I just closed on the sale of my CA house and it's nuts in the Bay area. I actually couldn't afford to buy my own house again.
When you have fast food jobs paying $20 an hour to start, everything follows with price increases. Add to that the massive influx of money from China and India and the tech billionaires and you get a bubble that will be devastating when it bursts.
We accepted an all cash, no inspection, no contingency, two week close offer that was 40% over the asking price. No way that house would have appraised for even the ask, so we had to hope for a cash offer.
As rates rise, and cash offers become less frequent, the market is going to implode.
