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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.6 s6 z) @* P. J; K8 C
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year." v. n' m8 M4 p/ E; _3 H5 p
It is always better to buy when it is on the way up than it is on the way down.
x" i: M: [* ~1 G: `For example, the condo average price is around $240,000 this March, now it is $270,000." H( s2 e4 _9 k
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 $240,000.2 M# j w* k# s6 V9 G1 T
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.
# x7 i0 F5 q5 F. M( aIf 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,' D" i% E* Z9 [, Y. i5 q, k6 f) a
your mortgage interest rate may have reached 6%.
$ @3 K @1 w0 A I8 R% S X: }- zHouse 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.; j* s& J" R! u7 O# R; h2 j. H
9 X4 p, q# B! ]; k+ C3 sOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
+ E' J5 e! K" ~& P# e ^& E2 \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 ) G' G( U6 t! V* a% Z2 V
condo with $1000/month rent) Total: $344,040
. f+ N; m N8 B* }; wif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96005 A; m. b" s$ M0 z* X% r
We can see what is the best, when it is on its way up, worst?when it is prime(peak).9 {+ a, f$ r' P6 h
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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.' U& X! m. s# p) o2 ]9 P' r6 ^
Cannot it be $270,000? Cannot it be $280,000?
, G4 _- `0 U R" A1 @+ dSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.0 p! z" W6 B5 W
For me as a property investor, I will always tell everyboy, it is a good time to buy,
- Z1 l7 a( V ]; j* d' 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,
+ X1 E* P9 a" I, I# x# Nthen they will switch to my line and try to "HouHou" to push the market up.9 h; V6 {6 Z- C1 _& `9 k. X" M( ^
1 X& F0 S g8 i1 B B5 kHuman weakness.
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Well, we are human, we have it. |
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