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Lakewood- Is it a bubble?

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The question many are asking will real estate prices come down? or is it no longer affordable to buy? for out of towners its affordable compared to Brooklyn prices but for many Lakewooders its almost beyond reach in a discussion here  potential buyers question weather to hold out or lose out.
"I want to buy a house but the prices are really high! I have a house being offered but I'm terrified that its a bubble and the prices will come crashing down and I'll be stuck with a huge mortgage! What is everyone doing? Holding out and hoping the prices will go down or do you expect them to continue to climb?"

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