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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.
$ L" T( O6 i1 }, QHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
7 c# X. Q/ |; M. V9 `0 R! q3 p7 TIt is always better to buy when it is on the way up than it is on the way down.
: o8 H S [' k: nFor example, the condo average price is around $240,000 this March, now it is $270,000.
, ?1 o. F8 |6 h1 y) k5 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 $240,000.3 S; V |: K! B* Y9 A2 _& k Y
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.: r% E' f- z0 {. n/ A! E: r
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,) R8 p% T/ \; h# f
your mortgage interest rate may have reached 6%.8 f/ \' X, r2 S6 g! V
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.8 F8 Q" x2 \& @% H4 a# G1 {
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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' U7 ^, h) s# @3 _0 A( }7 q" B
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 / s" U; {: h. x0 M3 O
condo with $1000/month rent) Total: $344,0405 b9 ?% G5 L+ F
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96000 k3 T4 L$ O) h$ X8 v, D
We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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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 $240,000.1 X2 G) [. _8 C; ^
Cannot it be $270,000? Cannot it be $280,000?8 m. |) q9 X# [- P2 {8 l
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
; J+ K7 [) R6 b. UFor me as a property investor, I will always tell everyboy, it is a good time to buy,7 S* ~- d: I9 X% H5 [7 k
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,
: Y# j- X5 E" v6 `2 zthen they will switch to my line and try to "HouHou" to push the market up.
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! D; \) `' f% r9 Q, b6 k! lHuman weakness.3 l) \( Q/ p, J( S
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Well, we are human, we have it. |
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