I would say it depends on where you are looking to rent. Since you said summer, I am assuming you mean the shore areas. Most of those rentals cost upward of $20,000 for the season going as high as $10,000/wk.

Depending on which shore town, prices have been stable in most, and actually rising (on average) in others. I would take the rent money and put it towards the down payment and purchase something if you find something you like.

Wed Feb 13 2008, 05:36

BEST ANSWER
If you plan to keep the property longer than 5 years -I would say it does not make a difference in the short term when you buy--I would say you know what the market is doing now and it is not a bad time to buy.
If you are interested -where you buy is probably more important if you are worried about it from an investment perspective--I have that area covered-Northern Bergen County ie (Ridgewood) My office is in Ridgewood and I cover the local market.Let me know, price?. Depending, I have some spectacular ideas/options--just let me know if you would like to look into it further...

Have a great day!

Wed Feb 13 2008, 04:30

Overall, I'd say it is a great time to buy as there's a good amount of inventory and many sellers are open to negotiation. Meanwhile, the rental market is strong and the rental rates have not experienced the same kind of price reductions. In some cases you can even find lease purchase situations although they're more rare. Just to give you one example, I have a client's home listed in the north end of Sea Bright just south of Sandy Hook, two doors from the river and a block to the beach... it has newer kitchen and baths, 3 bedrooms and waterviews. It's a great value at $499,000. You can see photos on my website and search the MLS as well. If you have specific questions, don't hesitate to contact me.

Thomas McCormack
Sales Associate
Resources Real Estate | 112 E River Rd | Rumson | NJ | 07760
732-212-0440 x212 | www.ThomasMcCormack.com

Wed Feb 13 2008, 03:24