Perhaps the most frequently asked question is “Is this the time to sell?” The media are not particularly helpful. The press is full of comments on the real estate bubble — is it real or not? The confused situation in the United States is unhelpful because of the peculiar problems that huge market is experiencing.

It may be a hint when one observes the Canadian smart money is flocking to the U.S. to buy up distressed real estate at fire sale prices. I observed this during a visit to Las Vegas earlier this year where three bedroom homes could be purchased for between $50,000 and $100,000. There is no question that in the U.S. buying opportunities abound.

But what of Canada? It is clear prices are firming up, although there is no sign of a developing “bubble” in local markets. It is also clear the economy is finally entering a recovery and growth phase. This will likely lead to rising interest rates, although economic managers will be keen not to choke off recovery.

As a result I have to conclude that now is the time to sell. From a selfish point of view it is also a time when I need listings. My always lengthy list of offerings have shortened considerably as my existing listings have found their way into the “sold” list.

Of course it is quite true the value of Canadian real estate is bound to increase over time. Just think back to all the homes you have owned during your life. Is there one you wouldn’t want to own today at the price you paid for it way back when. Our first home was a townhouse we bought for $42,000. Today you can buy that property if you had $157,000.

There is nothing in today’s market, or the economy, which suggests this gradual upward trend will not continue for some time to come.

Washington – Contracts for pending sales of previously owned homes unexpectedly rose in February, a survey from the National Association of Realtors showed, a rise the group said may be attributed to home buyers taking advantage of a soon-to-expire tax credit.

The Realtors said its Pending Home Sales Index, based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January.

Analysts polled by Reuters had forecast pending home sales, which lead existing home sales by one to two months, would remain essentially unchanged in February.

“Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit,” said Lawrence Yun, NAR chief economist.

First-time home buyers who sign a contract before the end of April, and close the transaction before the end of June, are eligible to receive $8,000 from the government. Buyers who are selling a home and buying a new home are eligible for $6,500.

To paraphrase Churchill this might not be the beginning of the end of the U.S. housing slump, but it may be the end of the beginning.