Friday, August 12, 2005

August slowdown?

We're noting that there are fewer realtors attending our weekly caravan meetings, the weekly office meeting has fewer attendees and there are fewer showings on our listings. There are fewer cars on the main boulevard, fewer people in the grocery store. It appears the end of summer is upon us. It's the last push for vacation before school starts.

Yet, we are still experiencing multiple offers on properties. Well-priced properties are having, say, two or three offers rather than the ten or twelve of several months ago.

Yes, it's true ... it is this author's opinion that our market is slower. Will prices remain the same, increase ... or, maybe even go down? There's really no way to know. We're asked that on a daily basis. One thing is for sure, though, Southern California real estate has appreciated beyond our expectations.

Author's note: the Blog author will also be taking time to enjoy the summer. The author will return on August 21, complete with real estate tales from beyond Southern California.

The Mortgage Bankers Association reports that mortgage applications dropped for the third straight week. As interest rates climb, this is probably a trend we will see over and over again.

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