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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." }2 G, L1 W; Y* P- M
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.6 J. L/ f. {# [$ x( Z
It is always better to buy when it is on the way up than it is on the way down. L+ T. e/ a) N! O2 l; U
For example, the condo average price is around $240,000 this March, now it is $270,000.
- ~. a! z! n2 rSay, 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 $240,000.) r/ |1 { }: J- J
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
% K0 b9 X" Y6 M2 CIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,$ v4 {1 h6 W; @0 q" U" {
your mortgage interest rate may have reached 6%.
) A w/ @5 d; t( _, uHouse 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) m( e# `# H) t, v: w& Z' t
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
4 i9 w. i6 k3 j; Z+ Ccondo with $1000/month rent) Total: $344,040% \ O- H9 l0 j0 m
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
! N$ T8 ?: K/ H& x2 JWe can see what is the best, when it is on its way up, worst?when it is prime(peak).8 n B+ O+ N0 Z; s- `, D
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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., N! N" P, e: n" I
Cannot it be $270,000? Cannot it be $280,000?
( N, S- d0 e% o! F |. p0 k* MSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.( k% e3 I$ ~/ q6 Y
For me as a property investor, I will always tell everyboy, it is a good time to buy,
% R! d: b# G1 UFor 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,4 w3 P2 H7 ~, ]; [/ }
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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