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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.
) o9 K! f# M% g, CHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 Q# T1 }8 z0 {' I1 l& {5 s3 b
It is always better to buy when it is on the way up than it is on the way down.2 i' d% r, V9 Y/ k
For example, the condo average price is around $240,000 this March, now it is $270,000.' ?& M. o# K9 ^7 O3 H: o
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 $240,000.5 Z" q4 a2 R6 _# G
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.
$ s5 l. H3 t& |2 qIf 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,5 Q: I& ]8 d" d' B: c) _( U3 h+ ]8 a
your mortgage interest rate may have reached 6%.( w; U7 Y8 u+ W3 [! T: o1 ?
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.6 c5 E5 o4 t3 h3 k2 z! S. ^( d
1 N% `* |& f( M9 rOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000. q! ^/ x5 k) V
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
2 M; m* B' X7 S7 {8 `# ]7 Acondo with $1000/month rent) Total: $344,040- u! L& G: \4 _+ x, I, 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# u& p5 F. X% a( I6 y
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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@% G8 W X0 f7 R, c5 k6 JSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.' Q& i* z( n8 S3 f2 e
Cannot it be $270,000? Cannot it be $280,000?( J3 n( @! h' l4 H2 R- @1 L1 w: K
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.( b" P7 |+ Z N4 _; o$ g- R
For me as a property investor, I will always tell everyboy, it is a good time to buy,
/ p( k5 |2 Q- @5 [For 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 ?. o! r0 M* p4 G; v9 ythen they will switch to my line and try to "HouHou" to push the market up.# F9 r0 \% b5 a) p- `% h3 g
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Human weakness.
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; d0 J, O4 |5 O) I: l& o0 dWell, we are human, we have it. |
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