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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.$ C- w2 O! N/ W, q. E$ N
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
K' I$ e3 s, f( D1 \It is always better to buy when it is on the way up than it is on the way down.
3 P d3 t$ F( ?/ y4 ^% nFor example, the condo average price is around $240,000 this March, now it is $270,000.
+ y1 ~. S% F }, `# DSay, 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 $240,000.1 l/ S s+ q9 V, e7 |2 G
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
* v: u3 J3 ?, x% eIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
; {/ s3 N F% x5 B! E5 V# o w. ^your mortgage interest rate may have reached 6%.$ _) D* `+ a- ]: ?2 P+ _
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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/ |. C, t" y8 p- x# L; dOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0000 C! G9 m- M& K. S% I" l/ Y3 {2 U
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 & T0 {' N8 Q/ Z) _
condo with $1000/month rent) Total: $344,040
+ U. @) s+ _; Y# {0 fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
2 y% L4 R5 m- aWe can see what is the best, when it is on its way up, worst?when it is prime(peak).; x7 z5 O4 i% X1 P3 N. N
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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.
6 N' s& @1 N9 JCannot it be $270,000? Cannot it be $280,000?
9 {. M4 d" V# E5 C' z9 d* C0 bSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine., e4 |9 o$ w1 u8 p2 l; E
For me as a property investor, I will always tell everyboy, it is a good time to buy,* D$ Z5 X0 T6 r4 L; d
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,+ A8 Q' r$ G' n' v# m/ K/ D0 H/ M
then they will switch to my line and try to "HouHou" to push the market up./ T7 u& X# }- m5 J) R. B. D( k$ e
' l! _0 _4 A0 d7 `8 jHuman weakness.
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Well, we are human, we have it. |
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