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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.' K, g/ a: N0 P5 E/ V
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
; h6 H0 k! Z' Q' u, Q$ I2 _7 bIt is always better to buy when it is on the way up than it is on the way down.
1 C0 @/ y& I! ^- HFor example, the condo average price is around $240,000 this March, now it is $270,000.4 E1 T3 @% @# h5 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 $240,000.& H. a0 r6 ~5 t
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
" n, {1 r9 i1 p2 h. }If you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
# n1 G7 P$ y tyour mortgage interest rate may have reached 6%." d& m! U$ V5 Z! E: L9 q4 N
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.- w( e, k) A7 G- |
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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
R' i' {8 x. V g/ 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
' s9 y* P6 Y' s* O* xcondo with $1000/month rent) Total: $344,040
6 W6 d$ B+ Q" @8 n6 B4 j% yif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
9 h' Y6 u; R* q8 e6 EWe can see what is the best, when it is on its way up, worst?when it is prime(peak).# i* p+ o- A$ m. v8 O; j7 H
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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 $240,000.5 _! j! `! y! C* c
Cannot it be $270,000? Cannot it be $280,000?' a0 [2 g h0 N8 m- ?
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
# E9 j1 ~8 O% `* u9 l& f9 CFor me as a property investor, I will always tell everyboy, it is a good time to buy,
4 G, E, }: y9 Y; Q4 xFor those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,! C* J$ c b' h: [
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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$ f. k6 O& d+ a. TWell, we are human, we have it. |
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