Home Selling in Mill Valley>Question Details

Audrey Moira…, Real Estate Pro in Tiburon, CA

How is the market in August?

Asked by Audrey Moira Shimkas, Tiburon, CA Fri Aug 30, 2013

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Across the county and across the state, most agents are reporting that momentum is down, but that may not necessarily be a bad thing. Whether the primary cause is seasonal, driven by higher rates, or something other, we all know that markets do not move in a straight line and the level of activity and interest we saw over the Spring was not something any of us expected to continue unabated.

That said, I agree with Audrey's comment below. This is NOT a good time to wait if you are a buyer or seller. Rates remain very good. Yes, 1% or so off of lows, but historically still approximately 4% below 40-year averages. Second, Dodd-Frank is threatening to restrict lending in a serious way come January, 2014. Buyers who are eligible now may not be in 4 months. Sellers should take this into consideration too.

We were very fortunate to have a great August, and I am very optimistic about the Fall as well. But we need to recognize the dynamics at play and the threats present as we head into next year.
0 votes Thank Flag Link Sun Sep 1, 2013
Typically, August is a slower month especially in the areas that have a high concentration of families with school aged kids. However, i always feel that the market is a moving target and with interest rates constantly fluctuating it is hard to speculate when is the best time. If there is a shortage of supply and still a high demand, your home will be sought after. Don't rely on seasonality as your prime reason to sell. There are always buyers that didn't get their home that are still looking after Labor Day.
0 votes Thank Flag Link Sat Aug 31, 2013
My experience in the past especially in certain areas that have a high percentage of families with school aged kids is that August is a slower month than June and July. But not everybody has kids and folks that are not on vacation with or without kids that haven't found that "perfect" home are still out there.
It does pick up right after Labor Day so data wise we do see more homes selling during Sept. and October. Interest rates are still fluctuating and changes are on the horizon. This will always have an impact on buyers qualifying for certain price ranges. If you are selling and buying it is still best to get an offer on your home first before shopping for the replacement property. Go on the conditions you know are present now and not on speculation of what lies ahead because that is not for sure and if you are ready now, it is best to go with your schedule.
wayka bartolacelli
0 votes Thank Flag Link Sat Aug 31, 2013
I've been working in real estate for thirteen years and things never fail to slow down at the start of the school year. Regardless of the location, price point or overall market conditions.

J.R. Thrasher
0 votes Thank Flag Link Fri Aug 30, 2013
The last 3-6 weeks have definitely shown a shift in market activity. We look at it as a combination of factors. The increased interest rates have reduced the price range of buyers needing to obtain a loan, so many of them have held back, hoping that the rates will settle at a lower rate. Also, with schools & colleges starting back up from mid-August to early September, many potential buyers have been concentrating on getting ready for school as well as getting in those last minute vacations. August is traditionally a little slower, but there has defintely been a noticeable shift in the market. We will just have to wait and see what September & October bring from the acitivity level.
0 votes Thank Flag Link Fri Aug 30, 2013
The market has been quiet in August, especially in the luxury price point. Homes under $1mil are still selling well, but we are not seeing the number of multiple offers that we saw earlier in the year. And we're are not seeing the overbidding resulting from those multiple offers. The August market typically slows down as buyers and agents are enjoy the last of summer. However, September, which usually sees an uptick in activity may see a leveling off of prices. We may be experiencing "market fatigue" after the Jan-June market frenzy. Some buyers have left the market because of all the multiple offers, and the economy may be cautious--because of the prospect of intervention in Syria, leveling off of consumer confidence, slightly rising interest rates.
My advice to buyers is "act now" while the market is calm and interest rates are still low. My advice to sellers is "get your property on the market asap and price it to sell."
0 votes Thank Flag Link Fri Aug 30, 2013
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