I wonder whether some still assume that the real estate will mostly appreciate, and that they can liquidate later if things change? They may not consider that

I wonder whether some still assume that the real estate will mostly appreciate, and that they can liquidate later if things change? They may not consider that a reversal of WFH might drop those markets again and leave them feeling like today's SF landlords? On the other hand, some destinations like Tahoe probably are good investments no matter which way WFH goes. As I understand it, that was an area that didn't really feel the previous housing crisis in 2008 either. And many buyers from the Bay Area may easily imagine they would hold their new mountain home even if they later move back to the city, whether as a low occupancy vacation home or to try to operate a rental...