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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.
9 G9 Z1 D- U: d4 M. N( NHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.' H! ?" k% |' p4 s% J2 D0 c
It is always better to buy when it is on the way up than it is on the way down.
4 T$ m# m3 u( U: y8 f3 cFor example, the condo average price is around $240,000 this March, now it is $270,000.+ k& o, n5 G" P& V/ p1 j! g8 k
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 $240,000.8 p3 C' |( t6 Z9 y2 n8 h% u
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
+ \* `. A' C! ^+ JIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,% w o8 y6 ~2 Q$ O" n }9 {
your mortgage interest rate may have reached 6%.- Y" q* Q3 S5 @+ _
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:$300,000; v4 I! t% o! i% r) P1 K& s3 O
if you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same : w. Z8 M7 T$ v' A9 b ?
condo with $1000/month rent) Total: $344,040
8 [7 o5 P v& J% @" D$ Zif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
, h8 E0 \$ _1 T: H) O( v- J5 c2 aWe 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 $240,000.4 R4 k$ [4 N8 O. Z" s, `3 b
Cannot it be $270,000? Cannot it be $280,000?' i8 D& m5 `3 S5 O/ X
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine./ Q/ Z5 Q. ~! Y
For me as a property investor, I will always tell everyboy, it is a good time to buy,: i! O# R! C# ~: J
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,- `1 ?' q0 u* t& l' K* F
then they will switch to my line and try to "HouHou" to push the market up.
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6 {* d' `6 y5 c. ~4 f, `Human weakness.
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Well, we are human, we have it. |
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