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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.
" r6 }# W2 y& W% G( |+ \4 PHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
( `& F6 b1 W& Q8 q% \2 KIt is always better to buy when it is on the way up than it is on the way down.
" f$ ?" @* ~. n# tFor example, the condo average price is around $240,000 this March, now it is $270,000.& M" G5 N8 d3 }' A
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 $240,000. ?' Y6 d; J' c
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
- F$ g& l6 ^$ A) l0 B5 s! T2 q4 DIf 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 P$ x ^* w+ ]your mortgage interest rate may have reached 6%.
& p1 _8 R7 c# C0 @+ j, Q- z+ C6 SHouse 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:$300,000& @! b s0 S& |4 e5 H8 T
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same & B* k' U* n$ m" {1 T |
condo with $1000/month rent) Total: $344,0407 x- G2 Y8 v1 @* Z' h
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
p6 I/ G% H6 H, nWe can see what is the best, when it is on its way up, worst?when it is prime(peak)./ N4 |9 n. N% U5 n) Y
/ l. A6 ^3 a4 X9 Q1 j, a0 X4 RSo, 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* j9 d4 W+ [3 [2 K
Cannot it be $270,000? Cannot it be $280,000?7 d# N/ H. }* n6 P6 b- r# A, g6 I
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.8 d3 H2 w1 I# G# e+ a" C3 X3 r
For me as a property investor, I will always tell everyboy, it is a good time to buy,
' A4 P/ {' d: [* \& ^. ^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," x: P+ @0 ]1 C7 i4 p
then they will switch to my line and try to "HouHou" to push the market up.
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6 q5 ^2 t2 x% T1 cHuman weakness.
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; h1 \2 d. _; z, u3 ?( DWell, we are human, we have it. |
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