August 3, 2008
...Typically, people should avoid buying a home unless they plan to live in it for at least five years, advises Richard Green, director of USC's Lusk Center for Real Estate, but a safer target these days may be seven or eight years.
Green, who recently relocated from Washington, D.C., is wrapping up a home purchase in Pasadena. He's not worried about prices falling further because he and his wife plan to stay at least 20 years.
"This was the house we wanted to live in," he said. "A house can be like a car, something you use and enjoy and have for a while. Whether it goes up or down in value may not be so important."...