Almost all property in the Bay Area for the past few years has multiple bids over asking price. Many of them are also all cash from foreign investors. Rich Chin

Almost all property in the Bay Area for the past few years has multiple bids over asking price. Many of them are also all cash from foreign investors. Rich Chinese are trying to move money out of their country. Many are also investors looking to rent it out or flippers. Many times, flippers sell to other flippers, so a property will have gone through multiple bad "lipstick remodels" in a few years, and each flipper will want to make a profit. You'll get a $1m 1800sqft single family house on a block next to a bunch of rundown POS properties that's been sold once a year. It's crazy and idiotic.