From a sellers market to a buyers market and despite what you read in the papers, there is still is a market, but the conditions have changed. Having good credit and at least a 10% deposit are a minimum criteria for a buyer. And sellers are now realizing that their hopes and needs cannot dictate the price a buyer is willing to pay for real estate. A year ago and prior, the sellers were able to get the extra premium based on the common belief that prices would continue to go up. So the seller could simply refuse to negotiate on their listing price and in fact, would often be able to dictate a purchase price above the asking price. Of course, it is exactly the opposite at the present time. People are truly negotiating now, no longer is it a one sided transaction. But if you start with the right price, you will definitely get more showings which is essential in this market in order to capture a buyer. Not only will a wrong price generate less showings & you can't sell it if they don't go to see it, but the fewer showings that they might get will probably end up with a buyer expecting a much lower price anyway.This year everyone has to re-strategize, both buyers and sellers. Everyone continues to speculate but no one really knows what is going to happen or when things will happen. But we do know that if you are selling, you need to price realistically from the start with a strong possibility of further negotiating and it taking longer to sell (plan accordingly for both). And if you are buying, you need to realize that getting financing is not as easy as it used to be. Be prepared in advance, consult with several mortgage brokers to find out what you can comfortably afford each month taking into consideration how much you can put down on a property along with closing costs. Understand that you can negotiate but not all sellers are desperate to sell. But also understand, it's better to be a buyer this year than last year.

2008 Hoboken condo inventory (as of 12/20/08)
514 active listings
83 under contract

2007 Hoboken condo inventory (as of 12/19/07 - see my blog post of last year for details)
372 active listings
160 under contract

information compiled from Hudson County MLS on 12.20.08, information deemed reliable but not guaranteed.