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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.
* n6 b1 \( _' k/ q4 OHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.7 k+ _( A7 `0 q& a0 \
It is always better to buy when it is on the way up than it is on the way down.
; I" g. ?+ i4 A% tFor example, the condo average price is around $240,000 this March, now it is $270,000.
+ Q8 H3 B" P5 r; s+ _+ dSay, 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 $240,000.
# d5 s' X7 C$ v9 J2 xI 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.
! B( c" G2 B3 b3 p; t; F& p9 LIf 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,
' G$ i' r6 z; G4 uyour mortgage interest rate may have reached 6%.8 Y- k. ^ z' W) ^- A9 D9 V
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. r1 n2 ]- r. H5 ?: ]
, Y- Z) k; S7 s* F9 `, k9 c2 J7 nOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000- p3 w9 x0 ~0 G6 ~! F, `& j
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 ! r, k' L1 o! [" [
condo with $1000/month rent) Total: $344,040. }$ N6 Q# y1 S8 Z6 I
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600/ K! j2 j7 @5 `+ X! o& b( c
We 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 $240,000.8 N1 _7 |" _* U* {% ?; G2 u5 b
Cannot it be $270,000? Cannot it be $280,000?6 o% r2 C4 D6 h' b. j0 |" ?5 q
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
1 F7 F$ d# y8 w. o8 a$ p" N& WFor me as a property investor, I will always tell everyboy, it is a good time to buy,+ R+ e% ?: A, Z3 \" i/ i# O
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,) P0 B7 g1 ]: e8 F$ {5 d
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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Well, we are human, we have it. |
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