What I think renters should be doing now, PC, is sitting back and watching what happens in the SD market. I don’t think they will get burned by soaring interest rates or prices this year. Nor will tightening credit standards affect those who are truly qualified to buy. In short, there doesn’t seem to be any measureable downside to sitting tight, and there is probably going to be an upside.

I never have supported the concept of long-term renting. I don’t think there is a massive rental discount now and I think the spread is going to shrink as this market evolves. My advice to renters would be to start plotting your purchase now by getting your finances together. Don’t rent the house in Bird Rock and lease the Benz because you can – instead, rent the house in Clairemont and drive your older car and bank as much dough as you can for a downpayment. Sounds awfully dreary and old-school for our instant gratification generation, but it’s a tried and true strategy. Little something called sacrifice.

I could barely afford both my first and second purchases – even took in room-mates at the outset to make things easier – and now I own both properties outright. Sacrifice. It’s more than a word and it’s something that seems lost on our younger generation.

Now, enough preaching – I’m off for a beer. Cheers.