There are many factors to be considered when deciding when to buy. Having not spoken to you to understand your personal position, family needs, or expectations it will be difficult to coach you.
However, in general If you plan to buy and sell in a year or two then you may want to consider renting, unless your accountant has advised a purchase as a tax shelter based on your earnings. In the short term the pressure on pricing will be to remain flat at best if not downward.
If you are looking to buy a home and stay for 4-5 years or more then now is one of the best times in recent history with ample supply to choose from, flexible sellers, and above all the best interest rates in 40+ years... now becomes a great time to buy.
My office is in Hoboken and I live in the arts distric in downtown JC. If you have more questions or care to review your options in more detail let me know.
Re/Max Gold Coast Realty