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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" v, R: m& iHowever, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year. T# Z! a; x9 g0 T1 S( O
It is always better to buy when it is on the way up than it is on the way down.+ A7 i. `: P! f$ }
For example, the condo average price is around $240,000 this March, now it is $270,000.
, _$ i% m; M: Z$ |# `1 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 $240,000.
8 ^; d$ J/ R6 o% W: KI 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.
8 G' X3 T! }" m# T- OIf 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,
% @1 O& y& [- [% Wyour mortgage interest rate may have reached 6%.
! T5 `5 O, ~5 ? @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.4 t% K: E0 d: T) d
- U H: P" [; ~2 o6 \OK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,0002 X% t: U/ j5 e
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
$ f3 `0 \) e( t8 o* I8 jcondo with $1000/month rent) Total: $344,0409 d8 |9 g- [6 F3 W! \
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600+ f- m; @2 K: ]; d3 l2 |
We can see what is the best, when it is on its way up, worst?when it is prime(peak).: y; }9 w/ P9 u% N% t" ^) U- l( h6 Q
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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.+ R, D& x" B6 I
Cannot it be $270,000? Cannot it be $280,000?8 j; l$ D- o( L/ G- E+ X6 G6 r
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.' w" u9 j3 H' b% v/ w2 y4 s y' E7 o' N
For me as a property investor, I will always tell everyboy, it is a good time to buy,
7 U" {3 `/ w, ^/ pFor 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 R0 D1 C4 ?; T- ^# L0 K! n! l
then they will switch to my line and try to "HouHou" to push the market up.9 G; R; b j# X* _2 Q
: s6 L7 `- n5 K: D3 G' X- q( u3 C' ]1 qHuman weakness.
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Well, we are human, we have it. |
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