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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 ]3 I) o4 J; Q1 J7 |' X
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
7 n* Y' I( z: h& yIt is always better to buy when it is on the way up than it is on the way down.% ^. g, S. N/ R% B, l6 u- i
For example, the condo average price is around $240,000 this March, now it is $270,000.# I1 V6 u4 A( q. A' @$ j, U6 o
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.
H% L" ]! L; LI 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 b2 i/ i7 A4 B1 bIf 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,0 K/ C, J4 \7 H
your mortgage interest rate may have reached 6%.. S& a4 m) i+ `, s
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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) ?3 }+ F# ?7 E4 y! Z8 L/ vOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0003 W6 M; R* A' j& J
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 , Y; F9 D u" n* K# {) \
condo with $1000/month rent) Total: $344,040$ S5 m/ J) a' m
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
7 L! R8 w" T5 _" \7 {We can see what is the best, when it is on its way up, worst?when it is prime(peak).
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/ x$ b) ~% m, D( z: gSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.- k- W& A+ L& _0 @/ K9 r
Cannot it be $270,000? Cannot it be $280,000?
, f/ Y8 P2 @& N$ [8 QSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine. ^% p4 {, O' D4 E
For me as a property investor, I will always tell everyboy, it is a good time to buy,# I- J! L; v. g! C k
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,8 g- ?9 {2 P8 D2 L( d/ f
then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.
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Well, we are human, we have it. |
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