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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.$ R0 o0 I: S& k5 m8 `3 D
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
; M& Q& w6 g* \' P5 WIt is always better to buy when it is on the way up than it is on the way down.
, L7 D% n1 }6 `" dFor example, the condo average price is around $240,000 this March, now it is $270,000., P7 Z9 f: y( L1 T3 p
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.
$ y& f) r- b, d% j' }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.
! t* f% Q! F/ O VIf 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,
8 w5 X, H6 ^1 Y3 U( @/ k% oyour mortgage interest rate may have reached 6%.
& v& Z( n3 O7 r& BHouse 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.% F% A3 \9 b- t% g4 Y. v& a
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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, v7 r {. B b- S" R
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 - j. B; w" r6 x" a6 @! p' D
condo with $1000/month rent) Total: $344,040, D: n3 L+ L4 i+ t: N$ c
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
" S7 W5 |1 G. \) E( {3 V" Z- V% RWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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So, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.2 h# N. c! V1 G4 R: u$ M
Cannot it be $270,000? Cannot it be $280,000?
_( G/ _ \$ ~, {; ?1 \$ B! }: aSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.8 E& V1 } n4 o; `: s5 t
For me as a property investor, I will always tell everyboy, it is a good time to buy,/ }3 _5 ?; Q0 Z6 ~4 s2 Q1 S2 }$ 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,/ K. Y5 c4 `6 d, a
then they will switch to my line and try to "HouHou" to push the market up.- [3 Q# E% Q4 Z
/ P3 V! _! {6 y- d5 xHuman weakness.& x) i/ D5 t7 M* J+ q
5 E( }5 I( w9 E7 I$ ~" nWell, we are human, we have it. |
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