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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" d/ ^3 j; b4 R
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 Z" V5 a4 U) ]; TIt is always better to buy when it is on the way up than it is on the way down.
! q8 [' G- z5 t7 V# A% ]For example, the condo average price is around $240,000 this March, now it is $270,000.
! m) _3 c7 h$ D9 }& PSay, 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 $240,000.6 Z7 h% q) X$ _1 e, N
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.! @, |& ]; j+ i
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,7 Q7 q4 ^$ ?7 A4 \9 w' r' I6 O2 C4 P
your mortgage interest rate may have reached 6%.0 h |( J0 M+ Y2 A- g+ J* c0 J
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:$300,000) i J* A9 n$ R4 U, g
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
" I0 L- v" }9 {/ ^3 X1 rcondo with $1000/month rent) Total: $344,040
% s6 `, N1 [1 hif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96006 b+ e. R6 u6 H4 c# Y% I
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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0 ]% M, }) c* b( RSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.' G0 S7 O& R6 X; F- `
Cannot it be $270,000? Cannot it be $280,000?$ E2 l# w1 a8 B' f
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.& K6 b4 {4 C+ h: G _! u, p; k6 b, A
For me as a property investor, I will always tell everyboy, it is a good time to buy,4 B" h$ G' n2 Q" w. e; 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,
+ {8 S4 f6 f4 N: y( mthen they will switch to my line and try to "HouHou" to push the market up.% l% O, \, h) E3 z% t& R% b$ [
) L( |6 Y Q) Z+ @$ S2 {Human weakness.
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Well, we are human, we have it. |
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