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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.
" G1 N% K5 `; v$ b5 kHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.! z8 c2 S5 Z+ Z9 w! T: T8 M% F: C
It is always better to buy when it is on the way up than it is on the way down., j. _" y* W3 M3 C% a2 I, A- S
For example, the condo average price is around $240,000 this March, now it is $270,000.% Q& I$ x! e& I6 j( R3 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 $240,000.
! {3 h" m0 p6 Y7 C; KI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
) F- k* R: W. M: l+ W; [& v% Z$ mIf 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,2 O9 H- C7 }2 g: g
your mortgage interest rate may have reached 6%.
/ k D5 E( I1 rHouse 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
$ x% ]/ L% B. R8 H& P: Z7 [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
+ M8 X& A7 Y c1 Q1 }condo with $1000/month rent) Total: $344,040
8 c2 |- s* ^& D# `if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
2 m* b" R: W% i% X! qWe 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 $240,000.
. Y; J9 N$ |2 i, B/ f9 KCannot it be $270,000? Cannot it be $280,000?
6 P, U) \. D* U' C! t& YSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
+ x2 G8 s/ k) MFor me as a property investor, I will always tell everyboy, it is a good time to buy,
% N7 A, \* E* v6 `" h. @8 oFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,
* N3 b; E6 ?; c9 \ n- w/ L2 [then they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.- i; W$ N+ h9 L$ y. M
" y; \8 g0 o G. AWell, we are human, we have it. |
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