Real estate moves in cycles and at this turn in the cycle it's a great time to turn into a buyer.
If you have been considering purchasing a home & have been waiting to see what is going to happen, now is the time to make a decision and take advantage of this changed market. As we all know, the Dow Jones has hit an all time high & we are right across the river from the busiest financial district in the world. And being so close to NYC is an advantage in the eventual rebound of the real estate market. There is a wider selection of current & future inventory, prices are more reasonable, sellers are more motivated, interest rates are still good and the market will rebound, so before that happens, consider making a purchase in the next few months (before the Spring market hits which is typically a busy time in real estate). The positive aspects of home ownership still leads into long term benefits for buyers who plan on staying for awhile. Another change in the market is that more people are purchasing now to actually live in their home vs. investors who used to buy for the purpose of flipping a property for profit. Those type of buyers are quickly decreasing given the current market conditions which is beneficial in adding to the stability of the market.
Although the market has changed, people still have a need for housing, people are still getting job promotions & bonuses, couples are still getting married, people are having families, students are graduating from college and people still get re-located.

And when the market changes like this, the demand for rentals increases and so do the rents....