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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.8 r; p2 M( G3 N2 T& c$ I
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year./ v7 F: b) \# {% Z% O6 f/ C
It is always better to buy when it is on the way up than it is on the way down.5 M& }( W5 ^8 b5 b: X
For example, the condo average price is around $240,000 this March, now it is $270,000. ~3 t/ D; M) R# w# c6 C5 s
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.
$ ?5 D% a# U" I% iI 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.! ^0 m6 a" P4 C0 L" l" t
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,
q" _+ |& H. s7 K8 q: B5 Dyour mortgage interest rate may have reached 6%.
8 b- F. t) W9 E+ xHouse 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.+ S6 H4 U" z' L: @& p5 g0 L
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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% W0 W3 V% q, W
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 : \( `! f- W2 D$ }
condo with $1000/month rent) Total: $344,0407 N' B1 y, |+ x/ Z: [8 _
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
, |0 ]- Q. ~5 z$ ^We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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7 |1 `) w& l P8 K$ uSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.- j$ P6 F d5 ]/ h/ f
Cannot it be $270,000? Cannot it be $280,000?: R( ~# k b/ s
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
6 I% w# F* {8 ?1 Z& }0 bFor me as a property investor, I will always tell everyboy, it is a good time to buy,
9 U2 |# y6 n: y1 X YFor 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,6 P8 W0 ]9 x( y. ~4 h# J& B
then they will switch to my line and try to "HouHou" to push the market up.# T9 o" s9 I' h) B- V( X
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Human weakness.' ]& s1 ~" r- Y
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Well, we are human, we have it. |
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