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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./ l1 L1 W; T4 i4 R# H# U
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
. b. E) s* Y+ A7 K( zIt is always better to buy when it is on the way up than it is on the way down.( K3 x/ ~$ @2 V, V
For example, the condo average price is around $240,000 this March, now it is $270,000.
" k. J( J' p9 z" W2 M. l, ~$ }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.
/ K% ?3 v5 Z. e/ {/ x1 z! b; v, cI 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.3 I1 \( R8 h" {% y5 a' d! Z L
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,+ _7 ~# k& e# s% E/ O& U3 \% }
your mortgage interest rate may have reached 6%.4 P6 \& C) o) m, H6 s& H
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.( L* l8 ?2 f& a6 E4 X
* q1 _2 `# ?9 _) v! @" wOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0003 z, b1 f0 M0 ?9 ~" w% a* I
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 ! y- z! H# g4 ~- c
condo with $1000/month rent) Total: $344,040
# w$ E9 |' Z& V- o/ t h4 @, fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
( T, Y- v# u# e: @: SWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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1 Z7 n1 `8 r, d" n% }( \So, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.3 V0 Z" ^3 k) K2 @; ~3 M
Cannot it be $270,000? Cannot it be $280,000?
8 A9 i5 w9 F/ h# I; o# N) G. Y ?So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
1 p4 K0 u5 U1 r1 N8 K4 l5 RFor me as a property investor, I will always tell everyboy, it is a good time to buy,
) r3 H$ s3 P0 f9 H6 q5 TFor 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,
+ Q2 f3 B- Q5 lthen 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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Well, we are human, we have it. |
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