Renters look for second homes

Some renters have decided now is the time to buy because prices and interest rates are down, but New York City real estate is still out of reach, and the renters are instead shopping for second homes in the country. Real estate agents throughout the Hudson Valley and in other second-home markets, including the North Fork of Long Island and the Jersey Shore, say that sales have picked up recently with potential buyers from the city. One woman looking to buy an apartment in the city found that she could only afford studios, so she decided to stay in her Park Slope rental and instead buy a three-story home for less than $300,000 upstate. Brokers estimate that prices in the Hudson Valley are down about 10 to 15 percent from last year, and that most buyers are looking in the $250,000 to $450,0000 range.