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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.3 ~& X* c7 H3 J% e* i/ I1 q
However, they are so afraid of the high price then. Now they have missed a great chance to have their first property this year.5 b' d0 g* q% t7 d3 [* E5 T3 e
It is always better to buy when it is on the way up than it is on the way down., X& b) F9 n, |* E' F
For example, the condo average price is around $240,000 this March, now it is $270,000.
/ `9 }- j0 Y+ A F6 ^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 $240,000.% y$ t, n z# s6 z+ n: G
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.( `% m& S+ u, C% G0 P
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,2 y. [, z/ h" i! c- |$ a( t
your mortgage interest rate may have reached 6%.
; J$ N+ ?& f. [+ @& z' i5 FHouse 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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2 E9 [$ {% K I9 p- j; hOK, if you bought this March, $240,000, interest rate 5%. Best deal, total interest in 5years $60,000 Total:$300,000
5 j6 R3 I, g% j! N& F% bif you buy it now, $270,000, interest rate 5.6%. interest(4 years and 6 months) $68040 plus 6 months rent = $6000 (you may not get the same % r$ |% I5 H3 v- X; Q* s
condo with $1000/month rent) Total: $344,0404 C2 U8 ~0 m5 t' v) f9 |
if you buy it next March, $240,000, interest rate 6%. interest(4 Years) $57,600 plus 12 months rent = $12000 Total: $30,9600# B: d. B4 z. ~7 L* z
We can see what is the best, when it is on its way up, worst?when it is prime(peak).' W; ^ u( @) E; j8 ?! i; S
+ v+ [4 B+ v7 ^' C8 j8 ~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.
+ B' I+ U+ U- N. `2 v' _4 x9 n. HCannot it be $270,000? Cannot it be $280,000?# `: h- T. H8 @) x e3 @- K7 k
So, when to buy, it is always a puzzle. If everybody know when to buy, what is the world like? cannot imagine.
9 y1 c) h+ C, G( r/ r# S6 UFor me as a property investor, I will always tell everyboy, it is a good time to buy," ^5 `/ Z1 _* ?' ~% 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,
/ k# q, N% ^, othen they will switch to my line and try to "HouHou" to push the market up.
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) d9 J- n2 J) d2 Z( eHuman weakness. R: X/ ^, e- Y s6 l1 E
M/ @1 y4 ~7 y) U5 r3 eWell, we are human, we have it. |
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