.
I am still waiting for such deals. So far, max is 20% from ATH (read my definition somewhere). Most of the listings are trying to fool me, initial asking is 10% above ATH, then slowly come down, end up about 2-5% below ATH but sound good at 12-15% price cut from initial asking.
Btw, ATH is usually an odd ball transaction. Rest of the transaction are usually 5-10% below ATH. So, still sucks to buy those “price cuts” properties.
Sounds like there are many fools out there who are still buying at 2-5% below ATH. Don’t they have any common sense that stocks are down 30% from ATH and mortgage rates are up 150% from ATL, a big recession is coming, and layoffs and economic pain will follow. Even Fed chair Powell is now openly saying this and suggesting RE buyers to wait for the crash.
.
Those with plenty of unaccounted for money?
Windfall from IPO?
Strike lottery?
In Austin, I run some numbers. At 5.3% mortgage rate 20% down 30yr fixed, PITI is 50% more than rent, no reason to buy at all. At 6%, reason for buying is even lower. At such high mortgage rate, make sense to buy only if prices drop drastically (40% drop from ATH) or rent increase dramatically (50% increase from current market rent).
Now, I am warming up to your forecast of 30-50% drop in house prices if Fed continues to be hawkish for a long period of time.
In Bay Area tier 1 cities, it’s 2-3x of rent. With little to no appreciation from ATH over the next decade, tide has clearly turned but People are still stretching and compromising on everything to buy than rent.
It is not rent vs mortgage for cash rich people, but a good status of living SFH as primary home.
One friend recently paid $2.5 M home cash payment selling stocks.
Another friend built $1.7M single story brand new home at their Cupertino lot. All stock sale income.
Another friend waiting for a deal with considerable cash.
All are techies wanting a good primary home to live.
For primary home, get some good location and stay there.
Again troll with negative like the same way BH was here.
No appreciation for a decade?
You do not have any clue about Bay Area and US economy and also about recession.
Remember WB statement, when blood on wall street go and buy stocks!
When economy goes negative, both USG and FED will print money and revive economy.
This is how S&P grows 8% over multi-decade, homes appreciates double in a decade.
.
Same reason why they come to SV… to be viewed as outstanding SWEs and multi-millionaire 
aka top 1%ers 
Is why @manch refuses to leave.
Why not rent an even better home for the same price.
You will never understand with your attitude!
You are not supposed to give any cheap solution for their life ( out of your scope/control )
With 25M+ cash position who wants to live in rental home?
Why does it matter if you own or rent. And by the way it’s owned by bank anyway if there is a mortgage.
If I’m getting a Porsche lease at the price of a Toyota I’ll get Porsche any day. Who cares if it’s a lease or not.
And the examples you gave about 2.5M home it will hardly be a status symbol in Bay Area. It’s most likely a 70 year old ranch home style junk on a tiny lot unless it’s in a 3rd tier city. Average homes in my neighborhood sell for 6+M and rent for under 10k.
You will never understand with your attitude!
You are not supposed to give any cheap solution for their life ( out of your scope/control ).
You are expecting others live like the way you want!!
It is troll, meaningless discussion
A renter can be kicked out. People buy for security, status and for a chance to improve their home and their lives. Putting down roots and investing in their community. Becoming part of a neighborhood. Investing in the future for their families. Appreciation is nice but not the sole motivation. Renters are just looking for the cheapest solution. But it isn’t in the long run plus renters generally settle for a house that they don’t really like… the cheaper the better. Afterall rent is a waste of money. No return on investment possible at all. At least homeowners get a return on their investment depending on the time line of course.
When I was renting (before my first primary), my friends used to advise me buy a home. They bought their Cupertino home for $750k which I felt too much. That is renter’s attitude.
Now, they expanded their 3/2 to 5/3 with additional 380k as they had big lot, living their for life, mortgage is still low at 10% LTV as he locked 2.25% rate. The home is in Monta Vista quiet Area, prime location. They do not even consider moving out (house worth > $4M) or selling as they are settled with friends and family. It has been more than 20 years by now. This is owners attitude.
Just wait for 40 yr mortage becoming a norm to sustain house prices.
Very soon they will have forever mortgage. Is not that same as renting with different terms, haha …
The point I was making is that there is just too much at stake for a sustained housing down turn and there are knobs to fix that even with higher interest rates.
Primary is not an investment and at some point it is not about money, and more about the freedom & flexibility of home ownership…
Haha quite the opposite. Freedom and flexibility comes with renting not owning. Monthly mortgage payments literally ties one up and makes them a slave for 30 years. Its crazy people think it brings freedom.
Long term renters have no motivation at all to reach the top echelon of wealth, period. Landlords, on the other hand, are just trying to penny-pinch their way there. Both are not optimal means to sustain a lifestyle. That’s why I am selling every rental the first chance I get. Need to break away from this sub-optimal livelihood. Someone else can do that dirty work 
Few years of price declines will change this outlook. Once your primary is below where you bought it at, it will be hard to be in love with it