif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96005 w1 v1 I V L
We can see what is the best, when it is on its way up, worst?when it is prime(peak).5 ^9 t/ l1 N, q* P; M# I+ W$ s
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So, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
, [/ z+ X6 z2 `Cannot it be $270,000? Cannot it be $280,000?
4 O2 |9 e7 {2 hSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
, c6 t+ |1 a2 G5 NFor me as a property investor, I will always tell everyboy, it is a good time to buy,. N+ {2 E) h( f% Z m
For those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,9 Y! e K, s( A" ?$ n
then they will switch to my line and try to "HouHou" to push the market up.
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, R- c7 k- c' n: F aHuman weakness.
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$ ^9 s# W& y3 n+ tWell, we are human, we have it. |
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