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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.
! k" F; _$ V1 d" j8 x0 T' {( dHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.) ]. _* J" m, B% ]; n& J! d4 r
It is always better to buy when it is on the way up than it is on the way down.% [% h: t& `7 O* J* e7 [
For example, the condo average price is around $240,000 this March, now it is $270,000.; u8 V( ~ \1 L! y) y+ [( s p, l
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.+ K l) V6 e! f9 Q) t# G
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.1 U4 s+ Q o( G D
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,
2 a" Z5 Q! L) { a9 ryour mortgage interest rate may have reached 6%.2 H: S# ]) \1 r- w5 E1 i
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.
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5 W( D* {# W, @3 [OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
: i) r9 s. l: }2 d+ dif 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
& U* N4 d8 Y% a/ Gcondo with $1000/month rent) Total: $344,040
1 M2 I; p% {' U+ P2 A8 {if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600: A7 _: }3 Y0 L1 b8 ]
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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0 m# a7 t$ c: s+ t* H* H$ f1 kSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
& j" Z2 F9 w6 X5 VCannot it be $270,000? Cannot it be $280,000?
0 v+ M9 ^+ \) r! k/ t' ]) h$ JSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.! P5 k( w6 ?4 F# W
For me as a property investor, I will always tell everyboy, it is a good time to buy,
], \/ Q; T- ?3 y+ w1 v. _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,6 m" D0 V8 V7 \0 a; L" _
then they will switch to my line and try to "HouHou" to push the market up.
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' \1 z& T# z, i- _Human weakness. \; t( H* d1 i+ [: C* ?+ u5 v
( \* `: ~( ]( U/ C( v5 nWell, we are human, we have it. |
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