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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.) g. r V" E, O3 G; Q0 H/ U0 l* O: B$ ?
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
* w; d; @. |5 L4 N2 x6 I% t" qIt is always better to buy when it is on the way up than it is on the way down.9 u2 b! ^: T, f" g) d5 o
For example, the condo average price is around $240,000 this March, now it is $270,000.
8 q0 L; T, N$ q2 D, F8 W' }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 $240,000.
! b+ t$ }% v6 }: XI 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.
+ E" a, C* G- n: v. Z; S, n8 uIf 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,+ D. \7 H0 W& b# |7 S& E: s+ R
your mortgage interest rate may have reached 6%.# ]8 t; B; x& \. Z: p
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.3 F- O% l0 f8 }4 Q) S" V0 f% m
) s! I9 F9 _. I! G0 m7 m; q4 c8 T% kOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
4 G e8 U/ D" [+ tif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same 6 U/ t: ^8 L$ v t# B
condo with $1000/month rent) Total: $344,040
- J2 y: {! }3 m0 C: p# \if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
2 h1 k( y$ x+ B/ v5 `5 LWe can see what is the best, when it is on its way up, worst?when it is prime(peak).& n7 q; l: O U/ \! j) v
0 x# j2 S" O5 X6 L: {0 \+ C/ p3 p& sSo, those who have waited, may have to wait another 6 months. However, who can say the price in next March will be $240,000.+ I# F d/ I# ^) s* u* {+ q8 c
Cannot it be $270,000? Cannot it be $280,000? C- U) v; B& E' B" u+ @
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
7 m: }6 E' v: U# D; T# ?# ~( aFor me as a property investor, I will always tell everyboy, it is a good time to buy,% {1 N3 R" ^" r5 n) v
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,
/ u; Y. W" s/ b8 Kthen they will switch to my line and try to "HouHou" to push the market up.
! E! m3 y! S5 n, e8 ]0 a9 a) m1 M# q9 H7 _, B2 ]) ~. i
Human weakness.
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% k, u# }2 |0 qWell, we are human, we have it. |
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