Which part of the Bay Area do they represent? This sounds unusually high to me. What I see more of is people just moving or planning to move back into their parents’ homes when they have kids and doing some ADUs, expansions to accommodate.
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We were buying in 2011, near the lowest point of the housing bubble burst. Bay Area market prices were lower from 2008 peaks, but homes were still going quickly. We lost our first two offers to all cash. Lost next offer to a "traditional 20% down" as we were a 6% down FHA loan
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A mortgage guy told me a few months that in current SF market banks almost always approve the loans (if buyer is pre-approved) so cash is not as big an advantage as it was a few years ago. What that says about bank diligence right now...

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(all else being equal, cash still better for the buyer, but it apparently won't get you a discount like it used to and still does in some markets like Miami)
End of conversation
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