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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.
& w1 R( `- `: E i/ j6 BHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.) {4 E& v+ ]1 i* t8 X3 O$ i
It is always better to buy when it is on the way up than it is on the way down.0 H p; a5 \. Q1 V1 D2 M1 ?# g
For example, the condo average price is around $240,000 this March, now it is $270,000.1 p. i; B# q6 }9 W/ q6 i
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 $240,000.3 ~, y) }8 k, X% N8 i
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./ D/ J! ?6 W# J ?* h% O
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,
+ \9 j* S- k& Y6 m5 Dyour mortgage interest rate may have reached 6%.5 c* Y, A& P8 ^# E, K
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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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0009 z6 B/ V8 u2 D c2 F0 `; f
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same 7 _. V/ _9 u6 ?$ K7 q
condo with $1000/month rent) Total: $344,040# s* e0 t# b# o+ w* H0 m5 P
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
' V5 e3 H+ \+ L9 T/ mWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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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 $240,000.
% V; u2 a# |7 M$ T' W/ ~3 K0 W iCannot it be $270,000? Cannot it be $280,000?
, a/ W. F" ~% u: p, V7 }/ rSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
! i& Y8 j4 n, e! [3 kFor me as a property investor, I will always tell everyboy, it is a good time to buy,
5 @2 R( G |' A0 ~+ d0 hFor 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,
0 O+ j, W7 |+ g" }2 `then they will switch to my line and try to "HouHou" to push the market up./ m+ N5 z2 N" B; R- t
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Human weakness.; F% z- `. q' `
& b' J7 M) M; `Well, we are human, we have it. |
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