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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.& J' g3 k: J5 W- u' M
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.' c# `. i9 M1 {7 z; {; z& ]# G, I' W
It is always better to buy when it is on the way up than it is on the way down.
9 }; M/ q% \: WFor example, the condo average price is around $240,000 this March, now it is $270,000.
) h2 B3 b" W1 VSay, 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 $240,000." i% w: ]3 ~& M
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
& q3 X$ P' Q- M' x8 H9 ?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,/ [9 N: Z# }" \+ ]* ?2 C
your mortgage interest rate may have reached 6%.
5 _# _& T' ?* {2 }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.
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0007 h) J+ e1 C) \
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
$ u7 ^4 j7 f1 m, L: D# dcondo with $1000/month rent) Total: $344,040/ k" {. e; S0 S( A1 w/ f
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
7 ?7 a3 y/ r! z6 D2 G' B/ E. tWe can see what is the best, when it is on its way up, worst?when it is prime(peak).8 R/ H( D( |) o% Y
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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 v: R: a0 }! ^. d5 V
Cannot it be $270,000? Cannot it be $280,000?
8 u! \0 H$ Z; f& bSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.- t& [1 I1 _9 C' `3 n
For me as a property investor, I will always tell everyboy, it is a good time to buy,+ l6 y/ B9 `9 s, i$ M+ o; `
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,. ], D- u% j5 ^2 L
then they will switch to my line and try to "HouHou" to push the market up." C7 e' i0 q% M+ ^' x
: u% m0 h- T& yHuman weakness.1 O4 z4 T6 q( n
6 l8 T/ d* ^3 A) h. ]0 lWell, we are human, we have it. |
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