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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.6 }- }$ k1 w+ \" q) k( 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.. y! l- ?; A( x$ G* k- v0 }6 z
It is always better to buy when it is on the way up than it is on the way down., S; X) w7 r/ _
For example, the condo average price is around $240,000 this March, now it is $270,000.
! ` X1 T h3 ^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 $240,000.9 d- e8 G( x$ W7 X! I
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. E, h7 _& b, j/ c. h
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," j5 g8 @7 o9 `& |
your mortgage interest rate may have reached 6%.
! ]) n2 V. a' ^( C# V& O0 `' rHouse 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.; ?, e: m( o: f! @
8 K9 j) ~5 S+ g- {8 c% @* ~1 kOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
- J2 |# ? I2 h4 U/ H. gif 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 * e2 `6 R. z0 u6 j
condo with $1000/month rent) Total: $344,040, H1 R0 @; T; u9 X9 n( _& v
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
7 k* k7 x B7 c8 r; c. ?, KWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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* ~; t- o4 H0 g4 v/ cSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.; h7 z- G/ @8 O" B% e& {! `
Cannot it be $270,000? Cannot it be $280,000?- O- c( W( U. V8 s' {5 f G4 G
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.- _4 I! b0 L& L6 u1 ~2 f( \% s+ Y
For me as a property investor, I will always tell everyboy, it is a good time to buy,
8 N: G6 a' _; d% N; q1 AFor 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,9 }2 N8 F0 o6 R2 Y
then they will switch to my line and try to "HouHou" to push the market up.
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/ y8 w# J& ?; o: b% ]( {Human weakness.( x) \0 h' y1 F" F
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Well, we are human, we have it. |
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