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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.+ R% b& m* d* t3 Q: B: M" T
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year." v2 O8 y7 k. j$ @
It is always better to buy when it is on the way up than it is on the way down.
a: h2 `) z; [8 ?! jFor example, the condo average price is around $240,000 this March, now it is $270,000.# t& `4 V2 L; L" g
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 $240,000.
t, t5 k& c+ DI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.$ ~, n( J. b/ p; d& [5 U
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,( A X# |& I) Y
your mortgage interest rate may have reached 6%.
; P* n# k) Q2 ^4 P' `! gHouse 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.( b" H8 E) @3 j, s. e
6 v- H, i: ~! }. C: lOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
/ t( e$ w8 b1 uif 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 ?% H* ^6 v/ j. n2 s0 b
condo with $1000/month rent) Total: $344,040
2 u' F8 @& l8 V E8 E- H9 qif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
5 Y2 e% [& ^/ `3 e+ zWe can see what is the best, when it is on its way up, worst?when it is prime(peak).! i( {+ R+ P& I# x
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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 _; L; h! o# i H% P; m1 Z3 `' {) ~# C9 CCannot it be $270,000? Cannot it be $280,000?# W0 L1 N! Z4 T6 N
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.3 R' R8 {/ S9 b+ \6 P
For me as a property investor, I will always tell everyboy, it is a good time to buy,; d+ \0 z5 o8 T) S
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,
% x5 q! W+ I4 U- Gthen they will switch to my line and try to "HouHou" to push the market up.- x& \) |0 B% I0 a V
3 C0 z& e& d0 C ]& OHuman weakness. R- W5 p. s- S
- U; I) Y6 f0 G( Y6 KWell, we are human, we have it. |
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