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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.( x/ ?, T; d# p) O# h
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 k4 v2 _' D( V; C1 {& X/ {
It is always better to buy when it is on the way up than it is on the way down.: Q+ r' S& k4 `" m {3 \
For example, the condo average price is around $240,000 this March, now it is $270,000.
) T# Y' ]0 B' wSay, 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.
* N/ e, T/ Y* R% eI 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.
4 x+ ?; G3 _5 N( y+ i+ F2 L! `; HIf 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,+ Q/ S1 S6 o/ P
your mortgage interest rate may have reached 6%.* o! G9 r) M" a3 Z6 D9 L
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.3 o" l& d+ c7 b6 ^( d2 m1 _6 A9 y
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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
4 F' m# M, l* sif 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
! x9 C. f1 X% c- |1 i7 Ncondo with $1000/month rent) Total: $344,040- w- z7 K& R6 o2 f' O, Y
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
9 B7 _6 X; w* V, l$ CWe 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.
' A# @4 j( b* e# |Cannot it be $270,000? Cannot it be $280,000?2 b& |. k l5 T" ^: Y, q4 B
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
8 {9 J0 R+ E9 B& N: N: n; ~( YFor me as a property investor, I will always tell everyboy, it is a good time to buy,
; S" {, c) V3 Q4 v) rFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,
) y( W" m5 i8 V Y1 U( I7 q: J) o$ Athen they will switch to my line and try to "HouHou" to push the market up.% W4 K- v& ]$ b5 Q
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Human weakness.
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& ^7 e, Y+ |0 t/ t& }& d6 MWell, we are human, we have it. |
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