No, and the assumption that everyone with cash already put it to work does not hold up. We have clients who sold years ago expecting a correction and are still on the sidelines, waiting for a dip that never arrived the way they pictured it. People who try to time the market tend to stay in cash far longer than they planned, because there is always one more reason to keep waiting. The cash itself comes from more places than people think: - proceeds from a home sold a few years back - HELOC money tapped when borrowing was cheap - business owners who did well and have capital to deploy - plain household savings built up during stretches of not spending on travel, dining, or entertainment Add those up and there is real money still looking for a home, even after a long run-up. For a buyer, the takeaway: do not assume the smart money already moved and you missed your window, and do not assume everyone else times markets better than you. Most sideline cash is waiting on a forecast nobody can promise. If a purchase pencils for you on a long horizon, sitting in cash to wait for a bottom carries its own risk.