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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.; o+ Z' `) o( o& ?' Z9 W- O: 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.* k/ {- B, I" _! p
It is always better to buy when it is on the way up than it is on the way down.! {* d: Z" }9 O
For example, the condo average price is around $240,000 this March, now it is $270,000.9 e; S( I# k, ?1 C; k7 V
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 $240,000.
9 I% d- l, `% t' k ~+ c8 s. mI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.! a9 z' v2 y6 b% B
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
' z! ^6 j2 a$ wyour mortgage interest rate may have reached 6%.4 W1 e. v0 }" A6 @* C1 J, Z
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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0 D9 F; u' A4 e3 d. P8 q+ C2 hOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
7 T" J2 _$ v' m9 L8 e# w1 `2 x4 Kif 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 3 w/ q( S5 c \6 H2 J; v! }4 N4 p
condo with $1000/month rent) Total: $344,0401 R# ^$ V. l5 b! |# Y
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96004 f/ N% v% }. s5 E) Q2 k
We can see what is the best, when it is on its way up, worst?when it is prime(peak).: _; k/ U$ V. o
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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.
: k2 s( b0 v3 V& `6 H, \- A' aCannot it be $270,000? Cannot it be $280,000?
# T W h: D# R, ]8 ISo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.0 ?: _ F/ I0 U, c
For me as a property investor, I will always tell everyboy, it is a good time to buy,+ x" ^1 D! _% i' Q) X
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,- t& E8 @9 C+ |
then they will switch to my line and try to "HouHou" to push the market up.2 g: P, {* {3 C: q! h* u1 F, [# f9 x1 Q
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Human weakness.2 D* \3 e8 T/ m5 R% @9 m) _" W
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Well, we are human, we have it. |
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