More and more we read about the real estate bubble. It seems our newspapers cannot get enough of it. I suppose it generates revenue for them. The San Francisco Chronicle is one of these, as witnessed by yet another article along the same lines this past weekend. But somehow they are not living in the same world as I am. Consider this:

Listings in Santa Clara County currently number around 2800. It is true; this is approximately twice as many listings as this time last year. But in April of 1990 (when the real estate market did, in fact, drop) there were 14,000 homes for sale in Santa Clara County! Sellers were frantic. Now that was a real estate bubble!

It is true that only about 40-50% of listed homes in the Palo Alto/Mountain View area are currently receiving multiple offers, whereas almost all were this time last year. And homes are less likely to receive 10 or 15 offers... it is now more likely that a home will get just three or four. But even one extra offer will frequently drive the price up over the asking price, and it almost certainly will come in with better terms than if there is only 1 offer.

Also, open houses are still extremely busy. DESPITE the incessant rain, it is not unusual to get 50-100 buyers through an open house.

From our weekly meetings it is apparent that many homeowners are waiting until the weather improves before putting their property on the open market. For frustrated buyers, there are listings in the grapevine, so don't give up!

Clearly there have been some changes. The market has slowed some and we seem to be moving towards a more balanced market than we have had for the past two years. However, from my vantage point, the real estate market remains a robust one, not one that is in its death throes. Don't believe everything you read! Check with the pros, those in the trenches, to get the real story as to what is going on!