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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.$ H. _# D( |) w
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 m7 _7 S9 Q6 R& f" s
It is always better to buy when it is on the way up than it is on the way down.
; o$ E+ k5 [3 x. h' _7 R4 nFor example, the condo average price is around $240,000 this March, now it is $270,000.
% Y" P3 y+ D, ?: V( T5 d/ N8 n, cSay, 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 $240,000.
6 @0 h$ T: S% o6 mI 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 p$ _( y/ \' F6 ^* K
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,, ?# u; u+ B8 h, B0 P5 B
your mortgage interest rate may have reached 6%.
2 {2 K5 H3 F9 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.
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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
( F8 l1 r4 b" F& Xif 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 5 D: K- W% B% Y- w" R
condo with $1000/month rent) Total: $344,040% D7 z9 s9 v; v9 J" e: 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
! n [- T P0 }6 K3 d1 LWe can see what is the best, when it is on its way up, worst?when it is prime(peak).) x+ J' p5 y) m( S1 L7 N( x- q
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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 $240,000.3 D: Q9 \# f0 s* B! d
Cannot it be $270,000? Cannot it be $280,000?
; f8 v( d* O% W3 t* D1 y% iSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.0 @, h- G3 [5 J% h( C
For me as a property investor, I will always tell everyboy, it is a good time to buy,
3 b# k0 j. q+ W, s) w' d3 s% jFor 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,
$ R$ s! ~: [6 k" H) Hthen they will switch to my line and try to "HouHou" to push the market up.6 {' i9 ^+ ?1 W; Z* ^
, c- o/ _7 c& }/ A$ o8 L I1 lHuman weakness." K' i: o& x$ q6 e% x) H
S4 c/ {9 O- e9 s/ GWell, we are human, we have it. |
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