Yes, the mortgate collapsed recently as you can see http://bankrate.com/brm/graphs/graph_trend.asp?tf=180&ct
and that will make hundreds of thousands first time buyers go out to buy instead of renting when rental hike. That implies many condo/townhouse owners would be able to sell their home and move up to buy bigger home and bigger home will move too.
Besides, there are thousands of condos sold in Manhattan during December time http://www.iht.com/articles/2007/12/19/business/condo.php
, many New Yorker sold their million condo are coming to buy bigger home in New Jersey, especially area with easy access to NYC train such at Edison, Metuchen, Piscataway, South Plainfield, ...etc.
Some towns selling slow like East Brunswick or West Windsors was because their listing agents did not hold open house, and even if they did, they did not get out 1,000 invitation flyers to "prospective buyer communities", instead, just put a sign out.
For example, Judy was not able to sell her Warren House till get Jose 732 979-9100 to distribute out 1,000 invitation flyers to the prospective buyer community, Starpoint Piscataway (sold out), and now her house SOLD! as you can see http://newjersey.craigslist.org/rfs/505291932.html
Soon, she would have another listing of the nice home in Warren, and she would even get US Postcards out to Starpoint Piscataway to invite prospective buyers to open house. In her cards or flyes, she may also include the recent mortgage collapsed info, and you would see the mortgage rate does impact the moving buyers, and of course first time buyers.
So, are you "smart realtors"? or "Lazy ones?" I would not list my home with lazy realtors who did NO useful marketing but trying to "chop the listing price", and to certain extend, these lazy realtors are the key factors who make the real estate price down ... How do you think?