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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.
8 W* h, @9 C" M' d% F, K$ j' [1 W/ N$ dHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
# \& H9 i( B; n/ N: m: B7 bIt is always better to buy when it is on the way up than it is on the way down.: C c6 {. Q: U. V1 [, e9 e& Y/ {
For example, the condo average price is around $240,000 this March, now it is $270,000.5 F/ C6 d M/ e: P3 t/ V/ C
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 $240,000.2 |2 D: e2 ]" J
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.
1 m6 B1 N1 u6 i, h/ L7 b/ sIf 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,! m. E+ \+ g1 r) G! t I) c
your mortgage interest rate may have reached 6%.
- G/ `* B* [; J. J% ?* v2 @( W+ ?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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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
- c. y/ F1 K( n) kif 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 ! E* O- g ^) g! l I+ p/ ]& \
condo with $1000/month rent) Total: $344,040
4 X# X$ e4 z. e- R1 I% Q5 Zif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
5 C$ }: u" [+ VWe can see what is the best, when it is on its way up, worst?when it is prime(peak).1 R0 U; @# \3 Y- w3 }; [
$ ]; N; M1 f; ESo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.
2 }: n- q9 v- N* hCannot it be $270,000? Cannot it be $280,000?( J0 n8 m. k; f& `2 C+ U# F
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
$ ~8 ?; G' x& IFor me as a property investor, I will always tell everyboy, it is a good time to buy,
4 }; G6 ?4 V/ Z+ W4 D3 KFor 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,
- _! [- r& M& R+ V# _: c* rthen they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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5 p2 i( R+ o( |Well, we are human, we have it. |
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