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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.' c1 [' S/ u H7 ]9 C& Z: _7 Z
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.# u' d: I) |) ^# c3 T. r3 L. s; q: {- e
It is always better to buy when it is on the way up than it is on the way down.
4 M1 V& q9 N W1 k$ d7 G( T ^For example, the condo average price is around $240,000 this March, now it is $270,000.
# W' g9 T* w% A. g5 [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.
# J* Y) K% R7 m* ]: n/ p0 @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." `! s7 B" ~9 j0 L6 I- J
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,
7 q8 x) R' X9 B0 b7 ^your mortgage interest rate may have reached 6%.
$ @: q: ~5 k! T4 \3 M$ }4 y8 cHouse 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.; ?! V% w0 x( I8 l0 A+ z1 a; ]6 ?, S4 }. M
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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* V8 o g4 u8 M
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same + ?( |/ Q2 d3 b' t3 u# ?5 W9 k$ I+ N) P; K
condo with $1000/month rent) Total: $344,040
1 X/ o3 S8 U O9 R. Mif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600" u$ `- K' \# H. F8 c6 u4 [ Q
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.
$ l. C* @6 L% `( j3 SCannot it be $270,000? Cannot it be $280,000?1 ]6 j* d: P6 t% R. x
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.4 l9 M+ l4 d3 E: j8 S
For me as a property investor, I will always tell everyboy, it is a good time to buy,. s' A+ s9 a3 p, F7 G. K* f l
For those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,6 ]! z0 P4 x2 v3 `- s6 ?/ O! q8 w
then they will switch to my line and try to "HouHou" to push the market up. y) b# n: V0 U$ b6 c
& u: n& C* D8 t, X XHuman weakness.
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Well, we are human, we have it. |
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