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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.& x9 y9 X4 f3 i0 Y( O. f+ w
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.5 c( E$ i' C0 r3 ?# ~4 o
It is always better to buy when it is on the way up than it is on the way down.
0 z9 I/ h% ^+ P# d$ P1 {& B0 MFor example, the condo average price is around $240,000 this March, now it is $270,000.; { p8 e5 R2 b3 Y
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 $240,000.. d( b* z# h4 e a3 I
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
3 R0 M, T6 s/ c( q/ ?& N4 iIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
# z# L: y* p* x2 Nyour mortgage interest rate may have reached 6%.
8 s: Q* k! D( q6 j. ]House market will not go down if the interest rate is low, so if you want to buy a low price house when it is over priced, you will have bear the high interest rate.: m9 ^9 k( Q. q+ R3 u; i' a& U$ P! Z
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0003 i: B4 k! Y1 a+ |
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 & F1 A* F2 c. Z8 f2 s! E6 K1 P
condo with $1000/month rent) Total: $344,040
' Q- ]: s7 w; p, g2 }if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
; {3 k" c4 t4 C4 k9 j: @2 w8 tWe 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." J2 ~" T, k2 A1 Y- A
Cannot it be $270,000? Cannot it be $280,000?
" U' n" v; H0 h8 a, Z) uSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.+ C. X, C1 H+ Z+ C+ B
For me as a property investor, I will always tell everyboy, it is a good time to buy,
4 I0 s! e" h' d; I4 @0 S* IFor 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,, A6 a5 U: T8 ?: Z
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.6 r' p; N, N) v" j5 c
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Well, we are human, we have it. |
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