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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.
* n; b% y# T0 [" X) ]: C9 qHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
7 H2 d' r! S* g/ ? uIt is always better to buy when it is on the way up than it is on the way down.' ]; U- C: |" l# S& R% e& F
For example, the condo average price is around $240,000 this March, now it is $270,000.
$ W, E0 u+ _4 J+ O6 \+ z: l$ tSay, 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 $240,000.8 I( R1 T9 a4 z e
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.5 u) \8 P' Q R" t7 V
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,) T" D, i9 y- C0 K
your mortgage interest rate may have reached 6%.
: ^7 S" r! y; kHouse 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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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000& _, }* \: _' `
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 / Y& p, V3 F& d1 k7 _/ c" H/ B
condo with $1000/month rent) Total: $344,040" F9 ^& C9 L, L( T# j# ?4 T
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600- _5 L- I: p7 u, B- V6 Z
We can see what is the best, when it is on its way up, worst?when it is prime(peak).& B* S0 L6 W/ y# P- X
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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 $240,000.2 I, @0 h8 O2 e* V) J- c
Cannot it be $270,000? Cannot it be $280,000?# M2 e) I8 Z, z0 N
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
, Z7 ?5 K$ u, J# M9 ~% B% sFor me as a property investor, I will always tell everyboy, it is a good time to buy,( O, F& A; Q* D1 Y' @
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,
K4 ]7 H7 j! y0 Z, l" |then they will switch to my line and try to "HouHou" to push the market up.
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$ J7 K- K, D7 G! }8 cHuman weakness.
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& J% n4 I4 }) S+ J7 n6 n+ q RWell, we are human, we have it. |
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