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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.+ e5 l+ \# S( X+ f
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.# f; y7 l, k5 F# T+ |0 w: n* X7 r+ d
It is always better to buy when it is on the way up than it is on the way down.! H. i" G' n) q0 p1 [8 s
For example, the condo average price is around $240,000 this March, now it is $270,000.4 \, d# K$ b& K+ l, 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.- i) B( O; [4 a. k6 Q
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.
8 D7 J' `+ p0 s: 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,8 ?! Y' R& g. r. v+ H1 O! S
your mortgage interest rate may have reached 6%.
8 f8 k3 `/ V) M3 u" A. R7 UHouse 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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! b+ c. ^7 R* B' S/ aOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000$ P- ?+ N+ B1 D v" S
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same
8 C; O% M$ B5 z4 X0 O. z/ ^9 `condo with $1000/month rent) Total: $344,0404 C4 ^! C( J- R. w0 s. j3 x7 M( Y8 S% N% S
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600 z Q4 i% A& n+ D
We can see what is the best, when it is on its way up, worst?when it is prime(peak).. M' y3 D( ~! w4 R7 f
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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., _- o7 e2 y% Q* x/ y
Cannot it be $270,000? Cannot it be $280,000?5 x3 S$ k% J0 G5 c5 R
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
8 Q( D2 i$ ?" x: z; A, KFor me as a property investor, I will always tell everyboy, it is a good time to buy,! ^4 }' o+ m8 j0 O. B8 i0 E" w
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,* k8 _9 y6 Q5 u7 P n4 U
then they will switch to my line and try to "HouHou" to push the market up.; L3 f. s2 Y6 n1 ~' G ^3 z% Y
4 o: k0 b$ v. O& v( RHuman weakness.
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Well, we are human, we have it. |
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