More Browsers Leads to More Buyers

 As we have all adjusted to this most unusual year, several trends have begun to appear.  First of all, people have more time to search on the internet for just about everything.  I've read that they don't buy clothing, but they do seem to want to buy real estate.  And that isn't limited just to residential property for themselves.  We are seeing more hits to our website, more web leads, and more inquiries from outside sites like LoopNet.

That's good news for sellers.  With so many people looking, there will turn out to be more sales.  In fact, one of the ways that we can tell how motivated they are to buy is that they may put in several requests in a row on different types of property, not just on different listings of the same type.  That suggests investment buyers are seriously searching.  With the stock market so volatile, and interest rates so low, that isn't surprising.  

Connecticut is perfectly situated for those kinds of buyers.  Actually, they come from other states as well as our own.  They are looking for places that should do well in any future phases of this pandemics, or other such events.  We are finally getting good press for the way our State behaves, and it's reflected in our area's appeal to out-of-state real estate buyers.  In addition, our positioning for warehouse and distribution is well known, particularly now that Amazon has gotten so big here.

Remember that there are fewer than four months left of this calendar year, and that it's never too early to start a transaction that needs to close before December 31st for tax reasons.  Whether you are a buyer or a seller, it's best to hustle now, and enjoy the fruits of your labor in appreciating property, now or in the future. 

Residential Homes Statistics 2020 (Through 2nd Quarter)



No Summer Lull This Year

We may have lost the spring real estate season, but we aren't losing the summer!  Our leads on LoopNet are the most plentiful they've ever been, and our agents are busy.  Given the uncertainty of the pandemic's return, this is either the calm after the storm, or the calm before the second storm (or both).  In either case, buyers are out looking.  

Many of them are thinking that properties will be available at rock-bottom rates, but, as with residential, the supply is too thin for that to be so.  Some lookers are New Yorkers, seeking to move businesses, or just invest where they may have a second home. Some buyers are local, and know that certain property types are hard to find.  The investors may be from anywhere, and we've been finding that they look at many offerings at once, often of completely different types.  

Connecticut, after decades of coming out on the losing end of many measuring metrics, such as job growth or personal income growth, is now enjoying its moment in the sun, as the state that is beating back COVID.  Isn't it nice to be good at something?  So keep wearing those masks, people, so that the buyers stay active and well, and the sellers do too.  That way, everyone wins.

Letter to Our Clients

Colleagues and Friends:

As many have said, these are extraordinary times. As you know, Connecticut Governor Ned Lamont has issued an Executive Order asking many businesses and organizations to suspend operations, while we battle the Coronavirus outbreak that has disrupted our health and our lives.

As of now, real estate services are exempt from the order to close due to the fact that for some people, moving may be a necessity even in this stressful environment. Some businesses critically need more space to provide for increased demand in certain industries. There are many in our community right now who are in the middle of a real estate transaction, or who find themselves needing to purchase or sell a property due to changes in their jobs or their families.

While we remain available to those who need us during this time, the Governor's order was put in place for a reason, and we are doing everything we can to respect and honor it. That means that at Pearce Real Estate, our primary concern is for the health, safety, and welfare of everyone in our community that is affected, in whatever way, by the current crisis. So, while we are still able to serve you, we will be strongly recommending doing so virtually. When in-person contact is required, we will be sure to do so safely and appropriately to respect the circumstances.

During this time, we feel one of our primary responsibilities is to listen; whether it's about a specific housing need you may have, or just about how this situation is affecting you and your family. Even if you’re not someone who needs to move right now, you may have questions. Please know that we are here to help you make the best possible decisions for your specific situation and help you safely through the process.

We will continue to communicate information we believe to be important to you as circumstances evolve. In the meantime, don't hesitate to contact us.

Thank you for the trust you have placed in us, and we intend to do everything we can to live up to it.

Together we'll get through this.

Barbara L. Pearce

CEO & Chair
Pearce Real Estate

Urgency at Last

Forget the calendar.  We've been smoking hot for the past few months in the Commercial Division.  Beginning in the fourth quarter of 2017, we finally started to see the uptick we've been waiting for over the past few seasons.  December 2017 saw gross commissions that were ten times that of December 2016.  January kept up that trend, with commissions five times over the January of the previous year.  February is also running way ahead.

Even better, we are seeing immediate activity on the kinds of listings we said would move quickly if we could get listings of that type.  For instance, there has long been a shortage of industrial buildings under 20,000 square feet for sale.  The listing we recently posted in East Haven was shown over and over again in the first week, and went under contract almost at once.

All of this is despite January weather that was much worse than what we saw last year.  It was cold, it snowed and was icy a lot, schools were cancelled, and spirits lagged.  Yet real estate moved briskly.  I guess we can officially forget about the old pattern, where sales follow weather patterns.

Now that the stock market has begun to hiccup, we expect even more demand for other investment vehicles.  We have already seen investors coming from NYC and other places, looking to place cash into something safer, or at least cheaper.  That out-of-state interest has, in turn, caused local developers and investors to take another look, and also to bid higher, on such properties.  Multifamilies are still in great demand, and we think that will spill over into other types of buildings, and into communities outside of downtown New Haven.

If this is our market when it's dark and cold outside, we can't wait for spring!

What Will 2018 Bring?

The latest Federal tax bill is only hours old, but pundits have been debating various proposals and exclusions for months.  People are frantically trying to figure out what it means for real estate, and what to do before the end of the year.  Unlike making a charitable contribution, it isn't quite so easy to implement changes in the next ten days.  However, we can see that some are trying.

It's unusual for us to still be getting offers and selling at this season, when thoughts often turn to shopping and partying.  This year, the phones are ringing more, and more transactions are coming together.  There aren't too many of those buyers and sellers who expect to close instantly, so it's a sign of something else, and we hope that it's a sign that people are moving on with their lives.

They hesitated during the presidential election, they hesitated during the first few months of Trump's term, but they finally seem to be inclined toward action.  Whether that's just life, or it's in reaction to the various proposals is hard to know, but I'd bet on the former.  I think we all know that mortgage rates are heading up, and that, in the end, that makes more difference to buyers than almost anything else in a purchase.

There hasn't been enough time for digestion of all of the parts of the tax bill, so we aren't even sure what 2018 will bring.  However, it is the time of the year for predictions, so here goes:  Connecticut is going to be hurt under the bill, and more people will leave the State in 2018.  Since not all of them will be able to sell their houses, they will reduce prices on big, expensive homes.  At some point, those properties will seem like a bargain to those who have lived elsewhere, or in times past, and they will start to move.  Some of them will be sold as second homes, since those mortgage deductions were preserved in the final bill.  Buying real estate will seem prudent compared to betting that the stock market will keep going up.

Millennials will be a major force.  They may need help, and we may see more sellers taking back money, as used to happen in different cycles of the market.  Big employers may turn to housing allowances, in order to attract employees from out of the area.

On the commercial side, we will see more and more 1031 tax-deferred exchanges, as those were preserved as well.  Investment real estate will be strong in Greater New Haven, where properties seem inexpensive compared to Boston and New York.  The State Legislature may actually listen to the new commission on fiscal health, and make changes that will cause business to expand or relocate here.

And our New Year's resolution here in Connecticut?  We will continue to do our best to sell our beautiful State and region, in little pieces.  Happy New Year to all!

We Need More Taxpayers-Not Higher Taxes

The following article is by Bill Derosa of CBIA, please click here to view CBIA articles online.

According to the latest employ­ment report from the state Department of Labor, Connecticut lost 600 jobs in July, underscoring the urgent need for policymakers to pass a new two- year state budget quickly­ and without tax increases. Prior to the July numbers, Connecticut had built some momentum on the jobs front, adding 5,600 jobs in May and 5,600 in June (revised down from the original June total of 7,ooo).

At press time, the state had regained 82% of the total 119,100 jobs lost during the recession and 101% of 1,680,600 private-sector jobs.

"We're still up 11,600 jobs year over year, which is better than we've seen in recent years," says CBIA economist Pete Gioia.

"It's important not to derail that momentum. The legislature must deliver a fiscally sound state budget that relies on long-term structure spending reforms and rejects broad-based tax increases.

"We believe the decision to hold the line on taxes last year helped create the conditions for this year's job growth, and now is no time to change course."

Although Gioia is encouraged by the recent improvement in job growth, he thinks Connecticut should be doing much better. "To do that, the state needs to work with the private sector to develop a comprehensive plan to fill good-paying, taxpaying jobs needed not only in manufacturing but also in financial services, trucking, and the building trades."

Concerns Over Concessions Deal
Legislators failed to pass a budget agreement before the gavel dropped on the 2017 General Assembly session and have since been locked in a stalemate. When the session ended, several budget proposals were being considered, including Gov. Malloy's plan and two Republican proposals, both calling for over $2 billion in state employee wage and benefit savings.

A major part of the governor's plan is a $1.57 billion concessions deal reached between the administration and the State Employee Bargaining Agent Coalition.

That agreement was narrowly approved in the House on July 24 and the Senate on July 31, where Lt. Gov. Nancy Wyman cast the decisive vote, breaking an 18-18 tie along party lines.

Three moderate Democratic senators threatened to vote down the concessions package but ultimately chose to approve it in return for a pledge by Senate Democratic leadership to support certain structural fiscal reforms-including eliminating state employee overtime wages from pension calculations. Those reforms could make their way into the final budget agreement, but there are no guarantees.

A Long Way to Go
The approval of the concessions package reduces the budget deficit from $5.1 billion to about $3.53 billion over two years. "Connecticut started with a $5.1 billion problem," says CBIA President and CEO Joe Brennan. "Even if the SEBAC deal saves the estimated $1.57 billion, there's still a long way to go."

The deal includes a three-y ear wage freeze (followed by two annual 3.5% wage increases) and three furlough days for most employees, an increase in pension contributions from 2% to 4%,1 increases in medical and prescription payments, changes to the retiree healthcare plan, and a hybrid pension/defined contribution plan for new workers.

However, the package also includes a four-year no­ layoff provision and extends current state employee pension and health benefits contracts another five years to 2027.

That has businesses and other taxpayers worried. Rising state employee retirement costs are one of the main factors driving the overall increase in the state's fixed costs and its persistent budget deficits.

"I've been hearing from a number of our members, large and small, who are concerned the contract extension could lock in unsustainable pension and healthcare costs," says Brennan.

A recent report by The Pew Charitable Trusts, a non­ partisan public policy research group, did in fact warn that the cost of Connecticut's employee retiree health­ care benefits would likely rise again after two years.

The report, provided at the request of state lawmakers, analyzed the concessions deal and recommended additional policy measures, including: Commissioning a 50-state comparative study of retirement benefits and policies to help ensure Connecticut is in line with peer states Requiring stress test analysis of all retirement plans as part of regular reporting to determine how plans would perform during a financial crisis Incentivizing state workers to save more in defined contribution retirement plans.

Tax Hikes Haven't Worked-and Won't Work Now Following the approval of the concessions package, Brennan called for state lawmakers to focus on ending the budget deadlock-and doing so without resorting to tax increases.

"Failure to adopt a new biennial spending plan only adds to the uncertainty that has plagued Connecticut's economy in recent years," he says.

"The legislature must now turn its attention to passing a bipartisan budget that rejects tax hikes, which will further damage our economy and kill the momentum we've seen on jobs this year.

"We need more taxpayers-not higher taxes."

Tax increases, however, are just what some are recommending, including state employee union leaders, who want $1 billion in tax hikes targeting the state's financial sector and investment earnings.

A proposal from House Democrats increases the state sales tax from 6.35% to 6.85% and adds surcharges to restaurant and hotel transactions, all of which would bring in approximately $1 billion in revenue over two years.

As consumers themselves, businesses historically have accounted for nearly half of Connecticut's sales tax receipts, so the proposed increase would place a sig­nificant additional burden on the state's job creators.

"History has proven that additional tax increases will only cause more harm to Connecticut," says Brennan. "That approach doesn't work; it only makes things worse."

He notes that after two huge tax increases in the last six years, Connecticut is still in serious trouble.

"What did we get? Declining tax revenues, growing deficits, wealthy and educated people leaving the state, and an economy that still lags much of the region and the country."

Seize the Opportunity
"If Connecticut is going to reach its full economic potential, we urgently need a budget without any broad-based tax increases," says Brennan. He urges legislators to consider recommendations in the Republican budget plans and the Pew report to find additional structural reforms and other ways to rein in state employee costs.

"Lawmakers must seize the opportunity to send a message that Connecticut is going to do business differently and instill more confidence in individuals and businesses."

Southwestern CT housing prices strain owners and renters (From CT Mirror)

The following article is from the CT Mirror and was written by Schae Beaudoin, please click here to visit CT Mirror online

Almost half of Americans pay too much for their rent, and in southwestern Connecticut those numbers are even higher, says a national study.

Harvard University’s annual State of the Nation’s Housing report says 18 million renters across the nation are burdened by their housing prices. Homeowners and renters are considered “burdened” if they spend more than 30 percent of their income on rent.

In Fairfield and New Haven counties, about 55 percent of renters are considered burdened. Both counties are in the top ten in the nation for percentage of burdened renters. The national average is about 48 percent.

Additionally, over 11 million renters in the U.S. were considered “severely burdened” in 2015 because they paid at least half of their income for housing. The number of homeowners considered severely burdened was at its lowest since 2004, but there still were more than 7.5 million Americans in that category.

In their proportion of burdened homeowners, Fairfield County is behind only the New York City and Los Angeles metro areas. The Hartford metro area, which includes Hartford, Middlesex and Tolland counties; the New Haven metro area; and the Worcester, Mass., metro area, which includes Windham county, also are above the national average for burdened homeowners, which is 24 percent. About one out of every three homeowners in Fairfield and New Haven counties are burdened, according to the report.

Burdened renters and homeowners

Percentage of burdened renters and homeowners in CT, surrounding metro areas and the national average

Area	Percent of burdened renters	Percent of burdened homeowners
Fairfield County metro	55%	35%
New Haven metro	55%	31%
Hartford metro	47%	27%
Worcester metro	46%	27%
New York metro	53%	36%
Boston metro	49%	28%
National average	48%	24%

HARVARD JOINT CENTER FOR HOUSING STUDIES, STATE OF THE NATION’S HOUSING 2017

Rents in Fairfield County are among the highest in the nation, with median rents higher than those in the New York and Boston metro areas.

Pete Gioia, economist at the Connecticut Business and Industry Association, said Fairfield County’s high prices aren’t new, and Connecticut is relatively affordable compared to the larger surrounding cities. In Boston and New York City, housing prices are growing faster than they are in Connecticut. Affordability problems arise when houses in buyers’ desired price range aren’t available.

“Is the housing stock that’s available comparable to what purchasers are looking for? That’s where you get into some affordability issues,” Gioia said. “This is not just true of Connecticut. This is true of other areas. There’s a lot of buyers out there for reasonably priced housing. There’s fewer buyers out there for very high-end, expensive and large properties.”

While median income for renters in New York, Boston and Fairfield County are similar, the median rent in Fairfield County is about $100 higher per month than in Boston and New York, suggesting higher rents, not lower incomes, are behind the burdens on renters in Connecticut.

Fairfield and New Haven counties have some of the lowest percentages of 18- to 24-year-olds heading households. About 10 percent of 18- 24-year-olds are independent heads of households in those counties. The national average is closer to 20 percent.

Gioia said affordability probably keeps some younger millennials from moving out on their own in Connecticut, and many who do leave for other places. Gioia said students who leave the state for college are more likely to stay out of state. Larger metro areas also appeal more to younger people, he said.

“If you’re an unmarried 23-year-old, you want to be where the action is, and there’s a heck of a lot more action in New York City or downtown Boston than there is in Connecticut,” Gioia said, adding many young people come back to Connecticut later in life when they begin families.

However, Gioia said there is economic opportunity here. “If you’ve got the skills, you can make a pretty darn good income in Connecticut, even if you’re fairly young,” Gioia said.

The report found that nationally, higher rents may become a norm. The number of rental units costing less than $800 per month has decreased between 2005 and 2015. In the same decade, units with monthly rents over $2,000 increased by 1.5 million.

Think Ahead

I've been posting recently about the lack of listings in many parts of Connecticut, and about our need for certain types of property in particular.  What we haven't stressed is the lead time for many sales to consummate, given environmental and zoning concerns, plus financing contingencies and the usual delays and detours.  Given the demographics of our state, and some of its fiscal issues, we know that there are lots of people out there that may have property they hope to sell in the coming years.  Many of those putative sellers should be talking to us now.  We have investors who are flexible about occupancy and who might be likely to prefer a seller who wants to continue to use the property for a period of time.  We have buyers with longer lead times that would be interested in knowing what would be available at a point in the foreseeable future.  We have tenants in leases that are not yet up, but who are looking to move at the end of their terms.

All of this is to say that there is no time like the present to think about the future!  Call us today to see what your property is worth, and to strategize about the best time to market it for best results.  The answers could surprise you.

Follow the Out-of-Town Investors

If you drive around New Haven these days, you will see building after building that is being renovated, remediated, or repurposed.  Many of them have been bought by investors that can no longer afford the prices commanded by properties in New York City or Boston.  Once someone makes his or her first purchase, there is a good chance that he/she will continue to buy other offerings, especially given the prices on some of the older industrial buildings.  In addition to the lower acquisition costs, it's also cheaper to renovate here than in a bigger city. 

Some of these purchases are being driven by the desire to diversify investments, while some are opportunistic, and others are for specific purposes. The rash of new rental options will inevitably lead to other retail and commercial needs in those neighborhoods.  There will be money made, as early adopters get ahead of the curve. Organizations and companies that are renting should consider now the possibility of buying, before prices rise further, even though current rental rates may seem like (and often are) a bargain.

What does this mean for those of us who live here?  Will we continue to watch as others grab what's on the market?  Or will we make the classic mistake of sitting on the sidelines until it becomes so clear that outsiders are making money, that we buy at the end of the cycle, or buy something that is more problematic or risky?  Only time will tell, but it's our job to point this trend out, and the job of readers to think about their own portfolios.

Change in town grand list values over time

Many towns experienced an increase in their grand list between 2013 and 2014 but the vast majority are still below where they were in 2008, according to an analysis of recently released data from the Office of Policy and Management.

Only 15 towns, including Stamford and Bridgeport, have rebounded from the Great Recession and seen an increase in the aggregate valuation of taxable properties.

Click here for interactive map.

The most recent grand list data for municipalities is from 2014, but more recent data from a different study, which looks only at home values, shows that a downward trend in that category might be continuing statewide.

Home values in all other states increased between 1 and 10 percent from 2015 to 2016, but Connecticut’s decreased by half a percent, according to a recently released report from CoreLogic.

Connecticut was the only state in the country to show a valuation decline from 2015 to 2016.  Connecticut also was one of five states in the study furthest from peak home values – 20.1 percent below.

Article from Trend CT

Supply and Demand

Nationally, the residential real estate market is out of whack in the supply and demand, with many fewer listings than buyers, and that's the main thing holding down sales in some markets.  That is usually not the issue in commercial real estate, since there are so many different types of properties, and they aren't often fungible.  There is a problem, however, in that we see many buyers and tenants who cannot find the kind of properties that they are seeking; that is a different variant of supply and demand.


We seem to see more of that issue now.  Why would that be?  First of all, it's much easier for buyers to see what's on the market by searching on-line themselves.  So, when they get to us, they have seen what's there, and they are looking for what's not there.  Secondly, it seems as though there are more Section 1031 tax-free exchanges, where buyers may be more constrained in what they need to buy, and in more of a hurry.  Thirdly, the lingering effects of a bad market have caused many sellers not to list.


What are the lessons here for buyers and tenants, sellers and owners?  If you are a buyer/tenant, it's more important than ever to make sure that you have a real estate agent who knows the local market, since you may be looking for that proverbial needle in a haystack.  We are doing more and more searches for what isn't available, and you can find those things, but you have to know where to look.  For sellers/lessors, the lesson is simpler:  List now.

We're All Busy!

We are smack dab in the middle of our slow season, but it isn't slow!  Although there have been some epic lows in the temperature department, and some messy storms, it isn't shaping up to be the winter that the last ones were. People are looking at real estate, and they are looking both on line and in person.

Weather may be part of it, but I also have thought for some time that we just aren't as seasonally tied as we used to be.  Maybe it's because Connecticut is old on average, and doesn't care as much about the school calendar.  Maybe it's because taxes drive real estate purchases as much as anything does, and that means end of year for lots of people.  Maybe there just isn't any reason at all. Whatever the answer, we can't tell what kind of winter we'll have until we're in the thick of it. 

It's also true that it may not matter that much, because we say that the market is "late" or "early", if the listings and sales don't mostly come in the spring.  That's really just another way of saying that the market for real estate is not as predictable as it used to be.  What that means for us now?  We have buyers and tenants out there, so sellers should decide that spring has sprung, no matter the temperature, and list as soon as possible!

What a December!

Our December results gave us real hope for the coming year in commercial real estate in Connecticut.  The first six months of the year, probably in no small part due to the epic winter that we had, were slow, and well behind other years.  As the summer went on, we began to catch up.  In November and December, the closings just kept coming!  It wasn't quite like the end of 1986, where the new tax act coming in 1987 caused all kinds of transactions to close in the waning days of the year before, but there was a sense of renewed activity, and a feeling that investing in real estate in Connecticut was once again a good idea.  We saw some of the same results in residential, especially in the multifamily market, and we certainly hope to see more and more sales and leases in 2016!

Sometimes You Need a Real Estate Consultant

One of the mysteries about real estate brokerage to non-professionals is the way our business gets done.  Since we work mostly on commission, there seems to be no way around taking advantage of our services without paying us, in certain situations.  Don't worry, though--you can use us another way.  We can be hired, by the hour, to evaluate and price proposals for renewals and expansions, non-arms'-length transactions, and other deals out of the ordinary. Tenants who have options to extend or expand sometimes are inclined to do so, but would like to know what the current market conditions are for their type of space.  That's a perfect job for a real estate consultant, and it's much more upfront than calling us in, pretending to be moving, looking at several other spaces, and then disappearing.  We're OK with helping you to stay where you are, as long as we get paid for the expertise we provide, which, by the way, is usually worth quite a lot after concessions and work letters are factored into the equation.  So think about that, and call us with your questions.

Market Volatility

When the stock market is at its most volatile, people become concerned--sometimes obsessed--with the value of their portfolios.  Some check the numbers every day, and talk about changing allocations.  Yet shouldn't those same people look at the value of their real estate holdings?  While they don't jump up and down in price in the same way, sometimes we don't check the values until we are thinking about selling.  Assessing real estate value should be a part of any portfolio analysis.


When financial instruments change in value, the percentage of your holdings in real estate can change at the same time, either up or down.  Many people think about buying more real estate when they feel less confident in the markets for other types of investments, but sometimes just the passage of time will move the needle on those percentages.  Could it be time for you to call your agent, and see what your properties are worth today?

Current Absorption Rates

Explanation of absorption rate: The rate at which available homes are sold in a specific real estate market during a given time period. If you look at the number for Middletown you can say “If market conditions do not change and if no new listings come on the market it will take 7.4 months for the current inventory to sell at the current pace of the market. A balanced market’s absorption rate is typically between 5 – 7 months.”

Current Absorption Rates

Explanation of absorption rate: The rate at which available homes are sold in a specific real estate market during a given time period.  If you look at the number for Wallingford you can say “If market conditions do not change and if no new listings come on the market it will take 4.7 months for the current inventory to sell at the current pace of the market.  A balanced market’s absorption rate is typically between 5 – 7 months.”

Current Absorption Rates

Explanation of absorption rate: The rate at which available homes are sold in a specific real estate market during a given time period.  If you look at the number for Wallingford you can say “If market conditions do not change and if no new listings come on the market it will take 7.2 months for the current inventory to sell at the current pace of the market.  A balanced market’s absorption rate is typically between 5 – 7 months.”

Click on table to zoom in

Connecticut Shifting into High Gear?

A new report from the Connecticut Center for Economic Analysis is predicting an 8.1% increase in CT's economy this year.  That is so high that experts are backing away from endorsing the exact number, but even a growth rate of quite a bit lower would outstrip the national rate of about 3%.  It's about time!  We've been lagging behind the rest of the country--event the December housing figures show us with a decline in 2014 home sales vs. the year before, against the grain of almost every other state--and we were (almost) bound to catch up sometime.

The only big fly in the ointment is the State government's position on business issues.  That encompasses our tendency to borrow against the future, and to underfund pension obligations, both of which make our economy more precarious.  However, the Governor's latest budget proposal shows encouraging signs of trying to correct these problems, and we in the private sector are certainly rooting for both the executive and legislative branches concentrating on improving our rankings as a place to do business. 

Leaving that potential worry aside, it does seem that early indications show pent-up demand on the residential side, frequently a precursor to commercial growth.  Also, we know that there is pent-up demand on the commercial side--it's just being held in check by caution and uncertainty.  This latest prediction should give a big boost to those who've been waiting on the sidelines to act.  This is your year!