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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.
1 M5 u9 N5 P2 j" G2 r, ]# sHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.) ^% I( u+ {; L, H8 w9 ?1 T
It is always better to buy when it is on the way up than it is on the way down.4 s2 y: N: `' N' `
For example, the condo average price is around $240,000 this March, now it is $270,000.
7 H }- \1 G1 E% b- J: S! w3 dSay, 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 $240,000.
( E5 m0 y; m( ^" j4 ~0 Y. zI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.# G; i. `( B3 A8 Z' w
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,* x& G9 v' _2 s$ `& ]
your mortgage interest rate may have reached 6%.) a. M4 _* W. H
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.; x2 X, J5 `$ P. \. E8 S1 e0 F7 @8 z
& O) t( n3 d" \9 g4 C+ _4 N* mOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
+ z. D- K9 P5 k+ r9 b. m' U5 pif 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 1 d5 b" `4 l; Z2 |" i" v
condo with $1000/month rent) Total: $344,040$ Z% w1 c" [; J' u3 O9 t- n/ v. H
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600$ k) b5 E! c. m% {9 g& S. j2 E
We can see what is the best, when it is on its way up, worst?when it is prime(peak).2 u& q! y* p& ~% m) c
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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 $240,000.8 { z5 C& [$ W
Cannot it be $270,000? Cannot it be $280,000?
# e& \8 _9 t, J* _8 LSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
, o+ ^4 B F# Z& P' m# n* SFor me as a property investor, I will always tell everyboy, it is a good time to buy,
' N2 }# U$ v: n2 Q( D% t! |% NFor 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,
, M% @2 U* @6 ?* u: wthen they will switch to my line and try to "HouHou" to push the market up.
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W7 {& ?* G1 G7 _! W, e; ~Human weakness.
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Well, we are human, we have it. |
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