Unfortunately I don't feel we've "bottomed out" yet. I still see 2008 as a year where prices will still drop, though marginally. Yes, Bergen County has weathered the real estate slump far better than other parts of the country due to our proximity to NYC and minimal available land. However, we still are going to have to be patient. That being said.... homes, whether single or 2 family, do sell if priced right. If you're a buyer, then get a good agent who can monitor the market and let you know when a good deal comes along. If you're a seller, then it's all about price.
If you need more information, you can reach me by email at CarenMaisel@CBMoves.com
Good luck either way!