Are prices inflated right now?

Sales and rental market extremely difficult with much competition and inflated numbers for both sales and rentals.

Why would you be satisficed with only a 20% discount off an inflated price, which only gets you back at market?  

When housing goes up it is not equivalent to say people who have made their home somewhere, that they should just relocate to somewhere they can now afford and it's their fault they haven't made more income to afford the inflated prices of higher demand. 

In my opinion rates have become way too low and this has caused almost this bubble of inflated housing prices.

Federal Reserve officials, citing the uncertain course of the pandemic and a late-year economic slowdown, said they expect to keep short-term interest rates near zero and maintain $120 billion in monthly bond purchases until they conclude employment and inflation achieve their objectives.

The cashflow should continue to work, particularly if there is higher than normal inflation which should cause rent prices to increase.I personally see buying for appreciation a lot more risky now due to the fact that appreciation relies on you to either sell or refinance in the future at higher prices to get the benefits.

In general whether it is RE or stocks-both asset class is inflated-unless you buy off market properties you will see slim returns.Let me know if I can help you in any way possible.

What are some ways to save money for real estate without being negatively effected by inflation?

The strategy is locking in low long term debt, investing the proceeds and hoping inflation increases making your debt pay down cheaper.