September and October a more robust market

Once the long Labor Day weekend is over, Silicon Valley residents who want to buy homes will start hitting the open-house circuit in earnest, real estate agents say, eager to make purchases before the holiday season begins.

"August is always the dog days of the stock market, but also the real estate market to a certain extent," said Fred Hibbert.

"September and October are really the more robust market for folks who want to get something done by the end of the year."

That's the conventional wisdom about autumn. But with local foreclosures at record highs, and mortgage availability continually changing, it's hardly been a conventional year for home buyers and sellers. What will happen this fall is still anyone's guess.

It's clear that with prices declining in many parts of the Country, sales generally accelerated this summer, especially among less expensive homes.

James Nichols, a manager with a California realty firm in San Jose, thinks that momentum will continue. Many bank-owned foreclosures are selling quickly, and he's seen a small flurry of lower-priced condos sell lately.

"Some are under $250,000. There are great opportunities out there," he said.

Nichols said he thinks transactions will increase in September compared with August - if nothing drastic happens to upset buyers' ability to obtain mortgages.

"Is the financial sector going to be able to feed the demands of the home buyers, moving forward? That's really the big unknown right now," he said.