As much as we would all like to be able to do it, it is impossible to predict future real estate prices. That said, even in the height of what some folks call the â€œreal estate bubbleâ€ there were plenty of beautiful Ridgewood homes available in the $550,000 price range - so I think you will still be able to find something nice in a few years. Obviously, it makes sense to keep tabs on the market in the interim. I write a Ridgewood Real Estate blog called the Ridgewood Front Porch and I regularly post Ridgewood Real Estate market reports and price charts. See the link associated with this reply.
You can only go on the historical record and trhat is that over the long run Real Estate, like the stock market, has risen but has been the subject to fluctuations like we are experiencing at the moment.
people would love to buy at the bottom of the market but even the experts have no idea when the bottom is reached.
All we know is at the moment prices in this area seem to have stabilised.
If you own at the moment and are able to sell and buy its probably not a bad time to do so. Altohugh your current property is worth less so is the one you are buying so its a trade off.
What most people agree on is the interest rates are probably going to rise over the next few years as we are probably going to see inflation. Interest rates are pretty well as low as they could ever be and if I were in the market to buy I would do so and lock in a 30 yr mortgage at current rates as you may never see them again in your lifetime. Thats not my idea, just borrowing it from others!