Bay Area Bubble, buy or wait patiently?

[Steve E.]

Curious to get the local take on whether or not I should buy a primary residence in the Bay Area now or wait in anticipation of a market correction/dip. I know this is a long debated topic with no clear answer.

Here is some more context on my situation:

In August of 2016, my wife and I sold our primary residence and moved into a rental, closer to work to avoid a 3 hour round trip commute. Since then, we've been saving and adding to the equity nest egg and making bids on homes unsuccessfully in the $1.5M+ range.

Do I increase my budget, stretch myself to the max and buy something? Or do I wait it out in hopes that the places that are going for $1.8M+ now will drop to $1.5M or somewhere in that range?

Thanks in advance BP comm