That's the million dollar question. Unfortunately we cannot peg a bottom of a market. I am seeing buyers get incredible deals right now. Once the supply of homes starts to be eaten up, the leverage a buyer has will start to diminish. Real estate is a long term investment and if you purchase now you have to be prepared to own the home for 5+ years to see a good return on your investment. The days of making a huge profit after 1 year of ownership is over. With prices being down AND interest rates being down, it is a win win situation for a buyer.
I am very familiar with the Bayonne market. If you have any questions about purchasing there, please let me know. I'll be happy to assist.
All the best in your home search,
Walter J. Burns
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230