Real estate has had a really good run during the past few years. In fact, nearly all major markets are now at or over their pre-crisis peaks. Despite confidence in the stability of real estate as an asset class — it took the worst that the universe had to throw at it during the recession and came back stronger than ever — investors are beginning to get jittery. They remember what happened the last time that prices hit these levels — and it did not end well. The rumblings of voices saying that it is time to step back and assess the situation are getting louder. Investors need to invest — that is the definition of being an investor — but they do not need to invest at any given moment or in any given market. And some are thinking that this might be the moment to not be investing. It does not need to be said that investors do not like uncertainty, but the only thing certain about the current economic, political and investment climate is that nothing is certain. Some indi