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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.6 |/ u/ |' V5 s5 ]. J' H' U& z/ }8 x( Z
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 U+ p9 o2 u* K" N$ L8 O
It is always better to buy when it is on the way up than it is on the way down.
$ Z8 I; c- E% W" ~' n; YFor example, the condo average price is around $240,000 this March, now it is $270,000.
) r: |/ K o4 HSay, 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' y0 s) r" t8 ]% {! A {7 s) B
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.
! g1 |! `5 g) M; Q2 M" UIf 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,
! H- B& B9 j0 S7 C1 T5 uyour mortgage interest rate may have reached 6%.0 c% Y1 G- R I2 V' v3 T' |5 i7 J# e( O
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., c0 Y4 Y; s. _
; J0 H5 I1 ~( B [3 X& NOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000# ]0 |( V) c" P: E; o$ x
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 + H. a( V! f1 h) F5 }
condo with $1000/month rent) Total: $344,040) ]- P9 R) ]6 F7 u: E
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600. Y) X* w/ N8 D! u" J1 E2 I6 r
We can see what is the best, when it is on its way up, worst?when it is prime(peak).0 {% }6 c* h2 B
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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.! f, A9 F n/ b1 l
Cannot it be $270,000? Cannot it be $280,000?
" Z( ?5 Y1 w, _" Z9 BSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.0 ?. w/ ]9 e" q6 K9 f! |& V& G; i
For me as a property investor, I will always tell everyboy, it is a good time to buy,
# R+ D b3 w9 ]3 hFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,7 q6 t0 L3 G, u$ K/ ]3 O( g
then they will switch to my line and try to "HouHou" to push the market up.6 w+ m$ j5 m8 C6 q, F/ Q P" g
6 e6 C( A X( K" _- V. v5 h4 B% jHuman weakness.! Q! [+ _" D/ K; W
7 P/ h, @. |- q0 p- p, w c$ p3 N: cWell, we are human, we have it. |
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