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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.
5 V5 }. a+ i. K3 n. rHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.. r2 Y- @$ _0 a! M& ~& o* ]. U$ r
It is always better to buy when it is on the way up than it is on the way down.
( H0 M: j; B1 s8 g* Y) j, J) a/ fFor example, the condo average price is around $240,000 this March, now it is $270,000.
/ b/ G1 A9 A3 U8 s. q: D' u7 e3 I( KSay, 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 M% @0 Q4 V5 T& `1 E' q8 OI 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.# z* L! @! Z2 |( w6 k" `2 U
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,# Q- p* i1 z" A. j) o) L
your mortgage interest rate may have reached 6%.& `1 g8 t0 k. C9 Y6 Z+ n3 e
House 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.5 F8 ?* T% k G, x8 O- v
) `/ y# s4 s6 p, U) U+ gOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
8 _5 D# w+ g8 u; oif 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
2 j: }) a+ \6 `condo with $1000/month rent) Total: $344,040! ]& s, S! c: V) }1 A
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
3 X6 w; a3 P. b' K! U1 N; A* ^We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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2 f3 {0 C8 [" l8 ~% ]4 |So, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.6 F8 |( E" \7 N' z: M4 `
Cannot it be $270,000? Cannot it be $280,000?) E) f& d9 T4 G
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
/ V) I A' F/ \5 l; ]For me as a property investor, I will always tell everyboy, it is a good time to buy,
. Y$ N, G! ?( R- N6 D0 x$ wFor 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,* y5 [5 M' k, y/ Z; y( x+ U
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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Well, we are human, we have it. |
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