Is this stimulus package working? Are people feeling differently than they did a few months ago?
If pending sales is an indicator, the answer is "yes".
Pending home sales jumped 3.2% in March on a nationwide basis, providing a dose of hope that low interest rates, discounted prices and an $8,000 tax credit for first-time buyers is incentive enough to pull buyers off the fence and back into the market.
The biggest change in psychology? While distressed inventory still dominates the market, accounting for over half of all sales in California, buyers are no longer able to "cherry pick" the best listings and write aggressive offers. Mulitple offers are now common, and many properties continue to sell for over list price.
It's also interesting to note that CAR reports Lemon Grove actually saw price appreciation of over 18% year over year in March, and Rancho Santa Margarita posted a 3.1% price gain.
Clearly, some communities are bouncing off the bottom.
If pending sales is an indicator, the answer is "yes".
Pending home sales jumped 3.2% in March on a nationwide basis, providing a dose of hope that low interest rates, discounted prices and an $8,000 tax credit for first-time buyers is incentive enough to pull buyers off the fence and back into the market.
The biggest change in psychology? While distressed inventory still dominates the market, accounting for over half of all sales in California, buyers are no longer able to "cherry pick" the best listings and write aggressive offers. Mulitple offers are now common, and many properties continue to sell for over list price.
It's also interesting to note that CAR reports Lemon Grove actually saw price appreciation of over 18% year over year in March, and Rancho Santa Margarita posted a 3.1% price gain.
Clearly, some communities are bouncing off the bottom.
