FWIW the Bay Area has been in decline for about a year. Friends sold their place in Silicon Valley last May. They closed in 30 days and had a free 45 day rent back. When they moved out their agent told them that they would get hundreds of thousands less just 60 days later.
I had a friend whose home I managed as a rental around the corner. He moved to San Jose and kept this house as he never expected to be able to buy a home up there as everything was always multiple offers mostly cash. In March he called and said with COVID the market seemed slower and he thought he could buy up there. We got his place sold here quickly for a record price with a tenant in place and sight unseen. It was a crazy transaction but we got it done. He bought a wonderful place up that he never would have gotten pre-COVID.
