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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.0 N, x& N4 |3 ?0 |( | G6 n! f3 A4 L
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 [$ N" Y n3 L B
It is always better to buy when it is on the way up than it is on the way down.% _( X, `$ H7 t+ v' e1 @0 r: u0 M
For example, the condo average price is around $240,000 this March, now it is $270,000.
" T3 L: | G' w* cSay, 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 $240,000.0 r7 |8 O+ C1 B5 x! z+ ?. Y
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.2 N* Q" Z/ P) }. x" B
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,0 S$ S% ~1 K4 J; g# H+ p
your mortgage interest rate may have reached 6%.
) A$ Y( R! d9 B" I/ H- ]5 N$ n3 vHouse 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.# X) V* k9 H: l8 }# S O$ {7 C
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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
6 z( ~/ Y, V4 [, y [& t# ]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 " c/ \2 Z# N2 X1 e
condo with $1000/month rent) Total: $344,040
" ]! g& p* _- [if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
" [0 ~5 n8 K9 q+ j& ~! {We can see what is the best, when it is on its way up, worst?when it is prime(peak).5 ]4 h8 v4 t" a3 B4 r7 C* M, w
# i0 K. M6 }# U. `So, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.4 t# S- L$ G. ~3 ~
Cannot it be $270,000? Cannot it be $280,000?: o) ^- C( H% C! H
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.. b! z5 ?/ x7 d' e3 L+ r9 T1 W
For me as a property investor, I will always tell everyboy, it is a good time to buy,
1 x7 F% A$ H7 D( W: g3 e5 s" t& |7 XFor 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,0 s3 @* s1 A6 I% \5 F+ g
then they will switch to my line and try to "HouHou" to push the market up.
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& w5 r6 V/ J, H* L3 {+ j9 wHuman weakness.3 w' K: J) Z! y% \% z3 w# b! F$ `
( t: }( t3 e5 }7 QWell, we are human, we have it. |
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