NJ Market Inflated Prices - Invest now or wait it out?

[Lisa Alexander]

Hi - I am a newbie investor looking for my first property.  Currently live in North Jersey and my husband and I would like to house hack for a year or so before fully renting it out.  Since June or so, the prices here have shot up - from what i can tell most I look at are around $100k + over the value they were the beginning of this year.  

 Right now I am thinking we wait this out, but wondering what those familiar with this market are thinking about the prices and how that impacts investment opportunities?  Do you think house hacking is possible in this market?  Do you think the current values are sustainable or will they go back down in a few months or so? 

Obviously no one knows for sure, but would love to hear some thoughts around this.  I'm currently taking the approach of continuing to keep an eye on the market and analyzing investment opportunities, but thinking next year is going to be more likely for an investment timing wise.

Thanks!