You may be right if we only have American buyers. Indian, Chinese, Korean,..., they are coming with plenty of cashes. Houses in most big cities in many foreign countries are more expensive than San Francisco. They can sell one house in their country and buy one here and use the leftover to send their kids to Ivy League schools for several years. I just read one news that only 5 of 80 potential buyers for a listed house are non-cash offer-buyers in the San Jose area. We may have up-down periods. However. the current crazy phenomenon in California is real and may not be a bubble. I assume that this booming is same in most other areas all over the country and the most part of the world.
Just sold. Locked in another gain. Just another market bubble created by the Fed. As long as you bank profits and are nimble enough to trade you will be fine. Overnight they will trap the complacent ones fooled by this rally. The economy is in shambles so no justification so just keep trading.