Saturday, August 20, 2011
For real estate, these are the "dog days"
The official definition of "dog days" on Wikipedia is really interesting; here's a quote: "A casual survey will usually find that many people believe the phrase is in reference to the conspicuous laziness of domesticated dogs (who are in danger of overheating with too much exercise) during the hottest days of the summer. When speaking of "Dog Days" there seems to be a connotation of lying or "dogging" around, or being "dog tired" on these hot and humid days. A similar myth asserts that the time is so-named because rabid dogs are supposed to be the most common then. Although these meanings have nothing to do with the original source of the phrase, they may have been attached to the phrase in recent years due to common usage or misunderstanding of the origin of the phrase."
Why does the real estate market slow down? People are getting in their last-minute vacations, getting kids ready for school, no longer feeling the imperative to close before the end of the summer, etc, etc. Of course, bad economic news has an impact as well, but trust me, it's always slow at this time of year.
If you're a buyer, and are disappointed by how few homes there are for sale in Burbank, Studio City, Toluca Lake, Valley Village, etc., please know that you're not alone. Inventory usually picks up about the second week in September. And of course this is the time for price reductions on homes that have been on the market for awhile. Remember, you're only looking for one house.