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.
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)
When seeking commercial-investment real estate counseling, the person to turn to is the Certified Commercial Investment Member. This professional will help you achieve your investment or commercial real estate goals. CCIMs bring a full-time commitment to the field of commercial-investment real estate.
They recognize the value of working closely with the client’s entire team of professional advisors. As a specialist, a Certified Commercial Investment Member is fully trained and properly qualified to work with attorneys, accountants, developers, bankers, appraisers, and architects. With the CCIM, these professionals will assist in meeting the client’s real estate investment goals.
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!!
Introducing your private oasis! Experience luxury in this exquisite custom-built colonial home, nestled on over 10 acres of stunning grounds. With 6900 +/- square feet of thoughtfully designed living space across three levels, perfect for both relaxation and entertaining. Step into the first floor, where an expansive open floor plan invites you to mingle with friends and family in the spacious living room, cozy family room, sunroom, or one of the multiple dining areas. For additional entertainment options, the walkout lower level is a true gem, featuring a secondary kitchen, a bar, and another family room complete with a fireplace, ideal for hosting guests or accommodating in-laws with its fully functional suite setup. On the second floor, you’ll find a luxurious primary bedroom suite alongside two
$950,000
generously sized bedrooms that share an additional bathroom. A serene si ing area at the top of the stairs opens up to a balcony, offering breathtaking views of the lush surroundings. Unwind by the sparkling pool or gather with friends in the pool house /pavilion, which is equipped with electricity and cable for endless entertainment options. Additionally, a barn provides a 2-car garage and a 2-stall horse barn, perfect for equestrian enthusiasts. Enjoy the orchard filled with various fruit trees throughout the property, enhancing the charm of this magnificent estate. This home combines exceptional amenities with elegant living—truly a dream come true. Don’t miss the opportunity to make it yours!
LifeandHomes Howard Hanna
3789 Route 12, Kirkland
at $3,200,000
Meticulously crafted and designed for a local industrialist and philanthropist. The private and re ned 8,000 sq.ft. main house is complemented by a 3,000 sq.ft. guest house, great barn, and out buildings. The estate’s southwestern-facing outdoor spaces provide stunning sunset views over the hills of the beautiful Mohawk Valley. To schedule your private viewing, contact John Brown at 315-570-6640
Jacqueline Macaluso Broker/Owner
Sharon Finkle-Kleps
Salesperson Nancy Hennessy
Salesperson
Amodio Realty, Inc. Pays it Forward by Giving Back
Real Estate Rebate Program Honors Local Heroes
BY RICHARD BARRETT Aug. 2018
Amodio Realty Inc., located in the Town of Lee, wanted to show its appreciation to the military, law enforcement, firefighters, first responders, health care professionals, and teachers for their service to country and community, but wanted to do it in a way that went beyond mere words.
So the small family real estate agency, staffed by Stephen Amodio (Broker/Owner), his wife Betsy (President/Owner), and their daughter, Lucciana, decided to do something extraordinary with their business after learning about Heroes Home Advantage and a courageous woman named Michele Ladd, its founder.
Stephen Amodio, a former Marine whose own family includes many community heroes, heard about Ladd’s noble mission of honoring hometown heroes by offering discounts and rebates on real estate services, and he wanted to get on board. He did his due diligence first, spending nine months researching and speaking with other realtors nationwide who were already participating.
Amodio Realty, Inc. joined the Heroes Home Advantage program in January of 2017 and is currently working with about a half dozen heroes. He has closed on several properties already, but explained that it’s not about being pressured to obtain listings, move properties and meet sales quotas. It’s about giving back. He discovered through census tract records that in the tri-county area he exclusively serves, these categories of community heroes when
combined comprise 50% of their total population.
As of August 2024, Amodio Realty, Inc. now serves 8 counties: Oneida, Herkimer, Madison, Jefferson, Lewis, Oswego, St. Lawrence and Hamilton!
“We can never repay our heroes for their service, but we can honor them with a small token of our appreciation,” Amodio said. “We are looking for opportunities to honor local community heroes. That is our goal.”
Amodio Realty gives 25% of earned commission directly to the hero, (up to $5000 per transaction), when we close on the sale and/or purchase of their residential or commercial property.
“It’s a small gesture in comparison to the their daily sacrifices and service to our community and country,” he said.
He also works closely with a comprehensive, likeminded network of community partners who offer additional rebates and discounts on their related
products and services. The savings to heroes when all is said and done can be thousands of dollars. As word of mouth about the program spreads, Amodio envisions adding a half-dozen sales staff and expanding his cadre of committed community business partners even further. He graciously welcomes those who respect the program’s mission and embrace its spirit of honoring community heroes for their contributions.
“We’re hungry for more hero partners,” he said. “The door is wide open to virtually any business, but we discourage people from using the program to leverage their business and not follow through on their promises.” There are no fees involved, no catches, and no restrictions on how Amodio’s rebate can be used. The program is open to all qualified active, retired and volunteer heroes, both buyers and sellers, including first-time home buyers.
Amodio can’t hide his enthusiasm for the program and the people it serves.
“We’re enjoying doing this,” he admitted. “We always get a great reception.”
Heroes Home Advantage has representation in 40 states. For more information, visit AmodioRealty.com or HeroesHomeAdvantage.com
Article written by Richard Barrett Editor, Accent Magazine Reprinted and edited with permission Special Thanks to Jason Gulla with Gulla Graphics
NEW
MLS DIRECTORY
Gina Hartman
Licensed R.E. Salesperson 315-717-5249 ginahartman55@yahoo.com
Bruce Ward & Co, Inc.
Amy Abdoo
Lic. R. E. Broker
315-794-2653
BLON316@AOL.com
Dominion Homes Real Estate Brokerage
Pamela Allen
Lic. R.E. Salesperson
315-717-7530
pfallen0314@gmail.com
Bruce Ward & Company, Inc.
Clyde Diedrich
Lic. R.E. Broker
315-868-4339
rcentur3@twcny.rr.com
Diedrich Associates Valley Realty
David Drapalski
Lic. R.E. Assoc Broker 315-868-3233
superdd527@aol.com
Bruce Ward & Company, Inc.
Janet L. Giacovelli
Lic. R.E. Salesperson 315-404-7108
janetgiacovelli@howardhanna.com
Howard Hanna Utica/New Hartford
Azza Giorgi
Lic. Assoc. RE Broker 315- 534-2709 azzagiorgi@gmail.com
Howard Hanna CNY IncUtica/New Hartford Office, NY
Patricia Kelly
Lic. R.E. Salesperson 315-717-2421 bward@brucewardusa.com
Bruce Ward & Company, Inc.
Thomas F. Koehler
Lic. R. E. Broker/Modular Home Dealer 315-891-3254
Koehler RE/ New Homes Modular
Fred Macchia
Lic. R. E. Broker 315-292-0373 fmccim@hotmail.com 1st Rome Realty
Bill Macri
Lic. Associate R. E. Broker 315-360-1920
bill.joemacrirealty@gmail.com
Joe Macri Realty
John Macri
Lic. R. E. Salesperson 315-866-2521 jmacri40@yahoo.com
Joe Macri Realty
Monica Munford
Lic. R.E. Salesperson 315-822-6666
pmumford@twcny.rr.com
Bruce Ward & Company, Inc.
Robert Paul Lic. R.E. Salesperson 315-717-3527
rpaul07@yahoo.com
Bruce Ward & Company, Inc.
Paul Sacco Lic. RE Salesperson (315) 525-1377
paulsacco1013@gmail.com
Howard Hanna Utica/ New Hartford
Joel Siegfried Lic. R. E. Broker 315-796-2258
joelsiegfried@gmail.com SBG, Inc.
Carol Spisak
Lic. R.E. Salesperson 315-269-6933
carol1320@aol.com
Bruce Ward & Company, Inc.
Michelle Gorea Thompson
Lic. R. E. Salesperson 315-794-3260
saratogaunion@aol.com Coldwell Banker Faith Properties - John Brown Tream
K Bruce Ward Lic. R.E. Broker 315-796-4425
bward@brucewardusa.com
Bruce Ward & Company, Inc.
James F Woodrick
Lic. Associate R. E. Broker 315-866-0258 jwoodric@twcny.rr.com
Bruce Ward & Company, Inc.
LifeandHomes Product & Service Directory
Antiques/Estates
THE POTTING SHED ANTIQUES
315-736-5214
Estate & house sales, appraisals, coins, vintage jewelry, antiques, glass, china, furniture, Americana, art, lighting and more. thepottingshedantiques.com
Cabinets
CABINET AMERICA
315-733-6261
Kitchen cabinets and Stone countertops. Exceptional quality and great prices. Fast estimates. Over 50 years experience. By appointment only. cabinetamerica.net
Farm & Garden
BENSON'S FARM AND GARDEN
315-520-8395
Member Since 12/21
located in Whitesboro, NY has been a family run greenhouse since 1977. We serve the Utica-Rome area offering a wide selection of annuals, vegetables, perennials, and hanging baskets as well as everything you need to build and maintain your pond.
Flooring
PROTECT NY INSURANCE AGENCY
315-795-4900
Garage Doors
NORTHERN GARAGE DOOR SERVICES COMPANY, INC.
315-831-8624 or C: 315-368-7712
Garage door Installation, Repair, Service Professional, Dependable, Courteous Service. Joe Griswold, Owner
Home Inspection
ADVANCED HOME INSPECTION SERVICE, LLC
315-792-9029
Member Since 04/13
27 years experience. NYS Licensed/Certified Inspector. NEHA/NRPP Certified Radon Inspector. Electronic Inspection Report Emailed Same Day. www.advancedhomeis.com
315-865-5845
Homeowners, Automobile, Business, Landlord Insurance. Jordan Roorda, Principal Agent. www.ProtectNY.com
Serving the Oneida, Herkimer & Madison counties, we have a simplified and centralized database of area listings to help you promote your new listings and buyer needs to cooperating agents and brokers, plus off-market, solds and historic info.
Painting
URBANIK’S PAINT CO.
315-724-5129
315-336-0400
Member Since 07/15
Largest selection of paint and wallcovering in Central NY. Rentals: floor sanders, polishers, airless sprayers, power washers, edgers. 1420 Oriskany St. Utica
