Memories of "The Great Recession" only ten years ago are still painful for many of us who suffered great economic loss during these years, watched our equity evaporate and prices plummet. Are we prudent to be cautious for a similar drastic correction in the market? Yes indeed. But this is vastly not the same scenario. All economic indicators would say "No, we are not in a pricing bubble."
The attached article written by the California Association of Realtors, May 2021 highlights better than I why we are not in the same situation. For a dismal trip down memory lane, "The Big Short" is an excellent movie explaining how we got into trouble in the first place leading to "The Great Recession". Movies "Inside Job", "Margin Call", "99 Homes" and "Queen of Versailles" round out the story of greed, corruption, and horrific losses. Worth repeating, all indicators are that our current rapid real estate price gains are not driven by the same economic factors as before, thus, there is no prediction of an implosion. While we likely agree this appreciation cannot keep at its currently frantic pace, prices are highly unlikely to drastically plummet.
Consult with one of the Cali Realty real estate professionals to discuss if this is a good time for you to realize your real estate goals. There are "seller's markets" and "buyer's markets". There is no "waiter's market". Carpe Diem!