North Jersey (Morristown) 2020 vs 2021

[Prem Schoff]

Hello -

My wife and I are looking to purchase property to hold for 5 years then relocate to another state. In North Jersey area it seems like home are way over-valued. We're looking in Morristown area and bid on one home for it to go $90k over asking. It appears to be a clearly defined sellers market due to pent-up demand over Covid, lack of inventory in general for homes in $450k - $600k range, low interest rates and many people moving out of NYC area into suburbs. 

Our lease is due to renew in 2 months and I've heard that it may be better to wait till 2021 when prices could drop. Just curious what people think in terms of buying now vs waiting a year when trends could favor buyers more. We're looking to hold onto house for 5 years then potentially sell or rent as rental property when we move out of state.

Thanks,

Prem