Are we entering the slow season?

Today we are exactly 9 days and into August and every year around this time, I hear some version of the same question from buyers and sellers:

             "Once public school goes back in session, doesn't the real estate market usually slow down?"
         There's some truth to that. The beginning of the school year has traditionally been one of the markers that we're approaching the end of the busy summer real estate season. Families settle into new routines, many summer moves have already taken place, and as we move closer to fall, some buyers and sellers begin putting their plans off until the following year.
        But here's what's interesting about this August: We haven't really seen that slowdown yet. We're certainly past the frenzy of the spring market, but homes are still going under contract, buyers are still scheduling showings, and people who need to make a move are still actively looking, and there's something I've learned to appreciate about the August market: The buyers who are still actively looking usually mean business.
        Think about the typical spring buyer. March, April and May bring a huge wave of activity. Some buyers absolutely need to move, but others are testing the waters. They're attending open houses, watching listings online, figuring out neighborhoods and trying to decide whether this is finally the year they make a move. By August, a lot of that window-shopping has worked its way out of the market. The buyers who remain often have a reason they're still looking. Maybe they're relocating for work. Maybe their lease is ending. Maybe they sold another property. Maybe their family situation has changed. Or maybe they've spent the past few months searching and simply haven't found the right home yet. Whatever the reason, I've found that fewer casual shoppers doesn't necessarily mean fewer opportunities. I'd rather have three serious buyers walk through a home than ten people who are six months away from making a decision.
    There's another interesting dynamic happening in August as well. Buyers generally have more choices than they did during the height of the spring market. That means they're comparing homes more carefully, paying closer attention to price and condition, and they're increasingly willing to negotiate. For sellers, that's an important distinction. An August buyer may be serious, but serious doesn't mean desperate. If there are five comparable homes available, buyers are going to notice which one is priced appropriately, which one shows the best, and which seller appears willing to work toward a deal. For buyers, August can create some interesting opportunities of its own. Homes that have been sitting through part of the summer may have sellers who are more open to conversations about price, closing costs, repairs or other terms than they might have been earlier in the season.

So When Does the Market Really Slow Down?That's where the school year question comes back into play. Historically, the transition from summer into fall does tend to bring a seasonal slowdown. Once school is underway, summer moves are complete, the days get shorter, and we start looking toward the holidays, some people without an immediate reason to move decide they'll simply wait until next year. That shift doesn't happen overnight just because the first school bell rings and at least from what I'm seeing so far this August, we aren't there yet. That's why I wouldn't write off the remainder of summer. We're past the peak spring selling season, but there's still an important window between the summer rush and the more traditional fall slowdown. And sometimes the biggest difference isn't how many buyers are in the market. It's how serious the remaining buyers are.
     If you're considering selling this year, don't assume you've already missed your opportunity simply because spring has passed or school is starting back. And if you're buying, this can be an interesting time to look at homes with a little less competition and potentially more room to negotiate.
August may not bring the biggest crowd of the year, but the people still in the crowd may be exactly the ones worth paying attention to.