Buy first home in Bay area or invest and wait

[Naina Tara]

Hi,

We are a couple with no kids and single income in the Bay area. We moved here 4 years ago and still renting.

We have saved upto 260K in cash and have liquid stocks upto 500k. 

I was checking for some feedback on areas to buy our first home in the bay area - that's when I read alot here ,on why it is not a good time to buy here (market at its peak and will go down). 

Should we continue renting (4k per month) and invest our liquid cash elsewhere till the market turns? Any suggestions would be very helpful - we also got preapproved loan upto 1.5millon.