Nothing To Fear

Fear, according to Webster's Dictionary means "to be afraid, to expect the worst, to be apprehensive about moving forward". Beginning in September 2008 Fear was the most commonly used word to describe what people felt about the Real Estate Market. Fear, as we learned, is a very powerful emotion and as a result of buyers and sellers alike "expecting the worst" sales here in the city (and around the country) came to a crashing halt.

Well, Real Estate like most other things is life is cyclical and little by little the fear began to dissipate as we observed several things happening. Interest rates began to fall and banks became more open to lending, prices of homes began to level off after dropping for several months and buyers began coming back into the market place not as shoppers or bottom feeders but as real buyers.

A sure sign that the fear is gone is that we are now seeing multiple bids becoming the norm again rather than the exception. Buyers are bidding at and over asking price for the first time in a year. One local broker recently reported that of his company's last 250 transactions 50 of them involved multiple bids.

The fear is gone, our emotions have swung in the other direction and optimism has taken over.....I dont know about you, but that makes me smile.