Have We Hit Bottom?

This is the question that everyone is asking. According to the National Association of Realtors, the residential real estate home sales were up 11% in July, more than had been anticipated.

I have been in touch with realtors from other markets and I think the recovery is starting in markets where the bottom fell out long ago. We have felt the recession later than most real estate markets. However, I think it is reasonable to assume, give the recent activity, that prices are finally stabilizing after a very sudden free fall since last September.

I believe that the next six months may be the best time to buy in Hoboken for quite awhile, though I don't anticipate a sudden rise in prices either.