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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.% s7 i' Q) N+ V/ S
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 T' ?1 a$ }% }9 z# p E
It is always better to buy when it is on the way up than it is on the way down.
1 @" m8 p3 F, p1 \For example, the condo average price is around $240,000 this March, now it is $270,000.
3 ^! n0 J2 s6 }8 Y3 Z$ oSay, 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.
! H0 B3 C# G* nI 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.. V3 G* K! A. P) ^' I; u( J
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,, V/ i+ i6 `9 s3 p; E6 P
your mortgage interest rate may have reached 6%.0 ~, ?6 U* J0 g
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./ M3 Q7 R( @, B4 `( g+ }" F. h
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OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
) O% ]- K0 H( ?$ s$ Yif 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
7 c; h( r9 j scondo with $1000/month rent) Total: $344,040
" E- }. t8 [7 fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
4 m0 c+ V& h! v. _0 \7 N: c9 T( @We can see what is the best, when it is on its way up, worst?when it is prime(peak)./ \& p/ O7 m n1 n# R5 T# ~) [. ]
5 {2 H' b4 K/ s, }3 L- R: G* C wSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.$ y% Z( y' f1 o- k! `
Cannot it be $270,000? Cannot it be $280,000?" I# c0 M- `) Q, n9 C* x
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
8 }' s X3 t) a' ^) cFor me as a property investor, I will always tell everyboy, it is a good time to buy,
$ `7 x: a% J6 p" W2 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,2 K2 U. l7 p3 E' ?& L/ W- T
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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, q: B6 w% r. [0 aWell, we are human, we have it. |
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