MULTIPLE OFFERS!? What's Up With That?

Believe it or not folks, multiple offers on existing home sales are back!  Over the course of the last few weeks, a number of banked owned properties (those taken back by the bank in a foreclosure action) have seen significant price reductions.  With the reduction in pricing, we are seeing homes for sale in the $275,000 to $325,000 price range taking 3, 4 even 7 offers within the first few days the home is on the market.  Over the last month the number of pending sales in Brentwood went from the mid 50's in January, to the low 90's at the end of February.  As of today, March 20, the number of pending sales in Brentwood are 163!  Many people are wondering, have we seen the bottom and are we finally seeing a turn in the Brentwood market?  It seems to be the case, but we are not one hundred percent certain.  The credit markets are still unstable and getting financing, especially through State and Federal programs is making it easier for first-time buyers to get into a home.  What I am telling my buyers is, now is the time to get into the market and buy that house.  No one is certain of anything in today's real estate market however, there are buyers out there and they are starting to flood into our market.  I will leave you with one example: I have a young couple who are buying there first home, they have a full approval on their financing, and are being realistic on the type of home they want and a specific price point, so they do not buy more house than they can afford.  We found this lovely four bedroom, two bath home that was in a great neighborhood, was in great condition and was a short sale priced at $299,000.  My clients were the first offer submitted to the listing agent.  However, within a few days that agent had a total of SEVEN offers ranging from the asking price all the way up to the mid $300,000's.  You tell me what you think.  Hearing this, do you think it's the time to buy?