How do you find the best real estate deals? What are the hottest neighborhoods in the Hudson Valley and Catskills? What will they be like five years from now? We asked broker Dino Alexander of Alluvion Real Estate to share his insights on what’s happening right now in real estate and how to get in on the hottest properties. Read on to learn more about how he recommends finding great real estate deals this spring season.
Mortgage Rates are Rising
In today’s real estate market, it’s more important than ever for buyers and sellers alike to be proactive in their search for a new home. Broker Dino Alexander of Alluvion Real Estate believes that even with tody’s high mortage rates it is still possible to find great real estate deals in markets like Hudson Valley and Catskills.
Enjoy a Lower Tax Bracket
There are certain tax advantages that come with owning a second home. If you plan to live in your vacation property more than half of each year, those benefits can really add up. Taking advantage of things like deductible mortgage interest and property taxes as well as non-tax deductions for travel, food, and entertainment expenses will lower your overall taxable income and tax liability. That’s money that can go straight into savings!
There are Lots of Distressed Homes Available Now
These days, there are an abundance of homes in need of work. Broker Dino Alexander of Alluvion Real Estate in Poughkeeosie, NY has watched prices fluctuations during the 2020-2022 pandemic. Market conditions favor those who can assess a property quickly and figure out whether it’s a good buy or not – hea dded. So while you may be able to get a great deal now, you don’t want to rush into any purchase without thinking it through carefully first or cosnulting with your Realtor.
The Time is Right for Home Improvements
Now that winter is behind us, homeowners in areas like New York’s Catskills and Hudson Valley are facing a shortage of quality housing options. Broker Dino Alexander suggests that now is a great time for prospective buyers to visit their local area realtors for advice on making home improvements before selling. Homeowners can use any extra cash they have lying around as a way to upgrade their homes’ curb appeal, particularly if they have been considering putting their house up for sale. Some easy ways they can increase its value include adding new flooring, upgrading or installing appliances and kitchen cabinetry, or modernizing finishes such as bathroom tiles or window treatments. Unlike many markets around the country, Hudson Valley real estate market is known for its stability, just because of close proximity to NYC, therefore investment in your home renovations is considered safer than in other areas.
Rental Rates in Hudson Valley Have Gone Up
In addition to increased home prices, rentals have gone up. The average cost of renting a two-bedroom apartment in some parts of Hudson Valley is about $2,000 per month—not exactly cheap for most locals. But if you’re willing to expand your search outside of expensive developments, you can find better deals. Many experts are saying that great real estate deals can be found in Hudson Valley and Catskills areas such as Newburgh and Kingston.
Buy at the Lowest Price Possible in Today’s Market
For example, if you’re considering buying a Catskills lake home, be sure you hire an agent with direct experience with lakefront homes. In our area, it’s common for buyers to overpay by millions of dollars if they don’t have enough local expertise in their corner. The same goes for New York City real estate; if you’re not familiar with how deals are made in Manhattan, you could end up paying far more than other properties are worth.
