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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.5 _7 H- \& A2 K3 ]0 Y- o
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
, e; r8 z4 t* L- TIt is always better to buy when it is on the way up than it is on the way down.
) |2 q+ L7 h8 ~For example, the condo average price is around $240,000 this March, now it is $270,000.& v. J) U9 e& W& |8 \' |8 n' G
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 $240,000.1 s# C! E$ [% b* ]* B/ J0 u$ h4 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.
) @6 K% Q+ }5 G8 F! bIf 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, H p) a+ i. x/ x2 h, g
your mortgage interest rate may have reached 6%.# ?/ H4 y( V! c/ S4 d
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.. N" r8 `9 {, U1 y' Q- c& n) H
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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
& ^- n/ g2 X5 \. H9 }+ H" u! f+ s6 jif 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! [5 F& N. m8 v5 ~- \condo with $1000/month rent) Total: $344,040
; r6 D/ r2 _9 Z6 ]if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
$ ~7 p) l! Q3 Y: r( t+ R% m- }6 BWe 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.
7 b7 Y8 G8 C# P/ C" XCannot it be $270,000? Cannot it be $280,000?' I" f, H( x/ t5 F. g
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.; |+ ]; a! W( N4 i0 ]
For me as a property investor, I will always tell everyboy, it is a good time to buy,; b4 n+ {' g1 A- [
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,
8 Z: {3 i6 y' L+ x4 i3 J% A3 tthen they will switch to my line and try to "HouHou" to push the market up.: ], L- R3 S! \# ~: G' L+ s
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Human weakness.
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Well, we are human, we have it. |
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