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July 11, 2006
Sex and the Rental Market
Eric Tyson, co-author of Home Buying For Dummies, has some advice for those in the real estate market right now: sit tight. Tyson, the only author to have four books simulataneously on BusinessWeek's bestseller list (some of his other titles include House Selling For Dummies and Real Estate Investing For Dummies) says it's easy to get caught up in the hoopla about real estate as an investment. His tips include being sure you really want buy and aren't just succombing to peer pressure. Homeowners, he notes, are less social than renters and spend more time on household chores. He also claims that renters have more sex than homeowners. Tyson offers a formula: multiply your rent by 200 and you'll get how much house you can afford for the same monthly payment. That will vary with interest rates, of course. For homeowners, he says resist the urge to trade-up. Don't get greedy and overprice your home and don't pay for more home than you can afford. Tyson makes his living selling books, not houses, but hey, if it means less sex, why move?
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I think he makes a good point about not overpricing homes. I'm from southern california and you would be surprised and sometimes laugh at some of the listings on the MLS.
You may see a home listed at 750,000, reduced by 10k every 30 days and still not sell. I wonder when these homeowners will get that the home they bought for 500k 2 years ago is not really worth 750k.
Posted by: insurance at July 16, 2006 02:55 PM
Could the less sex be a function of high mortgage payments combined with stangant income, resulting in more homeowners sitting at home on milk crates Saturday night while the renters are out at the bars and social scene?
(All my owner friends stay at home due to $$ issues, so I can certainly believe his point).
Posted by: Wes at July 18, 2006 12:05 PM