Like you've stated, the market has rebounded above that of the the 2008 housing market crash, which is an understandable concern.

I don't know if I can provide advice that tops anything that those with deep real estate investment experience in the area might be able to provide, but I've been an interested observer of the Bay Area housing market since the tech economy began rebounding in the early aughts.My take is that property value within San Francisco itself will continue to teeter at an elevated rate for the foreseeable future (this is somewhat of a given considering how small the city itself is, and how fierce the demand for property remains).

The first couple of years were ok, and we were banking on a rebound and good appreciation (mistake #2).  

this is the area that I work in everyday, one thing to remember is that during the last crash, Utah rebounded very nicely.

Welcome to the site @Pranay UppuluriI think you would be better situated if you upped your price point to 50k+I am in one of the least expensive markets in the country and the market has rebounded.

Which states are just gaining traction and have recently rebounding economies?

My motivation now is that I think (perhaps I am wrong), that the market is still on the rebound a bit and I should take advantage of still historically low interest rates.

Home prices rebounded fairly well from the first big flood, with prices rising in the year+ between the first one and the second one, even on the flooded homes.

The worst is if your area never bounces back or is the slowest to bounce back after the economy rebounds, you are not guaranteed of that spring effect that will normalize things as quickly as you had hoped.

Hope to see it rebound soon.