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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." \7 r6 U+ e; B b; _5 p. @
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
% U7 v, ~' S9 b# R7 Z5 M$ o7 d! pIt is always better to buy when it is on the way up than it is on the way down.
6 r! {/ R7 H: [7 A* }% w7 eFor example, the condo average price is around $240,000 this March, now it is $270,000.
; K4 ?9 b+ {/ k2 J- |8 ISay, 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.
/ R; x5 l8 ~: L0 g" YI 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.
; C. z! x* T" b9 B9 p6 {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, ^0 | {2 x9 ~0 @! L
your mortgage interest rate may have reached 6%.
& a* u9 C7 O0 \ M% R# |+ NHouse 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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1 \& _+ t7 R/ ~2 J2 Q' kOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
) o/ Z. [; p# y2 w) Y9 nif 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
& o/ e, N; o8 U4 tcondo with $1000/month rent) Total: $344,040
6 H; j7 u/ L8 A" jif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
7 Y! {1 O7 f* @6 E/ `9 ]# ^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 $240,000.; L$ [% N' T6 G8 k, w& W& e8 c
Cannot it be $270,000? Cannot it be $280,000?
5 ?* i/ o* S/ ZSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.0 {4 x- V2 f g' _+ @- ]; J2 y! ^3 V
For me as a property investor, I will always tell everyboy, it is a good time to buy,
! W" m% d& C: jFor 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,
5 E6 p% ]# c/ q( v! lthen they will switch to my line and try to "HouHou" to push the market up.
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+ [% x% a; F" j3 _; t6 Q0 d! rHuman weakness.
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Well, we are human, we have it. |
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