Given that the editor of the Los Angeles Business Journal, Charles Crumpley, is also the former business editor of the New Orleans Times-Picayune, and a one-time Fulbright scholar, one would think this is a man with a good financial head on his shoulders. In his column in last week's issue--now a podcast on the site--Crumpley reveals that since moving to Los Angeles in 2005, he's opted to rent "a cozy little house" rather than buy. Having owned homes since he was 23 years old, Crumpley now likes both the freedom of being a renter (“Honey, can you tell the landlord he needs to fix the leaky faucet? I’m busy reading this magazine") and isn't so confident in the real estate market. "When I get circulars from real estate agents, I still see furious price chopping. I still see desperation in the eyes of sellers. And prices still seem, well, too high.
As I said, I’m not a market timer. Trying to be one is foolish. I tell myself that maybe we should just buy. But when I think about doing that, I get a little queasy. I can’t tell you why, exactly. Something inside is telling me to wait. Not now. Hold off. Just a little longer."
· Homing In on Time to Buy [LABJ]