[abbasmehdi]

These are list prices, we are finding list and sale prices are quite different in the Bay Area. Folks list low on their realtor's advice to ignite bidding wars. And bid buyers do. On the plus side now we are hearing from our realtor and others that prices are stabilizing (i.e. not going up as fast, but definitely not coming down). Still hugely unaffordable for most.

[equalarrow]

Also, even if you can bid, cash is king. So, not only is everyone driving the prices up, but the winners are usually all cash. I don't know anyone who has a few million in the bank, ready to move on property. Sadly..

[bduerst]

Yep, but that's because they're mostly foreign investors.

>About 60 percent of foreign buyers paid cash, compared with one-third of domestic buyers, according to the 2014 Association of Realtors survey.

http://www.sfgate.com/business/networth/article/How-and-why-...

[abbasmehdi]

Absolutely. Unfortunately I know many, many who have a few tens of millions; unfortunately^2 I am not one of them. People say it's the Chinese buyers with the all cash offers, but I see locals do it left, right, and center with money made in SV within the last few years.