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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.3 R9 g1 T, P' o' d% M
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
2 Z* h( ]* l2 k' P! X- nIt is always better to buy when it is on the way up than it is on the way down.
8 I( D4 w4 s: a# ^# e+ p2 sFor example, the condo average price is around $240,000 this March, now it is $270,000.
* m8 Y& P! W2 m& C) G9 [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 $240,000.4 C. e0 C6 P4 U
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.* {! W7 w" |- c) y% {
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,
" P' t% v0 S" Z6 G! s( @8 i8 Jyour mortgage interest rate may have reached 6%.8 c+ K2 v' U% _6 [
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.* l0 o: h( | o/ l
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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; }) c0 y; W& Y* @9 x
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
}6 g+ j; e: _9 @9 \: q* Ncondo with $1000/month rent) Total: $344,040+ c& m/ f) I3 E
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600( R4 h0 P# [0 m' v
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.. e* S) o5 A0 h
Cannot it be $270,000? Cannot it be $280,000?8 l, Q( F, G- o$ n, z' ?
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
" h+ B+ \2 r5 ^" `, D6 RFor me as a property investor, I will always tell everyboy, it is a good time to buy,
! n$ \+ W4 T" v, d3 }" r* PFor 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,& L$ G4 U! X F0 r2 ^: V
then they will switch to my line and try to "HouHou" to push the market up.6 d1 {3 `7 U2 f% r6 q# O, P1 E
, r, D. K7 c& QHuman weakness.
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Well, we are human, we have it. |
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