[quote=bearishgurl]Again, folks … “salaries” (in relation to price of housing) only matters in *some* CA markets. In well-established areas, a much larger percentage of buyers use all cash or mostly cash for purchase money. Buyers utilizing 1031 exchanges typically don’t have to come up with very much cash because they trade “like for like.” Also, it is not uncommon in well-established areas for longtime neighbors to pay cash for a nearby prospective listing for a residence for other family members or gift a large downpayment to the buyer (typically a relative) OR tell distant relatives who will be cash buyers of a nearby prospective listing (before it is put on the MLS with the commensurate price increase). This can only happen if the listing agent/broker goes door to door telling neighbors of the listing before it is actually marketed (again, this is common practice in well-established areas).
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Can you name a single market where salary (or income) doesn’t matter because most homes are purchased for cash that is other than the very top end of the market? (it may be true in RSF. I doubt it’s true in LJ.)
