Perhaps at least part of what may have been driving the hot California housing market is seller optimism. The results of the California Association of Realtors'® (C.A.R.) 2013 California Home Sellers Survey shows sellers as much more upbeat about repurchasing a home than they have been in a while, thanks to the surge in home prices, record-low interest rates, and their own improving personal financial situations.
C.A.R. said that 69 percent of home sellers responding to its survey purchased another home after selling, up from 47 percent in 2012 and 12 percent in 2011. This may reflect their reasons for selling which has shifted in only a year from the majority saying it was primarily because of financial difficulties in 2012 to the top reason in 2013 being a desire to trade up. Other answers given in the recent survey were a desire to take advantage of low interest rates or to cash out at what might be at least a temporary peak in home prices.
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