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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.
- L8 L$ L6 }9 v$ DHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.- t4 p' }6 Z* G8 l7 K: W% d( F4 g
It is always better to buy when it is on the way up than it is on the way down.7 K% p' N* }/ D( G* U
For example, the condo average price is around $240,000 this March, now it is $270,000.
: T. ~/ V8 ~' H5 G5 xSay, 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." \/ E& E; X8 B1 S8 g& I" T
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.
, o+ P4 L1 w2 B) }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,% r8 x. o1 J" `7 k" }- H5 m
your mortgage interest rate may have reached 6%.
0 V" s5 C! d9 P9 _: x7 F3 xHouse 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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0 u1 ~/ y0 D7 P+ qOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000 i" r h0 _# ~
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 9 _+ x9 v3 Z# q/ V, k8 G; ]
condo with $1000/month rent) Total: $344,040
! Q1 R% a9 a+ [5 n/ ]/ gif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600& t; @! r2 n2 N% _$ E
We can see what is the best, when it is on its way up, worst?when it is prime(peak).: f& U+ o3 L$ t4 R" r
7 e# R2 F. |# v3 W+ S2 Z, |5 PSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
5 j6 |5 [. Z+ X6 h" @ ~Cannot it be $270,000? Cannot it be $280,000?* _) z2 G3 ]* m1 T# C# H7 }: ^
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.- Z# R H5 k& m* a9 C; o
For me as a property investor, I will always tell everyboy, it is a good time to buy,
" {7 j d/ n0 r2 a) H7 q0 ZFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,% i$ A9 c0 T- X& q! G% R1 h
then they will switch to my line and try to "HouHou" to push the market up.6 u" u" F. B% |$ U4 S
' z+ ?. s+ {; wHuman weakness.
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Well, we are human, we have it. |
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