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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.7 h/ l4 P0 y# a; n) `3 s
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
; Q( H' q1 ?8 U+ A2 VIt is always better to buy when it is on the way up than it is on the way down.* @; k0 W" D I3 J2 N( i
For example, the condo average price is around $240,000 this March, now it is $270,000.4 X# K$ Q: y l' \# z
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 $240,000.
3 u& O, V6 H) U sI will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
0 g$ ?0 V7 Y" Y9 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,
L" U- ~4 C2 T& _9 ^9 t* u/ syour mortgage interest rate may have reached 6%.
, p) A0 k1 m: H+ {1 p7 mHouse 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.- x2 v' W. m* V: n
0 D0 L6 z' C; b& k2 P! s; |OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000. y6 ^; T6 ]. {8 y+ _8 @1 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
( v" p, A5 _/ b# Ccondo with $1000/month rent) Total: $344,040
/ Q& h0 H% R+ R5 H& q6 ~# Aif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
- M) r, l o9 p4 _* m. L ] z. z$ \We can see what is the best, when it is on its way up, worst?when it is prime(peak)./ C' q3 }& n6 E
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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 A6 o; A3 {; G6 M# [" Y2 x) N( SCannot it be $270,000? Cannot it be $280,000?4 s% Z' M& L. H! ?- ~# g% F; c
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
# {8 A2 D+ C! P; E4 ?4 ]For me as a property investor, I will always tell everyboy, it is a good time to buy,
) z- U& U6 U9 mFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,
0 X0 r# o) C7 {7 A* xthen they will switch to my line and try to "HouHou" to push the market up.8 B+ B) w' W' _$ _
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Human weakness.* r" z" {8 F. I) ^3 l$ e& B
/ q: G2 F5 [! p6 i9 g* M- F& @% XWell, we are human, we have it. |
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