The Somerville & Cambridge Real Estate Market is Picking Up

The real estate market in our area has been a mixed bag over the last year. On the one hand, we had low inventory and properties in some Somerville and Cambridge neighborhoods would sell quickly, sometimes with multiple offers. Other properties, a bit off the beaten track or priced a bit too high, might sit and sit.

Today I heard a very encouraging story that makes me think that the 2009 real estate market is going to be a lot better than we might think.

• The property was listed in the summer of 2008.
• There were NO cobroke showings. Nada. Zip. For months and months.
• Three weeks ago the price was reduced by $15,000.
• Open houses were held three weekends in a row with varying attendance.
• After the third open house - THREE offers were submitted and the property is now under contract.
• But most interesting - in the three day period that the offers were being negotiated there were SIX requests for cobroke showings.

And you have to understand - we're a ways from spring! It's cold, the dingy snowbanks leave little room to park on the city streets, and you would think everybody - buyers and agents alike - would be tempted to stay home.

But we're not staying home! We're bundling up, heading out, and making it happen. It's February 1st in New England and it feels like spring!