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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.
- c- q! ^0 y* V$ s! d" ^However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
2 o0 W e1 t8 H9 }7 j6 d' e" [$ U) xIt is always better to buy when it is on the way up than it is on the way down.
& f6 Q1 R* y' t' H/ qFor example, the condo average price is around $240,000 this March, now it is $270,000.
3 i! C) Y& l0 i1 s( ESay, 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 $240,000.4 ~5 |) C9 V3 g
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
# F2 d0 q9 @; O7 y$ U+ a) `0 PIf 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,
, v: [- `, K# ?* s. `/ Cyour mortgage interest rate may have reached 6%.; ~- R' R! V( K3 }' x* Y5 }
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.! C0 E# q l* j: g' x
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0009 j \& C! T3 V3 @5 K7 o" ]
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 , I+ I2 f, X' B3 x& w5 a
condo with $1000/month rent) Total: $344,040
# _7 d, l n' V6 T2 Lif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
O7 O4 Y# R% N6 F; z4 m% eWe 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.
( \8 ~7 ~( B' E6 kCannot it be $270,000? Cannot it be $280,000?1 {2 U( A: P5 y8 l9 g; v! f
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.2 k2 V+ V4 G f# j
For me as a property investor, I will always tell everyboy, it is a good time to buy,
7 d, L& c5 V9 F& n! E& y. G+ `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,
$ e# v' q) Z, [( W: tthen they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.5 a3 P0 A1 b [$ ~0 `9 W" \: `
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Well, we are human, we have it. |
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