Dave Hovsepian

I'm a:	Real Estate Professional
Location:	Mahopac

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Dave Hovsepi…'s Answers (6)

How long do I have to re-invest my money from the sale of my home?

Asked Wed Oct 29 2008, 15:15 by Kay - Mahopac - Home Buying - 4 answers

Dave Hovsepian answered:

Kay,

You're thinking of the old rule... back in the 90's (I think), the IRS changed the rule. Now, a single person has a $250,000 capital gains tax exemption (married couple would be $500K) as long as you've lived in the house as your primary residence for 2 out of the previous 3 years.

Hope this helps.

Dave Hovsepian
Houlihan Lawrence Mahopac
845.628.3401 ext 303 - Thu Oct 30 2008, 11:28

What percentage of the asking price are sellers generally getting for their property in this market in NY?

Asked Sat Sep 6 2008, 23:41 by Chris - Putnam County - Home Buying - 4 answers

Dave Hovsepian answered:

Chris,

As all of the agents have said, if a house is priced correctly based on current sales and not sales from 6-12 months ago, it will sell at or close to asking price. If a house is overpriced, however, you can expect it to sell at a 5-10% discount (if it all since most overpriced houses must likely won't even get showings or will get showings from buyers expecting a better house so it won't generate any offers).

So as a buyer, you want your real estate agent to compare the house you're looking to purchase with comparable recent sales to give you an idea of the market. And in a declining market, you should be able to get a comparable house for slightly less than the last sale (all things being equal).

If I can be of any help, contact me at 845.628.3401 ext 303.

Dave Hovsepian
Houlihan Lawrence Mahopac - Mon Sep 8 2008, 08:10

I would like to buy a property near/on Lake Peekskill, NY and would like to know if it is a public lake, or

Asked Tue Aug 19 2008, 08:52 by Sharon - Lake Peekskill - General Area - 2 answers

Dave Hovsepian answered:

Most if not all of the lakes in Putnam County are private meaning you have to have deeded lake rights to gain access. Also, most of the lakes don't allow motor boats except for Lake Mahopac and Kirk Lake in Mahopac and Lake Oscawana in Putnam Valley. Others just allow row boats or sail boats. If I can be of any service to you, let me know.

Dave Hovsepian
dhovsepian@houlihanlawrence.com
845.628.3401 ext 303 - Tue Aug 19 2008, 09:38

Any agent out there willing to show foreclosures in Mahopac, NY?

Asked Tue Apr 15 2008, 08:50 by Laura - Mahopac - Home Buying - 4 answers

Dave Hovsepian answered:

Laura,

I can show you any property that's listed on the MLS. Give me a call at 845.628.3401 ext 303.

Dave Hovsepian
Houlihan Lawrence Mahopac - Tue Apr 15 2008, 09:11

Questions regarding property/school taxes in Northern Westchester/Putnam counties.

Asked Wed Apr 9 2008, 00:39 by CM1225 - 10541 - Home Buying - 8 answers

Dave Hovsepian answered:

There's no blanket answer. It depends on the town.... towns like Patterson, Kent, Putnam Valley & Brewster are fully assessed meaning that they could adjust your taxes based on sales prices... it's not to say that they will, because it's up to the individual town assessor. Kent has a new tax assessor and has said that they won't increase anyone's taxes in 2007, but they haven't commented on 2008 yet.

There's been no full scale assessment done in Carmel/Mahopac since 1994 so obviously the majority of the houses are probably under assessed. A higher sales price won't automatically lead to increased taxes, but it's just something that a buyer should be aware of. - Wed Apr 9 2008, 10:19

Zack is exactly right... you should never expect taxes to decrease in a falling market. A declining housing market has no impact on a school budget or town finances.

Also, the taxes for a house is based on its assessed value. If a house hasn't had any major improvements or work that needed a permit (i.e. adding a bathroom or building an addition), the town probably wouldn't have reassessed the house. Newer construction tends to have higher assessed values than a comparable house that was built 15-20 years earlier.

Once a house is sold, though, you can generally expect a reassessment. Obviously, all towns have different criteria and are assessed at different rates. I hope this helps.

Dave Hovsepian
Houlihan Lawrence Mahopac - Wed Apr 9 2008, 07:50

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