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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?
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.