Right now Hudson County is at about 2004 levels and declining by about 1% a month. While that trend will probably continue for the next few of months, most experts think prices will begin stabilizing later this year.
With that said, don't try and time the market. The only way you will know we hit bottom is when we are on the way back up and you can see prices increasing.
Look at your personal situation and determine where you stand.
If you are looking to buy, now is a great time, interest is at record low levels and inventory is high putting you in a better bargaining position. Is it worth risking a higher interest rate 6 months down the line to possibly save an additional 3-4%, especially if you just throwing money away on rent. If you plan on living in the home for the next 5 years, historically, you will do well.
If you own a home and looking to sell things are a little more complicated. Prices are declining. If you NEED to sell now, list NOW and price at the market. Like I said prices will probably only fall for the next few months. If you can hold out a year or two you may gain back some equity, but don't expect to be at the recent record high prices for quite some time. If you plan on buying up though keep in mind that if you wait for your home value to increase, the value of the other house you plan on buying will also increase. When possible always trade up in a down market.
You really need to look at your situation and talk to some professionals. Call your Realtor and your accountant and see what works best for you.
I hope that helps.
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Office: 201 795-0100
Fax: 201 795-1245