August is typically a slow month for real estate. People are hot, are ready for vacation, and are anxious about kids starting another year of school. Thus, open houses can be slow. This year the fires are burning, adding poor air quality to the mix.

While new home purchasing is not on everyone’s mind, the serious are out looking. A new prime listing I have on Forrester Drive in Cheviot Hills had approximately 90 buyers (and lookie-loos) attending the first open house and 60 the second. Both very successful. However no offers yet.

It’s important to realize that the market has changed, and even prime listings may sit unsold for a while as the marketplace digests them. By “digest” I mean that buyers have to see it online, think about it and ultimately call their agents to request showings.

Back in our “bubble years” those homes would not have sat on the market for a second. However, in August 2009, most buyers were hot and lazy.

I am hearing rumors that interest rates will drop in the near future, too.  So maybe this will all change after Labor Day!