A 30-Year Fixed-Rate Journey
Before 1934, homeownership in the U.S. was limited - only about 10% of Americans owned homes. Mortgages at that time were short-term, usually three to five years, and interest-only ending with a large balloon payment. Instead of making the balloon payment, most homeowners borrowed the money again for another three to five years. That worked as long as banks had money to lend but that changed when the Great Depression hit and people began to pull their money. Many banks lost liquidity, making refinancing impossible. As a result, thousands of homeowners suddenly faced foreclosure.
Based on the assumption that the power of the federal government was needed to get the country out of the depression, the federal government, under the direction of President Franklin D. Roosevelt, enacted major reforms under the New Deal to stabilize the economy. The Home Owners's Loan Corporation was created to purchase failing mortgages, extend their terms to 15 years, and change terms so payments were applied to both principal and interest.
In 1934, the Federal Housing Administration (FHA) was established to insure mortgages against default, reduce lender risk, and set lending standards. Over time, the FHA incrementally increased those mortgage terms from 15 years to 20 then 30.
Homeownership became more accessible with buyers taking advantage of fixed-interest payments over 30-years but banks found themselves wrangling with variable interest rates on the money they borrowed and interest they paid to depositors. A significant policy shift occurred in the 1970s when Congress empowered government-sponsored enterprises like Fannie Mae and Freddie Mac to buy mortgages from lenders. With the assurance Fannie and Freddie were going to buy them, banks had a greater incentive to issue long-term fixedrate loans, including the now-standard 30-year mortgage.
Today, the 30-year fixed mortgage remains the most popular option in the U.S. due to its predictable monthly payments, making homeownership more accessible and budgeting more manageable. However, shorter-term loans, such as 15-year or 20-year mortgages, are still available and can result in substantial interest savings over time if borrowers can afford the higher monthly payments.
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Expert Tips for Successful Homeownership
1) Work With a Compassionate and Knowledgeable Real Estate Agent: Find the right agent for you and your family, one who can clarify the homebuying process and find solutions that align to your household's unique needs. Don't hesitate to ask for resources to deepen your understanding of the options available. The journey of homeownership has many paths and is different for everyone.
2) Recognize That Owning a Home is a Smart Financial Move: Owning a home is about more than just having a place to call your own. It can help individuals and families build equity, open potential tax benefits, and create a more secure future.
3) Leverage Modern Solutions for Down Payments: The days of needing a 20% down payment are behind us. Today, many buyers can qualify for as little as 3-5% down. Programs like down payment assistance (DPAs), grants, FHA and USDA loans, shared equity programs, and crowd-sourcing are ideal for home seekers. With 45% of young adults aged 18-29 still living at home, some may not realize how close homeownership could be.
4) Understand the Emotional and Community Benefits: Homeownership can create peace of mind, reduce stress, and instill a sense of belonging. It builds better communities and can create generational stability through housing equity.
5) Be Open to Diverse Housing Options: Homeownership doesn't have to mean a singlefamily detached house with a fenced yard and white picket fence. Condos, duplexes, townhomes, and other multi-family units can provide a fulfilling family life while still building a path to equity.
"Housing insecurity often leads to physical, mental, and emotional strain," explains Michelle White, National Mortgage Expert at The CE Shop. "Children, in particular, can face challenges related to cognitive development and behavior due to the instability caused by high housing costs or frequent moves. With June being Homeownership Awareness Month, we're working to make this dream attainable for more individuals. Thanks to lower down payment requirements, many buyers can now own a home with just 3-5% of the purchase price." (The CE Shop / Press Release)
Home Renovation RemainsActivityStrong
Houzz Inc. recently released the 2025 U.S. Houzz & Home Study, a report surveying over 22,000 U.S. homeowners about remodeling, building and decorating activity.
The study found 54% of homeowners renovated their homes in 2024 at a median spend of $20,000. Overall median spend decreased from its peak of $24,000 in 2023 and remains above the $18,000 spent in 2018.
Kitchen and primary bathroom renovations followed a similar trend with softening median spend, with kitchens down 8% year over year and bathrooms down 13%, but major remodels of kitchens and bathrooms continue to propel the market.
Median spend on major renovations for large kitchens (200 square feet or more) remained steady at $55,000 and large bathroom renovations (100 square feet or more) held at $25,000. Investment in major renovations of smaller spaces grew, with small kitchens (200 square feet or less) rising by 9% to $35,000 and small primary bathroom renovations (100 square feet or less) reaching $17,000, up 13%.
“The softening in renovation spend reflects the impact of elevated borrowing costs and the rising prices for everyday goods and services, which limit how much homeowners can allocate toward home improvements,” says Marine Sargsyan, Houzz staff economist. “What stands out, however, is homeowners’ ongoing demand and consistent investment in sizable kitchen and bathroom upgrades. Perhaps even more telling, notable growth in spend on smaller spaces signals that even amid economic pressures, homeowners are prioritizing meaningful improvements no matter the size of the home.”
Professional hiring remains widespread, with 90% of homeowners choosing to work with professionals and 49% of homeowners reported hiring specialty service providers, up from 46% in 2022. More than half of renovating homeowners hold full equity in their homes (56%) and they’re committed to living there long-term with 3 in 5 planning to stay put for
at least 11 years following their project (61%). Pentup demand continues to be the strongest motivator for home upgrades, with homeowners reporting they finally have the time and means to pursue a renovation (40% and 35%, respectively).
Baby Boomers and Gen X homeowners lead in renovation activity, with similar spending to the national median of $20,000 each. More renovating Millennials are beginning to buy homes, with 36% living in their homes for six or more years.
More than half of renovating homeowners (53%) enhanced their outdoor spaces in 2024, completing nearly two outdoor projects on average. While aesthetic improvements are common, many homeowners are also making functional upgrades. The most frequently tackled projects include work on beds and borders (29%), lighting systems (23%) and security systems (18%). Additionally, homeowners are investing in hardscape and structural features, with decks being the most common outdoor structure project (14%), followed by sheds/workshops (8%) and gazebos/pergolas (7%). Although built-in outdoor kitchens remain a niche feature (3%). (houzz.com/press/987)
Tick Season Safety Tips
Upstate Medical Upstate Tick Testing Laboratory offers these tick safety tips:
• Apply tick repellent to your skin and clothing, especially your shoes and socks. Wear long pants and pull your socks over your pant leg. Stay on the trail.
• Do a thorough tick check, focusing on your thighs, groin area and the back of your head. Then shower. Also, put the clothing you wore outside in the dryer at high heat for 10 minutes to kill any ticks that may be hiding. Deer ticks are commonly found on the thighs/groin, while American dog ticks are most commonly found on the head.
• Ticks can hide in long hair and thick fur of pets. Check your dogs and talk to your veterinarian about vaccines and prevention methods.
• If you find a tick on yourself or your pet, use tweezers to pull it straight out. Position the tweezers directly under the spot where the tick is attached to the skin and pull upward with steady pressure. Do not twist or jerk the tick. Upon removing the tick, thoroughly clean the bite site with rubbing alcohol or hand sanitizer.Visit the Tick Testing Laboratory website at www.nyticks.org (upstate.edu/news)
Experience Ri�er Front Adirondack Living
Enjoy endless summer days wading into the river to swim or fish for trout in several natural pools. With 1,080 sq ft of beautifully designed living space, the open concept living room and kitchen boast vaulted ceilings and gorgeous wood accents. Cozy up by the propane-fired fieldstone fireplace or relax on the back deck while the soothing sounds of the river flow by. This cottage is well-equipped with modern amenities, including a newly renovated bathroom, insulated water lines, and a new roof. Plus, with RV hookups and a drilled well, your adventures can extend beyond the cottage! The property features over 640 ft of river frontage and stunning swimming holes for those hot summer days. Located just minutes from Woodgate Pines Golf Course and nearby snowmobile trails, this location is perfect for outdoor enthusiasts. This beautiful property is available for rent at $2,500 per month plus utilities and security deposit with a 1-year lease. Enjoy a stress-free rental experience with included snow removal and lawn care. Furnishings can purchased for an additional negotiated price-pack your bags and move right in! Furnishings will stay if rented, offering a convenient and hassle-free experience.
Own for $449, 900 or rent this charming 2-bedroom cottage nestled on 1.7 acres of breathtaking Black River frontage for just $2,500/month (1-year lease).
We are Family Owned and Specialize in Listing and Selling Vacant Land, Camps, and Residential and Commercial Properties of All Sizes!
Offering a dramatic executive-style condo in one of South Utica’s most desirable locations, boasting 3,582 sq ft, nestled on 3 sides of the top floor featuring views from every window.
Enjoy the eautifully updated kitchen & bathrooms with high-end cabinetry, a spacious laundry room, walk-in pantry & ample storage throughout to suit all your needs. Offering a master suite with numerous closets, a guest suite & generously sized 3 rd bedroom that provides comfort & privacy.
Additional features include two detached garages - seamlessly connected without a center wall, ideal for storage or workshop space. Take advantage of the private porch & private inside fire escape access for added convenience.
This luxury condo features a perfect blend of privacy, space & location. Surround yourself in casual yet, refined living. Schedule your private showing today!!
129 Main Street, Rich eld
Stand alone retail store Investment Opportunity. Same regional hardware chain tenant since 2009, lease renewed thru 12/2028. Located on Main Street next to popular regional convenience store.
13,000 sq. ft. store and 2800 sq. ft. storage building on 1.8+ acres, with 195 ft frontage on Main St.(US Rt 20) Richfield Springs. Frame and block construction (1960, enlarged and remodeled 1996), shingle roof, metal siding. Oil hot water radiant heat, fully sprinklered (dry system with compressor), 200A electric service, municipal water/sewer, paved entry & parking area.
Interior includes store sales area, receiving/storage area, repair shop/equipment area, bathrooms, kitchen and mechanical room. Storage building is of pole
construction (Morton 1992) with metal roof/siding, gravel/stone dust floor. Tennant pays property taxes, utilities, snow removal, routine maintenance of building, lot and outdoor area.
Tenant provided upgrades include: paving, air- conditioning, lighting, & flooring. Lease has 4 additional 5-yr renewal options. Landlord responsible for building structure, sprinkler system, monitoring system for sprinkler.
NOTICE TO INTERESTED PARTIES: The hardware store management and employees are NOT parties to information regarding this offering of real estate for sale. Direct all inquiries about this property to the listing Real Estate Broker: Bruce Ward 315-796-4425
Asking $349,000 • Reduced Price • Motivated Seller
Turn-Key & Profitable Seasonal Business Opportunity
Inside Scoop • 9005 State Route 365, Floyd NY
Immaculate, established ice cream parlor & mini golf course located on just under 4 acres on high visibility Route 365 in Floyd Strategically located on the popular main route to the Adirondacks, 1.5 miles from schools and 800 ft. from Dollar General. Currently run as a seasonal business. New owner could easily make this a profitable year-round business.
Natural gas, city water, low taxes. Fully equipped with everything needed to successfully operate this established, popular community gathering place.
• Black top parking lot for 25-30 cars w/ curbing
• Attached crushed stone parking lot for RVs/Trucks
• 8 x 10 outdoor storage shed
• 24 x 32 pillion w/ commercial round tables, electric & lighting
• 2 side patio w/ tables and chairs
• 24 x 32 covered patio addition w/ electric, concrete
• New 100 amp sub amp panel. Potential to enclose.
• 18 hole mini golf w/ 10 x 16 building
full electric, A/C, power, cash register, slushy machine, popcorn, huge assortment of clubs/balls.
• Beverage/ flurry station
• Assorted stainless commercial tables
• 3 bay stainless sink, sundae bar, refrigerator
• 2 C-712 Taylor ice cream machines
• Double head milkshake machine
• Pepsi fountain head machine w/ice station
• 2 Hershey 24 unit ice cream freezers
• 24 flavor ice cream machine
• New programable cash register
• POS system in tact
• Security system, 8 cameras, full DVR
• 2 lg. commercial fryers with built-in timers
• 4 foot flat top grill
• 6 foot sandwich prep table, new
• Assorted freezers and coolers
Plenty of space for extra events including band nights w/ chicken BBQ, Friday movie nights, kid’s day, classic car shows and more.
** Attention Realtors - Buyer Protected ** Owner also willing to train, if desired.
Creative Commercial Financing Available! Seller’s Financing Options. Contact us today!
John’s Clean-Outs & Property Preservation, Inc.
Young Tree Maintenance Tips
If you're the proud owner of a brand new tree, you can help it grow to its full potential through proper pruning and maintaining its health and structure. This, in turn, “will enhance the aesthetic and economic values of your landscape,” says Jim Skiera of the International Society of Arboriculture (ISA). Here are three simple tasks you can perform to ensure you’ll enjoy your new tree for years to come:
Stake the tree, only if necessary. Trees establish more quickly and develop stronger trunk and root systems if they are not staked at the time of planting. However, staking may be required when planting bare root stock or planting on windy sites. Stakes may also offer protection against lawn mower damage and vandalism. One or two stakes used in conjunction with a wide, flexible tie material on the lower half of the tree will hold the tree upright and minimize injury to the trunk, yet still allow movement. It is important to remember to remove support staking and ties after the first year of growth.
Mulch the base of the tree. Mulches are available in many forms, and when spread around the base of a tree, it holds moisture, moderates soil temperature extremes, and reduces grass and weed competition. The two major types of mulch are organic and inorganic. Inorganic mulches include various types
of stone, lava rock, pulverized rubber, geotextile fabrics, and other materials. Inorganic mulches do not decompose and do not need to be replenished often. On the other hand, they do not improve soil structure, add organic materials, or provide nutrients. For these reasons, most horticulturists and arborists prefer organic mulches. Common organic mulches include leaf litter, pine straw, shredded bark, peat moss, or composted wood chips.
A 2- to 4-inch (5- to 10-cm) layer is ideal. More than 4 inches (10 cm) may cause a problem with oxygen and moisture levels. Piling mulch right up against the trunk of a tree may cause decay of the living bark. A mulch-free area, 1 to 2 inches (2.5 to 5 cm) wide at the base of the tree, reduces moist bark conditions and prevents decay. “‘All things in moderation’ should be a homeowner’s mulching motto,” says Skiera. “As beneficial as mulch is, too much can be harmful in
more ways than one.” Keep the soil moist, but not waterlogged. Water trees at least once a week, barring rain, and more frequently during hot, windy weather. When the soil is dry below the surface of the mulch, it is time to water. Continue until mid-fall, tapering off as lower temperatures require less-frequent watering.
Limit your pruning. At the time of planting, pruning should be limited to dead or broken branches. All other pruning should be withheld until the second or third year, when a tree has recovered from the stress of transplanting. You should always have a distinct purpose in mind before making any pruning cut, because every cut has the potential to change the growth of the tree. Pruning cut location is critical to a tree’s growth and wound closure response. Make pruning cuts just outside the branch collar to avoid damaging the trunk and compromising wound responses. (International Society of Arboriculture)
Amish-Made Custom Cabinets
Affordable Luxury From Our Country Workshop To Your Kitchen
Love the look of custom cabinetry but disappointed with the options at local stores? Our Amish craftsmen offer quality, handcrafted cabinets at prices often lower than factorymade cabinets you’ll find at local big box stores.
Crafted in our family-owned workshop, each cabinet is custom-crafted with skill and expertise passed down through the generations.
From the initial design and layout discussions to the custom creation and installation phases, our expert craftsmen will
work with you to ensure your kitchen, bath, office or other specialty cabinet reflects your tastes, fits your budget, and exceeds your expectations.
With a variety of select wood types, cabinet styles, and finishes to choose from, each piece is designed to last a lifetime. Made to order, our cabinets not only promise superior quality but also showcase affordability at its finest.
Check out your options at the big box store then let us show you what we can offer!