The weekly real estate market
Our daily calendars show just how much we do as real estate agents—we meet with clients, talk on the phone, return texts and emails, and take care of countless details. But taking a step back shows us that real estate runs more on a weekly cycle than on a day-to-day basis. If you’re thinking about buying or selling, read on to understand how the gears in the real estate cycle work. If you understand the housing market’s schedule, you’ll be ready to master that market and achieve your goals.
The real estate week truly starts on Wednesday.
We begin every Wednesday meeting with our Compass colleagues at our office in Cambridge. After gathering and sharing market intel, we tour our office’s new listings to get a head start on what’s out there.
Wednesday is the day when 98% of the week’s listings are entered into the Multiple Listing Service (our database of all MA properties). After the tour with our Cambridge crew, Liz and I make it a point to hop onto MLS to view new listings entered by agents outside of our office. It’s a lot like window shopping, and it’s a great way to start the week. We may contact buyers about some properties coming on the market that they might like to see. Our listings start getting showing requests, so we’ll be in touch with those clients, too, to make arrangements.
Thursday is our time to preview the open houses.
Every Thursday we have the opportunity to preview, in person, new homes in the area that will be having public open houses over the weekend. We take the information we learn at these previews and use it to advise our clients; Collections is the perfect platform to match up great listings with buyers. For example, is that condo in Somerville as spacious as it looks in the photos? Does the yard in that Cambridge home offer the perfect layout for a family? With our knowledge of the market, we can either encourage a buyer to look at a place, or help them avoid a property that doesn’t suit their wants or needs.
Friday is a seller’s last chance to get their home on the market this week.
If it’s not listed by Friday, it’s not going to be seen this week. We may help sellers get those final details in order so we can list the home, but we typically communicate more often with buyer clients on Fridays to help them plan their weekend open house visits.
The weekend is an open house smorgasbord.
While most open houses happen on Sundays, you’ll find lots on Saturdays, as well. If you’re looking in Cambridge and Somerville, we advise you to walk, take the T, or go on Sundays when permit parking is not in effect. We might be holding our own open houses for a listing, or we may be accompanying buyers to one or more open houses. We love seeing the buzz one of our listings has generated, and sharing a buyer’s excitement when they see a great home.
Monday and Tuesday are made for offers.
Especially in Cambridge and Somerville, any given home will have a high amount of interest and more than one or two (or sometimes more than 15) offers. Some listings will ask for offers to be in by Monday, and others will choose Tuesday. Whichever one it is, you’ll be sure to see us working on building one or more attractive-yet-realistic offers on Monday and Tuesday. If one of our listings had open houses over the weekend, we’re communicating with the sellers and evaluating any offers that come in.
Now that you have a sense of the flow of the real estate market, you’re ready to make the most of your house hunt or home sale. If you have any questions or you’re ready to get started, we’d love to hear from you. We’re here to help.
You’ve seen what a week looks like for us in Somerville, Cambridge, and beyond. Are you curious what a given day might look like for Liz and Ellie? Click here to read our "day in the life of a real estate agent" blog.