SV is booming after 1975 onwards when Tech revolutions started. Yes, competitors are there everywhere for tech industry, but VC finances, Innovation still drives here. Having watched 20 years (if you feel short), I do not really see any major down trend like Detroit in next 20-30 years. However, we can not assume same crazy uptrend too, but a nominal 4%-5% growth will be there (again guesstimate !)
Even now, they are doing this. Every winning bidder stretches to the max extend and buy homes with whatever money they have.
Now, I can provide more info on my recent sale.
I had two full cash offer at the top with 5k difference between them. Both of them had cash proof for $1.5M, one has waived off all contingencies and another kept only inspection contingency.
Among all my received offers, primary home buyers were the weakest and lowest with 100k difference in price !
The current market flooded with lot of cash investors. This is the proof of how cash buyers are there.
No more offer please – after 4 days on the market!