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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.: c6 M7 }, A3 R8 x7 ~* v
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
" ^# N' B' `7 _2 [1 E' s; R+ TIt is always better to buy when it is on the way up than it is on the way down." _ T! \' ?# Z. e& I5 M# ]
For example, the condo average price is around $240,000 this March, now it is $270,000.
# y8 g( G7 M4 c. hSay, 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 $240,000.) L3 F- q p' X7 o8 ~& t& p# c
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.- p/ R9 i, W8 X) T: a+ j; k# O* a# o
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,' S) P5 I6 L# U: D* a2 S
your mortgage interest rate may have reached 6%.
8 {1 U* M5 G( ]0 X- Y+ D: {" {House market will not go down if the interest rate is low, so if you want to buy a low price house when it is over priced, you will have bear the high interest rate.8 D" A3 }* ` R
" `( `+ I( B- v$ uOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
& \# i" u5 V( Jif 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 3 v1 V( N- ]# m5 i( a8 o
condo with $1000/month rent) Total: $344,040
4 o2 k7 u+ ~7 A! A" ?+ h% aif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600" o5 L: N7 y( B9 I2 S- l) l
We can see what is the best, when it is on its way up, worst?when it is prime(peak).1 S$ g8 Z. u5 }
* U* x1 j0 w6 M2 h* N7 tSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.: n% E6 v$ m4 p, i3 n% `8 |! A) X
Cannot it be $270,000? Cannot it be $280,000?
0 e6 d) g+ q0 Y7 w- k \% YSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.& i; R/ n" D& U
For me as a property investor, I will always tell everyboy, it is a good time to buy,4 _4 V$ w9 I3 p
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,7 R1 q8 G1 Q- H; T: R2 p! ]
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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\: b/ @; ^- |: [# ^# v1 e+ k! dWell, we are human, we have it. |
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