Asked by Blind Buyer, Rego Park, Queens, NY • Tue Aug 31, 2010
First of all, thank you guys for all your valuable information and vital help! I really appreciate it! But i still have this giant ? mark hanging over my head. 20 out of 20 people i asked about the future trend of housing market in Queens in the next 2-3years have told me the housing price will definitely go down given current appalling economic condition and sky high unemployment rate. So it seems everyone is telling me to hold on to my cash and wait for another year or two. one of the theories i have been told is that when the interest rate is low the value of the property is somewhat still inflated and when the interest rate goes up the price will go to the opposite direction. It means if im buying a property now with full cash payment thinking i will save a few hundred $s on my monthly bill i will not only loose the benefit of exploiting the record-breaking low interest rate or the tax deduction benefit but also will see the price plunge sometimes soon when the interest rate is up
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