Buyers who have backed off could see this as an opportunity to jump right back into the fray to find that elusive bargain. Or more of them could abandon the search, afraid that if they buy now and a downturn occurs, they could be left with an overvalued home.
Inventory is the most telling statistic.
The number of resale homes on the market jumped 45 percent, from 2,706 in January to 3,918 in May, according to the San Jose Real Estate Board. The numbers indicate more selective and less frantic buyers. I think buyers are getting fed up with it. Some real estate salespeople say the blips are merely a cyclical, seasonal trend that occurs when school's out, vacations are on and people begin to enjoy the weather. The last two weekends I got six calls vs. 60 the weekends before that,'' said John V. Pinto, a San Jose broker.