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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 Q& [6 A: r( E2 i1 `3 c
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.( [" Q# u+ S/ L4 ?% c) p& e0 {
It is always better to buy when it is on the way up than it is on the way down.
4 j( l# B$ y( Q& w/ @( GFor example, the condo average price is around $240,000 this March, now it is $270,000.3 Q0 ~ m" z9 r3 V! a4 Y" o2 `
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 $240,000.
! b3 z7 p; C/ t0 R! |. WI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.7 E2 l- j5 c& i' w2 d
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
0 Z3 U4 O: R( w' ]4 qyour mortgage interest rate may have reached 6%.
! e9 R) r8 C7 e' b0 g1 R8 `) DHouse market will not go down if the interest rate is low, so if you want to buy a low price house when it is over priced, you will have bear the high interest rate.9 f6 Y# ?2 C% J5 _$ ~- o
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
0 @* l$ i2 W! L( h A' {4 f; Zif 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 * |4 I: C4 Z, c* C; M: K
condo with $1000/month rent) Total: $344,040
( z! X0 g: m4 rif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600# k5 V7 ]- X4 o G" Z7 o, _
We can see what is the best, when it is on its way up, worst?when it is prime(peak).! N% w+ K0 n7 v/ a
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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.
, e5 f; e3 |) T7 [# A0 m, yCannot it be $270,000? Cannot it be $280,000?
9 \* J& Y: d$ Z9 j! USo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
# w) m. \1 M' a7 Z5 R* a8 eFor me as a property investor, I will always tell everyboy, it is a good time to buy,' i( f1 P" c' Z1 U) A4 g4 A& r
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,* A: r X; M2 l* p1 b
then they will switch to my line and try to "HouHou" to push the market up., p; ~! J3 R( u, ?6 F' b
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Human weakness.
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Well, we are human, we have it. |
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