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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.$ w5 K5 D, }6 J/ ?5 N
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
3 W# t( K) I5 g" p9 _+ ~* L/ MIt is always better to buy when it is on the way up than it is on the way down.
. j& p7 |4 I% t& RFor example, the condo average price is around $240,000 this March, now it is $270,000.. I( s( n8 y1 {: m P# y" J
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 $240,000., Q! X! S( q/ t) B- H
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.! s4 W& ]5 a! y
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,4 r0 C/ ]0 [4 ?( q) U$ ^. h/ Y7 p
your mortgage interest rate may have reached 6%.: z. g) f9 K: u# Q- _- i0 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.5 X" {+ o/ w& {# n5 t- |3 \
, }2 M# T6 z) D4 A% c- q( O# ^$ x5 }' rOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
" @/ q: Y" y/ L3 _, tif 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
$ S1 K. E3 K( Z \condo with $1000/month rent) Total: $344,040
; F- T1 D1 r4 ^& g" rif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
9 d) D6 |1 b. S/ @5 ]6 k( E" WWe 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." \0 J6 y1 N4 S) c
Cannot it be $270,000? Cannot it be $280,000?+ J3 v" E7 U. g/ U. s/ j
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine., e/ \+ [ U) W% m8 x" h
For me as a property investor, I will always tell everyboy, it is a good time to buy,) w4 S% H/ S- L! w3 ^* K% y
For those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,1 s! Q# P) f+ V! s# ?; @7 p
then they will switch to my line and try to "HouHou" to push the market up.2 }/ L2 E7 [. E I1 p; _$ ~
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Human weakness.9 k( i9 [/ _& G5 m$ X& G
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Well, we are human, we have it. |
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