Advice for first-time home buyers

This real estate Q&A is from a somewhat obscure online technology magazine, but offered some interesting home buying and selling advice to consumers. It's worth a read to see 1) if you agree, and 2) if there are pieces of advice you can incorporate into your own business and counsel to customers.

In particular, I thought this advice for first-time buyers was interested. Do you agree with his advice?

"So, when are you really ready to buy? Well, you're really ready to buy a home when you can purchase that house with a fifteen-year, fixed-rate mortgage where your payment is no more than a fourth of your take-home pay...and you are completely out of debt, you have an emergency-fund of three to six months of expenses, and you have a good down payment. Then you're ready to buy.

If not, that might mean you'll have to spend another year renting and getting out of debt, and you might need to sell your Tahoe to get ready to buy a house. You've got to be ready and willing to make some sacrifices to do this the right way because, otherwise, the house ends up owning you and it becomes a curse rather than a blessing."