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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.
: C; i$ ^/ Q( A) E0 _# k' ~However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.1 [0 q- p7 y R) s6 v! Z0 i3 i
It is always better to buy when it is on the way up than it is on the way down.
. G: N! x+ g4 N+ Z: @For example, the condo average price is around $240,000 this March, now it is $270,000.: U% {, U+ q5 T) b9 e' g
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.
" o& {8 m4 o3 B% Y6 v/ T4 _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.
# Z2 g. n6 A8 E/ P" `' kIf 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,6 b5 I4 R4 y& y/ X& d
your mortgage interest rate may have reached 6%.9 z" c+ w. H V( G# n6 T& 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.2 O# ?# M) x* {# ?4 c! C0 D( s; ~
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0008 l I5 [# R$ R; K2 m* m
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same : p2 C3 M* m$ l" q+ W
condo with $1000/month rent) Total: $344,040$ T" M6 R( B" F* v
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
" @- c5 Q5 s$ ?0 QWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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/ G, i* U9 o+ ?7 W* y. t& h" f8 |' ^0 s4 DSo, 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& g( _: R/ D
Cannot it be $270,000? Cannot it be $280,000?+ c# a n1 K6 u
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine. r) t( S1 b P5 Y
For me as a property investor, I will always tell everyboy, it is a good time to buy,) A+ f$ E5 a* m% W2 z
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& z' O% V- f) m% kthen they will switch to my line and try to "HouHou" to push the market up.
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R4 p Y! T9 H ]& m$ ~Human weakness.
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Well, we are human, we have it. |
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