I think Richard's answer sums it up best. Yet I have to add some key points. Orinda has the top schools in Contra Costa County, and is close to San Francisco. Most of the homeowners have lived in Orinda for years and have equity. You will not see many, short sales, or foreclosures. It is a good time to sell in Orinda if you plan on moving to a similar area. If you want to buy a house in Belevedere, Ross, Etc. sell now. If you plan to buy in Black Hawk, Ruby Hill in Pleasanton etc. it may be better to wait. I think Orinda prices will remain stabile, but believe other neighborhoods will see some effects from the loss of jobs, and prime borrower foreclosure. It may be best to sell when the credit markets loosen up, and the guidelines and rates for luxury homes ease. Luxury home sales have cooled off, because the financing rates are not favorable. I think many buyers are sitting on the fence ,hoping the rates will become better as investors gain confidence.