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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.1 l2 @% q" ], L1 D6 r
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 p1 b* ?. z4 k, _: P
It is always better to buy when it is on the way up than it is on the way down.* q. B& A6 F% K0 `1 G
For example, the condo average price is around $240,000 this March, now it is $270,000.* \6 \& O, i% F: y
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 $240,000.! x1 E8 \& S7 f# q9 M* L
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.7 i0 p" A3 e8 ]$ S) }6 m9 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,
0 k% Q7 C& y# u1 z; Ryour mortgage interest rate may have reached 6%.; p5 _7 T3 z5 F/ [8 M. ^
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.0 i4 e* j! c0 X! X9 t9 g( v# F/ j
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000, A- a% O h9 h0 I
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same * N* _7 R9 G$ _, g8 E: B; S4 \
condo with $1000/month rent) Total: $344,0401 Z3 g9 a/ C5 k T6 j& V; h
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96008 q+ H3 Y* k2 J3 x7 n
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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% j+ z* ] {- _ \% h4 \* rSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
* B) ^" N( x k ]' wCannot it be $270,000? Cannot it be $280,000?, B' r. _5 V9 C; L! p+ a: v
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
0 R& ?( x1 M6 E7 M# t2 V; L+ h |& ?For me as a property investor, I will always tell everyboy, it is a good time to buy,
" B" U8 N" p1 B( A4 i2 i+ L( dFor 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,! [3 ?2 ]& r( M4 r- b
then they will switch to my line and try to "HouHou" to push the market up.( n5 h- g. ]' D( c
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Human weakness.
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Well, we are human, we have it. |
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