Carlsbadliving, I think the people in your category are so few, that I doubt they will move the market. I used “everyone who bought already did so”, as a figure of speech, a phrase that Ivy Feldman (analyst) used when talking about the effect of low interest rates, which shifted forward demand. She was asking the Toll Bros. “who still needs to buy?”
In my entire 6 years in San Diego, I only met one person outside of piggington who chose to rent not buy, and that is because she moved here in 2005 when prices were too high.
The people waiting on the sidelines are all on piggington. Maybe an exaggeration?
I think there is a group of people who are priced out forever, based on their career choices, so they may never be able to afford a house in San Diego. As harsh as it sounds, the premium on San Diego real estate and low wages means that many San Diegans will never be able to afford to buy a house. They call it the Sunshine Tax. Don’t confuse those people with people waiting on the sidelines.
Finally, people who are determined to own a house, have already left San Diego. The number of people who want to own in San Diego and haven’t bought yet, is very small in my opinion. Like I said, I am a big talker, and I know only one family in that category. The rest are young people who work at gas stations and restaurants such, and they say they would like to buy a house, but they never will. Their jobs don’t pay enough.
