Dr. Gary Painter, Director of Research at the USC Lusk Center for Real Estate, is quoted in the June 5, 2009 edition of Mercury News
Taking the plunge
Mercury News
By David Silva
...With neighborhoods across the country filled with spectacularly low-priced properties for sale, and with interest rates at historic lows, prospective first-time homebuyers may feel the time is ripe to buy. But while real-estate experts see this as a good thing, they also advise caution: That same sense of urgency to get while the getting's good can often prevent people from fully considering what they're getting into. What are the biggest factors first-time homebuyers should consider before wading into today's market?
According to Dr. Gary Painter, director of research at the USC Lusk Center for Real Estate in Los Angeles, the most important thing to keep in mind is that no deal is so good that one should ignore financial common sense...
...Bottom line, says Painter: Do the math, and make sure you factor in inevitable changes in the housing market. For many people who have never owned a home, it might make more financial sense to continue to rent. For others, it might make more sense to take the homeowner plunge...
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June 5, 2009