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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.
9 F" n! T6 ]8 A% }5 r3 dHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.0 O5 k' t6 z9 E8 a! b
It is always better to buy when it is on the way up than it is on the way down.2 ?# I- n+ \ f
For example, the condo average price is around $240,000 this March, now it is $270,000.
& G5 N4 x6 T0 A; ]8 Q$ J4 ASay, 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.* x4 j. N V9 ?# j4 b5 C: ?/ I
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.
A/ F4 o) D. q1 KIf 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,
) ~) F6 R, }3 Cyour mortgage interest rate may have reached 6%.% Y/ J+ w, ^0 M# d5 ~) m8 Z
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.) K* _0 ^. w" @" o2 N8 Z/ m- D
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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
! e- y0 f4 \, I3 R; Dif 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 0 p! q% Z0 H3 C1 T, p! m, ~
condo with $1000/month rent) Total: $344,040% s X# @; f& f4 H
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600- a2 I! }; N- g+ h4 ^& S5 E5 E K
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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! V0 W. i$ |" t6 z- w! m# fSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
! \" S" F/ A* m: d0 G' u( nCannot it be $270,000? Cannot it be $280,000?
2 n. g+ ]: R& E6 |5 I. p, dSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
6 T- Q2 m8 J/ S' J8 X0 }For me as a property investor, I will always tell everyboy, it is a good time to buy,
7 u& J; Z( H" i2 \4 zFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,
) U6 c# R: v6 y9 _. i! Rthen they will switch to my line and try to "HouHou" to push the market up.
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0 E4 o6 h) o- T B$ G8 T! }Human weakness.) z1 H5 Y) _0 x- t# z9 j! K0 P/ p
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Well, we are human, we have it. |
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