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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; v! _( n& R8 _0 `/ B w4 W
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.3 e L+ t3 H$ h4 M$ k# z) m: t
It is always better to buy when it is on the way up than it is on the way down.% R9 S- U! P4 H/ y6 \
For example, the condo average price is around $240,000 this March, now it is $270,000.9 t2 r& a% f% W
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 $240,000.
3 _9 j# a4 W5 z! eI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
, r T \7 W& X4 V, Q. g% O. C RIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
) x, H$ m$ p0 ]# Uyour mortgage interest rate may have reached 6%.
: l/ y" x7 k( Z7 J* C5 ]7 `2 ^8 X! UHouse 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.% {. I& X5 p/ B8 t2 O! T* M) u/ r
7 v2 h- d; C" ?OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000# s. R) C" |5 a5 \9 H' z$ g/ X
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 " N1 y0 y- u/ p# C! F" _
condo with $1000/month rent) Total: $344,040
" p, S; i. d: f6 y: Y9 q1 fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600# e5 @+ k) R7 E9 g1 b
We can see what is the best, when it is on its way up, worst?when it is prime(peak).$ B4 l! }5 a5 s/ V! |* a/ a" a
7 ^7 P! N! l4 h0 v4 V/ h5 M2 qSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.6 k# G. T# {. L1 U
Cannot it be $270,000? Cannot it be $280,000?
1 x$ H* Q( \! A, ^4 k) D* WSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
# u6 a/ i( t V1 hFor me as a property investor, I will always tell everyboy, it is a good time to buy,
6 u; e5 N8 r: PFor 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,) g7 I( _% X% `6 } A9 N9 j
then they will switch to my line and try to "HouHou" to push the market up. U7 O$ s6 I& h+ S; Z0 X% {0 v
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Human weakness.
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Well, we are human, we have it. |
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