The market is crazy, mortgage companies are closing, jumbo rates are going up, regular rates are going down, banks are closing, but as the newspapers spin one horror story after another, people still need to move. People still get married, receive promotions, get relocated, have children, get divorced, graduate from college, retire, etc.. and this contributes to a demand for housing, especially in the Hudson County area, Hoboken in particular.
At the current time, buyers can finally freely negotiate a transaction. And sellers need to pay attention to realistic pricing when listing their properties. There are definitely some true bargains available in a market that is bound to change in a positive way for the future. And as this market changes, some buyers can't get the right amount of financing or may choose to wait a little longer to make a purchae, or some sellers may decide to "wait and see" what happens before they decide to sell their property & either stay longer or rent their place. This translates to it being a wonderful time to be a landlord, as there are plenty of tenants looking for rentals and not enough apartments to rent. So as times get tougher, its time to get smarter, establish a plan and work towards it.