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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.
% w) f7 T0 G' D' u6 ~8 D S7 ?3 ]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 E2 } l) g& {+ Y/ ]* g0 K
It is always better to buy when it is on the way up than it is on the way down.% t% N; {8 ~- t9 F# c
For example, the condo average price is around $240,000 this March, now it is $270,000.
3 ^9 z. c [( R1 i. k- rSay, 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.
+ _! y# I3 c& K" P; L7 F" F+ qI 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.
# V7 d( a9 V; 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,& j7 O9 R% W6 c0 c3 _6 U
your mortgage interest rate may have reached 6%.7 ` [8 T, r, e+ k. j& _
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.
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
{+ z8 B8 \) v& Dif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same ) i! |$ c; {. W
condo with $1000/month rent) Total: $344,040
2 }3 x1 [9 |: a: i/ H9 p8 aif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
" Q' |1 k. e" f& t9 QWe can see what is the best, when it is on its way up, worst?when it is prime(peak).* \9 N/ Y: v; v( M
% L. G1 {, m: e* v9 L# v1 lSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
3 Z# W) ~ f; _/ QCannot it be $270,000? Cannot it be $280,000?9 M- Y8 o$ x' |- i( d# s6 N1 [
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
$ E" L$ {/ ?3 P2 ^) r4 p$ x C: g9 @For me as a property investor, I will always tell everyboy, it is a good time to buy,
' U4 N" o/ N, S2 c. m MFor 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,
8 F1 ^/ n0 G2 j9 C7 I# Tthen they will switch to my line and try to "HouHou" to push the market up. |+ U0 y* v" L6 I7 h! _, J
# n! Q. n+ K( S* s. _, h7 SHuman weakness., L" v$ x! V3 J: ~
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Well, we are human, we have it. |
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