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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.' Q1 O; M" \5 [8 }
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
5 a4 o! z# @+ J, s/ sIt is always better to buy when it is on the way up than it is on the way down.
4 r( Q9 M7 E7 sFor example, the condo average price is around $240,000 this March, now it is $270,000.1 P& l5 O1 \- S% q2 H
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 $240,000.. G; D: f9 S- G% e
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
7 Y, L$ N; _- d& ?: u. k( j: rIf 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,
& ^* l1 f2 o) J5 Y r }your mortgage interest rate may have reached 6%.
' A9 @; ~! H( I1 RHouse 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.4 d4 p$ E; I( {; U+ e
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000( P! F2 ], h$ w. N- M5 a
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
) m* f. `, ~- ~2 d/ b4 K) F bcondo with $1000/month rent) Total: $344,040
8 N' Y$ h: D: r4 m5 u) r# W. z& sif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
% n% ~' m, M5 z/ n ~We can see what is the best, when it is on its way up, worst?when it is prime(peak).- k7 k" S* Y6 S, d$ g& a2 n
! A. `) P! m; ?" X+ g tSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.5 p* L6 z6 q- f) X7 m
Cannot it be $270,000? Cannot it be $280,000?% O7 |/ ]# l: I5 z; v8 @- E
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine./ U! _+ A5 A) F
For me as a property investor, I will always tell everyboy, it is a good time to buy,- b8 x5 b0 _7 X$ U& X
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,
3 z0 F; m" A3 R. Y& F |: o x0 \1 Othen they will switch to my line and try to "HouHou" to push the market up.
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/ T& N% h) Q6 lHuman weakness.8 {" ?( W4 q9 `& m/ M
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Well, we are human, we have it. |
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