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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.+ ^4 Y/ `2 `) E; p( a
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
% ~* S4 O6 E$ ~& ?! j2 YIt is always better to buy when it is on the way up than it is on the way down.
# O3 x& }0 Z1 H1 h2 u! i9 C# ~For example, the condo average price is around $240,000 this March, now it is $270,000.
8 o+ V0 O8 y5 h( S4 d" M; a7 s' M8 Z9 rSay, 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.
: I8 L* ], m: R1 N) {& TI 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.( {% Y9 }' M- C: h# P5 X
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,
4 Y1 W! W( b6 {; Byour mortgage interest rate may have reached 6%.
8 n. t7 h% u0 c3 F- ^* N- ?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:$300,000
; r& [0 ^1 W3 [5 ]2 r/ f' v+ C* \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
/ N( R! F6 x% W! }# gcondo with $1000/month rent) Total: $344,040, l+ |- Q1 u* \. k; F
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600# z8 v2 K4 U3 n. N/ [% A
We can see what is the best, when it is on its way up, worst?when it is prime(peak).0 W: S4 v( L; W* y3 e: b
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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.
7 ]: n9 z. G% ^ `( l7 C7 l8 t- bCannot it be $270,000? Cannot it be $280,000?7 h- M. K3 ], A# U5 u
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.; S+ I ~* g# X/ Z$ ?. J
For me as a property investor, I will always tell everyboy, it is a good time to buy,
# ?4 y) w _, bFor 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,
2 k1 x' i% \+ qthen they will switch to my line and try to "HouHou" to push the market up.- G+ l* z3 ~# Q$ C+ ]
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Human weakness.
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7 w; `: |2 l6 lWell, we are human, we have it. |
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