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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.$ E, I u: u; w( E+ S# ^! 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.
/ v! y( R: g1 x( K0 jIt is always better to buy when it is on the way up than it is on the way down.$ Q- W$ x: h6 B; a
For example, the condo average price is around $240,000 this March, now it is $270,000.$ f' E* J( l' A6 \
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 $240,000.
+ @/ ]: E/ K7 B+ y6 q! D$ VI 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 F) p/ o; F8 {$ C8 x! G2 L2 W/ ]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,: b4 M; K% P, r; Q |5 m' F
your mortgage interest rate may have reached 6%.; X z: s: c5 q9 Z/ a
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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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0007 t' {+ C/ w7 C5 F1 P
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 1 L2 D! e/ C4 }! B
condo with $1000/month rent) Total: $344,040
& i. I1 V: ]* V/ Iif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
( Z% Z% R7 W W( P E0 \We can see what is the best, when it is on its way up, worst?when it is prime(peak).( n7 M2 [; e b! `, d
& x5 `2 k% Y1 ~# T% @3 JSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.; O7 z6 k$ u" w- i |9 X( C/ B
Cannot it be $270,000? Cannot it be $280,000?% ]. }. o3 }7 G6 z
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.' L# z: S% c# _3 z
For me as a property investor, I will always tell everyboy, it is a good time to buy,1 t$ {- z0 r& e/ X/ r3 R3 a
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,2 q) z' n& b( n5 {) F
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.8 |0 m( t9 _% ]/ i
8 r2 C# D1 N+ l) l/ r) x* vWell, we are human, we have it. |
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