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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.7 W# G0 ]& N _7 P
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
" x% p/ h* f' V$ XIt is always better to buy when it is on the way up than it is on the way down.
# P% U/ C6 S# b- E' C( Y% AFor example, the condo average price is around $240,000 this March, now it is $270,000.9 c' O$ i) F* H D/ h. N
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 $240,000.
+ ~+ j- v3 R3 U' {9 v+ [I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.8 o# I, {3 C- T! ~. V( z
If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
; k& u2 q% A5 M" e; L: {your mortgage interest rate may have reached 6%.
, i% R; F# }2 d% @+ z$ e2 O3 YHouse 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:$300,000
4 v5 A7 T( I- \" ]7 @/ iif 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 ' N" S% ~! n9 U0 v' S/ F
condo with $1000/month rent) Total: $344,040
2 \ v; ]) z; C% L" pif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600' J/ `7 p0 v& _ G6 S
We can see what is the best, when it is on its way up, worst?when it is prime(peak).' @* o5 ?/ b. D# Q" E8 V
, d# V8 e9 f; d+ XSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.2 d: F( S8 q4 ?. P" I8 f
Cannot it be $270,000? Cannot it be $280,000?# K7 T; |9 a2 | b* A3 T
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.1 G# |2 H6 p3 w# E$ F" Q6 |
For me as a property investor, I will always tell everyboy, it is a good time to buy,0 P9 ^+ W5 Q2 ~( ?8 ^ C" m# s6 t' U+ r
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,' A* D: s2 E5 i0 x
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.8 a0 Q- H7 A3 e* O6 W0 g
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Well, we are human, we have it. |
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