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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.
! s, s$ @7 r$ ]$ k9 |& R; _, E2 q( pHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.
8 b- T/ \; y/ q$ i" n. ]- kIt is always better to buy when it is on the way up than it is on the way down." h% `' `$ X5 G4 s# `
For example, the condo average price is around $240,000 this March, now it is $270,000.
1 @9 l5 s: h& cSay, 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 $240,000.# `5 a1 N) f! L6 g4 j' Q
I will give it another 6 months if the market go down x months in a row. because house is not like stocks, it cannot go down too fast.
( {1 j+ M d( k; E2 t u8 kIf you have purchased that unit this March, you will get the interest rate at 5.0. If you get it now, you may get 5.6. If you get it in 6 months,
D7 O- b$ g& J wyour mortgage interest rate may have reached 6%.1 y! G0 M% B* i
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.
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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( n# c3 {/ t1 \. \& dif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same : n6 h3 d! H! H) d. u, [7 p) H$ o
condo with $1000/month rent) Total: $344,040
/ Z0 S+ G: y3 @, R$ b; m' F5 fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600; K f0 |6 t( t
We can see what is the best, when it is on its way up, worst?when it is prime(peak).% W3 l( N( |5 s9 s3 E% r+ \
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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., ^% I5 ]+ G& G- o
Cannot it be $270,000? Cannot it be $280,000?% z9 x, e) a* R( l& i, e1 k
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
( I, v+ R: w# V/ FFor me as a property investor, I will always tell everyboy, it is a good time to buy,
$ z1 M+ _9 |" _2 K6 o& ~1 ZFor 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,
* n4 |; y, ~6 ]9 H! gthen they will switch to my line and try to "HouHou" to push the market up.
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Human weakness.% g( j' \. O, d' l: F, c8 U
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Well, we are human, we have it. |
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