I haven't done the open house story in a while, but I couldn't help but notice the slew of ads in yesterday's paper touting "New Listing!" and "New Price!" August is pretty much the dead season in real estate and the weekend after Labor Day traditionally signals the start of the Fall market.
"Traffic was about 50 percent higher than mid-summer — July 1 to August 15," says Long and Foster Realtor Steve Agostino, who sells in upper North West DC and the Maryland 'burbs.
A few things about Fall: Prices are generally lower because you're not seeing the family move-up buyers, as parents don't want to uproot their kids mid-year. It's a short spurt from September to Thanksgiving. Nothing sells in December, as all funds are focused on the holidays. First time buyers rule the Fall, and we all know much of that demand was pulled forward last Spring from the tax credit.
So how was the weekend? "It's a waiting game." That's what one Northern Virginia seller says. He and his wife have already lowered their asking price once. If it doesn't sell soon, they'll pull it off the market. Their agent says about 80 percent of her clients have had to lower the price at least once.