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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.
) u' ^* f4 ~: O- f; e6 aHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.% U. c j% u6 a x+ c
It is always better to buy when it is on the way up than it is on the way down.
$ q! r2 Z9 L. K: B z3 AFor example, the condo average price is around $240,000 this March, now it is $270,000.
/ D# y# n1 V; iSay, 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 $240,000.! x- I7 x; }) Y' O2 w0 T% R
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
2 V O/ O3 y5 h9 d$ o. SIf 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,
5 Y5 Z9 c1 K/ `your mortgage interest rate may have reached 6%./ B+ ]- ~1 {9 I
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./ e- Z. C$ T/ K7 r6 j) b
+ f. m- D' G1 E1 s. oOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0001 b7 k- H$ ]# F( 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 6 R7 v: Q8 w' o( e" N1 z+ v
condo with $1000/month rent) Total: $344,040
9 J: A: R1 b) H, }2 aif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
, c" j/ d7 e% [- FWe can see what is the best, when it is on its way up, worst?when it is prime(peak).: H0 ]3 i5 K% `% Q- E2 ?
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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.
7 w' @' ~, u2 W' q1 c& Z# x# n+ {1 ^Cannot it be $270,000? Cannot it be $280,000?
0 i7 N& |; _! F: `So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
+ Q0 v) p" |. L+ e/ G9 C+ `& |For me as a property investor, I will always tell everyboy, it is a good time to buy,( k1 T" `6 v! r; \, _: H# t% k4 I
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,
. C; A) n& T/ N+ w% R. U y/ {then they will switch to my line and try to "HouHou" to push the market up.
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! g: S1 h( ^" ]% i; }3 \Human weakness.
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Well, we are human, we have it. |
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