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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.. s; t1 j2 g. @* N% u' G
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.! L5 x+ @0 r# X, p% `' l
It is always better to buy when it is on the way up than it is on the way down.
' L* a( o* I, j( g9 Y KFor example, the condo average price is around $240,000 this March, now it is $270,000.
& M2 |. p/ `1 H' W( f1 {6 mSay, 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 $240,000.5 R4 N4 l, f2 {/ ]
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.4 E* P5 _9 n0 }; H+ I
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
' m! B0 O! H- I4 _' Iyour mortgage interest rate may have reached 6%.5 q' Y; S F0 @: p
House market will not go down if the interest rate is low, so if you want to buy a low price house when it is over priced, you will have bear the high interest rate.- h0 c8 F$ B; H+ p' }* ^0 a4 G- y
% Y" R: B# P" d. P- {/ eOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000. W3 J7 f. U! Q1 s" M
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same - y2 Y; V6 V* a: d s6 P4 C/ K$ j9 J" J
condo with $1000/month rent) Total: $344,040
- S1 W g( A# Uif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600/ h$ k9 ~. d; L
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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* J* f2 k/ g4 D' a9 g x/ }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 k0 r0 E; _
Cannot it be $270,000? Cannot it be $280,000?* s6 w3 i% U7 h/ s* B9 z
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
6 ~5 t# M$ m0 K2 z$ u ?4 Q7 dFor me as a property investor, I will always tell everyboy, it is a good time to buy,
9 D" W$ I' a; J, J4 aFor 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,
$ z" Q3 r7 Z1 N C; z. s3 Kthen they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.$ z. N% G! ?- _% A* S/ D: b* R- v
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Well, we are human, we have it. |
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