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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.( A& |; W* }* n; J0 p+ }1 h! \
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.$ g, w) v u% w! r/ ^# i
It is always better to buy when it is on the way up than it is on the way down.
, q/ w+ t8 A# h% n/ H+ O" \For example, the condo average price is around $240,000 this March, now it is $270,000.
8 Q; p* [% \* L4 e9 v% Z. x, ^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 $240,000.4 U }5 }" e4 p" q- T% |
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.* |. k7 B! V, v# l, Y
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,/ ?/ q- ~# `$ N1 r, M2 r
your mortgage interest rate may have reached 6%." Z$ h- c$ T; X
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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( H+ F$ Q; Z2 MOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
3 x* {) f E3 y) B9 S- V) Rif 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 8 V; t, T; j7 D3 p: T1 S! F
condo with $1000/month rent) Total: $344,040
4 r0 v: B# m4 {& M# z+ Eif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
6 Q. m2 P3 W& N+ m9 E9 }- MWe 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 $240,000.0 }6 _- u! V9 W4 X' d
Cannot it be $270,000? Cannot it be $280,000?
R$ O# `0 H. b( u5 x KSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.' j; G% T7 U5 t7 Q9 q
For me as a property investor, I will always tell everyboy, it is a good time to buy,8 F4 e3 ]0 `8 q3 A4 u+ 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,$ x. y2 }9 o5 l
then they will switch to my line and try to "HouHou" to push the market up.
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3 I& g' U/ W u b9 ]# LHuman weakness.' k V+ H# }# ]; P
* R' F3 o( I( Q6 f/ VWell, we are human, we have it. |
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