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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.) F, z8 u: t. o* S
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.* `; V5 n% `6 I8 I" Y
It is always better to buy when it is on the way up than it is on the way down.
* I# B' Y& Q" Q$ h9 U5 n: \+ g" `For example, the condo average price is around $240,000 this March, now it is $270,000.9 A: R* @; {" g1 ]
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.
6 |3 t Y( E8 rI 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 U) x& P6 T1 x& n( w+ s
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,
. u! N, P2 b. Y6 R. _- X, V* zyour mortgage interest rate may have reached 6%. v# s4 d6 N- a# n# x- L! W
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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, v0 ~7 C4 ~( Q9 SOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000* _- l2 g" D' x% C' s
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
& ?- D8 s! g" A. }0 Y( g1 Icondo with $1000/month rent) Total: $344,040
6 w$ |9 S. k, Q fif you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600
, ]% I" s) u8 |0 a) a6 lWe can see what is the best, when it is on its way up, worst?when it is prime(peak).
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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 $240,000.8 t9 P1 @% E2 r% Q( F( f
Cannot it be $270,000? Cannot it be $280,000?
! X# q' y; D; p& B) F2 JSo, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.2 ~" `. E* N3 ^2 I. |3 A
For me as a property investor, I will always tell everyboy, it is a good time to buy,, k- M* G' `2 H& H: Y
For those without a house and try to buy a lower price one, will always try to convince people not to buy, then the market will go down,' ^ U! a) m9 g9 [8 ^, B7 X
then they will switch to my line and try to "HouHou" to push the market up.' L$ ~# h" Q$ I b- z
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Human weakness.
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' B5 H: {1 a; T0 B1 }. q+ n/ X5 R& rWell, we are human, we have it. |
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