I have a slightly contrarian view, and I also live in the Bay Area, FWIW. DH and I flip houses occasionally, so we keep a lot of dry powder on hand. We also watch the RE market constantly, searching for our next project. (This is a hobby, we're FI/RE.) We are a year out from our last project, with nothing on the horizon. We're just letting the money sit. Yup. We're FI without that money, so a bit of inflation isn't going to kill us. Prices in our specific area are bat-shit crazy at the moment and not getting better. Raw material prices are through the roof and everything's backordered. Not fun, so we're just going to wait it out.
I'm guessing you're in The City. The pandemic is proving that people can WFH successfully and that it's easier to do with a little more space, so folks are packing up and heading out to where the living is easier. Vacancy rates in SF are rising and prices are flattening.
I'd suggest a few things:
1. Look into bank bonuses. You can easily make a very decent return on your cash with a little patience, follow-up and a spreadsheet to keep you organized.
https://forum.mrmoneymustache.com/share-your-badassity/bank-account-churning-how-to-make-$1600-in-a-year-by-being-organized/
2. Go read the entire DPOYM thread. Ask them all of your questions, they don't bite.
https://forum.mrmoneymustache.com/throw-down-the-gauntlet/dont-payoff-your-mortgage-club/3. I highly recommend the explanation of mortgages in an old-ish book called "Ordinary People, Extraordinary Wealth" by Ric Edelman. It's probably available free from your library. You only need to read the first chapter, so don't buy the book.
4. Finally, start tracking the market. The saying that all Real Estate is local is more true in SF than almost anywhere else. Take a year or so to figure out what you want and where you want it. It's okay to keep renting for a while longer.
People believe that SF real estate only goes up. Not true. After the Loma Prieta quake in '89, things were going for a song. This pandemic might cause an equivalent shift in the market. Study, learn, keep your powder dry. That way, you'll know when the timing/deal is right.
Buying the wrong house or even overpaying for a good house will cost you a hell of a lot more money than you will lose to inflation by sitting on your cash until you're positive which way you want to go.
Finally, you have been through a hell of a lot in a year, plus the pandemic. Give yourself permission to coast while you work out a new equilibrium. Best of luck to you!