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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.
8 o# U) p& O0 ?6 F" `: XHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.$ s. m6 t- W4 `2 b$ G
It is always better to buy when it is on the way up than it is on the way down.
( N2 A1 L4 Q! ?( [For example, the condo average price is around $240,000 this March, now it is $270,000.0 Y! A$ e* O6 D' X
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.; r5 k. `1 G/ p2 Q, A
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.
. q2 t: H! d" u6 b. mIf 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,9 V% [0 |' i ]
your mortgage interest rate may have reached 6%.0 G6 G+ J6 m* r8 d- V! [+ Q; e
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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' d1 @# ?. o: A: yOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000; a- V4 Y( _8 h4 G
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
3 t6 I' i& U) D, d. econdo with $1000/month rent) Total: $344,040
8 w2 \3 Y$ `4 U$ J: Fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600$ H/ W- D9 Y+ s4 S$ _+ o
We 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.% l: ]7 ^# i) P) B5 w! ~1 \/ B# L, |
Cannot it be $270,000? Cannot it be $280,000?
. V9 Y5 E, Y: n; oSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
, ^1 |! y& g2 [0 b" {# L8 m0 _ J1 VFor me as a property investor, I will always tell everyboy, it is a good time to buy,/ t7 @& f$ [4 o0 O" W
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,
, }5 z0 [; H/ }: Y6 L1 uthen they will switch to my line and try to "HouHou" to push the market up.- y; Q) C; n4 k% H) Y+ N o# z
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Human weakness.$ A, i3 a/ x4 C( B" s: Y3 p2 o
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Well, we are human, we have it. |
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