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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.
8 G/ y- f" K6 c' S6 L# t$ l* @However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.1 S/ t- K: n) U: l% E. [
It is always better to buy when it is on the way up than it is on the way down.
8 T, `/ e$ z \7 ZFor example, the condo average price is around $240,000 this March, now it is $270,000.
8 @. |/ N) e. m4 jSay, 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 $240,000.
6 z4 x B( b$ }" S6 M/ II 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/ ^* R! ^( P& g
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,
* ]3 i/ p. k9 ]; N; ~your mortgage interest rate may have reached 6%.
- C! c% k4 M' D! gHouse 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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/ c1 }+ x2 V1 G% z& j7 Y1 `# IOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0005 n8 K; X8 e. k3 O$ @
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same
9 X$ V3 }$ V& B4 lcondo with $1000/month rent) Total: $344,040. _- v2 y5 s( ^4 K
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 y& o% i1 A- ~7 M2 WWe 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.
& L5 U) k9 E# r) z6 RCannot it be $270,000? Cannot it be $280,000?, M7 E7 s7 w, X- _6 @5 e. J
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.1 y4 q" e% D0 }- z
For me as a property investor, I will always tell everyboy, it is a good time to buy,
2 a( k w% _% P( iFor 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, u" b( P+ I7 w- @% i4 l' l3 X. E
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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Well, we are human, we have it. |
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