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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.
: {) T; [5 M0 H& m- N- t" ?0 i' IHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
: V: m5 @& K6 ^( u/ s' g- t" z WIt is always better to buy when it is on the way up than it is on the way down.
' J# A$ b m; M- f$ G. |For example, the condo average price is around $240,000 this March, now it is $270,000.2 M5 W k/ H" E0 X
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 $240,000.( c+ B' E' G7 Z% J% s
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
) ]5 r, [2 G2 S$ G5 FIf 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,. v9 a* H& }, I6 u3 X' p
your mortgage interest rate may have reached 6%.
4 j" w9 W" ~% \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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- G* W: R4 O# ]. kOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000$ d+ D* ?: D( O- ~$ y6 u6 _2 Q
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
# U# z) j. T U p* ucondo with $1000/month rent) Total: $344,040( A; z, l5 y5 `& \2 ]
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600% a4 _9 }0 S" V. Q7 c/ O5 \
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.- I/ y4 S! j, Y8 x5 y
Cannot it be $270,000? Cannot it be $280,000?' j0 R5 B% H. j' {: _7 L9 f
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
! b- U! F3 L* y: e! |For me as a property investor, I will always tell everyboy, it is a good time to buy,
9 h: H( C/ g& G Q3 R/ A, DFor 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,% S/ V% N9 T7 E6 @' F
then 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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Well, we are human, we have it. |
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