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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.$ A; U- X# ~9 }2 I3 i
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.! s2 N5 O* g; b1 |: j M" @1 O
It is always better to buy when it is on the way up than it is on the way down." m- x) J/ Q; a5 t" _" b
For example, the condo average price is around $240,000 this March, now it is $270,000.
" ?5 {1 B% K/ j- b# w# h8 H8 U2 uSay, 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.( S0 |9 D& b; f- r! ~3 U
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.
6 F& i f; @4 P& }If 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,) D9 P, J. Q) T2 \5 Z* [
your mortgage interest rate may have reached 6%.
1 e6 c+ B2 D, v6 \+ bHouse 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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2 G1 r' R( b4 ~ q! \OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
! Z6 t2 w# j r& k+ E4 @( O( X9 eif 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
( V* R& z9 Y8 {0 R0 @condo with $1000/month rent) Total: $344,040- Q2 I; Z I2 e/ ]+ H# a* _7 b
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600; d/ Y4 K/ B* n' T* S
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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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.+ M0 Y7 Y. X& R" C5 q) {
Cannot it be $270,000? Cannot it be $280,000?+ o: x {; t4 \9 E5 k
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.' p8 ?3 o, [1 t3 E. H, g! x8 ]1 a
For me as a property investor, I will always tell everyboy, it is a good time to buy,9 r* Y0 q \' f; `! A0 s
For those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,2 s6 @) u8 l. x' w5 `) i- Q
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.5 J- ] j* {/ o+ ^/ v
9 [% G4 x) M' [$ KWell, we are human, we have it. |
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