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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.3 E _5 o: V, f' x1 S& {
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.0 g& l1 M9 U4 |& o2 Z
It is always better to buy when it is on the way up than it is on the way down.( ~; Y6 d: q" {5 I" l: _
For example, the condo average price is around $240,000 this March, now it is $270,000.6 H& d0 P% `) [1 {) s
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.
! Y# j R3 j+ X* rI 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." g4 F: U3 U9 v& u& f1 L, M3 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,* q- I+ ?* D7 |% j5 a
your mortgage interest rate may have reached 6%.+ ^, B7 k9 w! C, z1 S0 V4 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.) i0 c! H7 n6 L: B6 ?* C* R* p
! v: v" z) {9 ~9 |1 p% d) hOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
3 k# D: k1 w' Nif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same
U r$ B3 l1 n+ k/ m6 K2 ocondo with $1000/month rent) Total: $344,040/ m( D/ X( @1 L0 Y) C+ p" t7 Z
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600' s; K$ @8 C6 g4 E8 T9 v
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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5 C5 d | ^# s5 u2 s6 R7 oSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
& W5 @% q# [8 h5 uCannot it be $270,000? Cannot it be $280,000?' G) B) F8 ?' H K, U
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine., P7 e0 r" @- W* K
For me as a property investor, I will always tell everyboy, it is a good time to buy,
7 G! h ]. T% P) D% zFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,+ ~( ]" m5 M$ S: E
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.+ I6 g6 L! c4 r, y9 C. v
) R, w# x; j1 v: `Well, we are human, we have it. |
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