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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.
3 |7 j$ X3 i! j2 j- n( y% jHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.$ u* z9 G. l$ _4 n
It is always better to buy when it is on the way up than it is on the way down.& o( o# _: \$ U& u) s* |7 G1 g
For example, the condo average price is around $240,000 this March, now it is $270,000.
8 @" y& D+ F$ \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.
8 D' Q5 o4 [0 a) \9 M5 g' uI 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.
" j6 P( ^5 [ g# d8 DIf 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 F* L! m& d/ ]+ S
your mortgage interest rate may have reached 6%./ |/ a6 v9 t9 M# ]8 J+ J4 q
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.. B' \: w, E/ m/ d1 O4 a9 [- b
9 A* I) ?- _9 f. R" V: L/ iOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
1 l3 i1 ~! R5 N2 A8 bif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same
9 ? P$ S+ O6 O; L/ \condo with $1000/month rent) Total: $344,040
S2 o8 i' [; Uif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600, M# X6 v" Z0 b, W6 v0 O+ w4 [8 Y
We can see what is the best, when it is on its way up, worst?when it is prime(peak).& R# q/ R3 x. T8 ]0 H
& {6 Z' }" T( a8 p% y& `* TSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.- L4 q( `8 m/ Q) z0 M
Cannot it be $270,000? Cannot it be $280,000?9 y' r5 s5 _, K# S! o7 o
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.3 D% }: o3 i% o$ t8 ~0 j4 b7 o
For me as a property investor, I will always tell everyboy, it is a good time to buy,
0 y3 J x4 F6 M. r. @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,
2 T6 m0 l9 u, V& H5 a! P% _% lthen 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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/ Q' m; n# s9 y+ H& HWell, we are human, we have it. |
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