Real estate market waits for election....

The real estate market which was so brisk for most of 2012 slowed down as people take a wait and see position until after the elections.

Perfectly normal, just as October is historically a busy month, election years always throw the market off.

I predict a brisk November and possibly December as the market conditions remain so favorable for purchase.

Lower inventory.

For instance in Rumson the amount of unsold homes in lower than it has been since 2006 with a 10 month supply of homes. Fair Haven has half of the amount of available homes that it had this time in 2008 with only 4 months supply. Little Silver is also in good shape with 6 months supply.

When a town has 6 months supply or less it can suggest a seller's market with low inventories. However, if a home sits on the market in one of these towns - then clearly it is a price issue.

Mortage Money:

Fixed rate morgage rates declined throughout September, the average commitment rate for 30yr fixed now averaging 3.42% an all time low.

Higher Rents

As people waited on the sidelines for the last four years, rents began to rise and they have now risen more than 4.7%, making it actually 47% cheaper to buy than rent. With the shortage of rental in the peninsula area adding to higher rents, it really makes sense for the first time home buyers and other renters to get into real estate ownership mode.

We have the ingredients for a continued recovery once the election is over and the public go back to business as usual.

For a full list of available or sold homes in your town feel free to contact me.

Carolynn Ozar Diakon

Snr Broker and Founding Partner

RESOURCES Real Esate

carolynn@resourcesrealestate.com