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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.3 ^9 B- z& p' y. W* O% ~
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.+ o& b0 w6 I8 W( c* x1 h; E/ x7 M
It is always better to buy when it is on the way up than it is on the way down.
' J8 L2 R* _+ OFor example, the condo average price is around $240,000 this March, now it is $270,000." W% I* u7 J$ f+ y. V
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 $240,000.
" s8 G+ j) K, E/ H4 \I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
0 U# `$ t$ E/ c2 G6 N! 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,
6 m0 Q# {; k" {4 {& [# Iyour mortgage interest rate may have reached 6%. s! B, y( v2 a5 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.6 P0 T+ W5 l5 |, {8 G4 I
* p" y5 G6 L$ d& |! h( T6 L8 I: iOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
+ [! F. } d8 K. O; Y" _" p. G/ M. ~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 1 v9 x% y' U: i
condo with $1000/month rent) Total: $344,040+ e3 L* Z3 T% X& i& t1 g C
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,96006 b/ t+ S, p4 j) T3 o* g
We can see what is the best, when it is on its way up, worst?when it is prime(peak).- j8 h! q0 W9 p) U# O9 f
7 L. u! c& f7 C7 i6 B: z9 MSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000. ?; h/ i2 j5 u3 s E9 W9 P; n
Cannot it be $270,000? Cannot it be $280,000?
8 h% J1 p# r9 b- z; ?8 h! e7 l" ASo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.8 C1 G+ q9 }9 K, k
For me as a property investor, I will always tell everyboy, it is a good time to buy,
$ k6 t. a* I, k- p# gFor 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,# u+ C, { _3 U/ s, w ~! V
then they will switch to my line and try to "HouHou" to push the market up.# v2 h4 B1 |% v. a( w: D3 k8 x
+ b9 M6 u: r+ c- ` O( YHuman weakness.2 @9 J& W4 K* P& T- W3 X2 j
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Well, we are human, we have it. |
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