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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.- v+ y6 P- ` d- 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. h5 }- c, [& S; C p$ o& r' ~
It is always better to buy when it is on the way up than it is on the way down.
l, S! |. i* l0 q1 RFor example, the condo average price is around $240,000 this March, now it is $270,000.& h: l" d' H N& D4 [3 e- I9 V
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.
: W. a# j' u6 y* x5 aI 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.
' {; N) c% i4 wIf 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 D8 x" {. [: E/ }5 b+ j* [
your mortgage interest rate may have reached 6%.2 t" w4 C. N, h' h+ j" n
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:$300,000
- E& ~- ]/ s3 a8 m' G8 S9 Lif 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 & d4 C! c7 T9 O' l% I9 \
condo with $1000/month rent) Total: $344,040
% `& P- Y- [+ \9 q# ]. U# nif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
# w1 a1 N1 x! iWe can see what is the best, when it is on its way up, worst?when it is prime(peak).* D5 r3 b2 z9 `7 A& g
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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.
& u8 R3 l4 a! {! ICannot it be $270,000? Cannot it be $280,000?
" e( ^7 F6 ~9 wSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.7 }5 k7 L K3 F; \* R) ?
For me as a property investor, I will always tell everyboy, it is a good time to buy,
, ]/ R$ l3 I* x5 ^4 }% N, GFor 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,- G7 f4 g" k8 j& D9 l
then they will switch to my line and try to "HouHou" to push the market up.
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) X0 m- b- m' G- }& e: x- B9 DHuman weakness.
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' o3 U! C/ ^6 R" g+ ?Well, we are human, we have it. |
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