The 10 Most Affordable Lake Towns in 2024

If you're dreaming of affordable lakeside living, a recent article from Realtor.com highlights some of the most budget-friendly lake towns for 2024, including one in New York. These towns offer charming communities, beautiful views, and a variety of recreational activities, all without breaking the bank.

  • Rogers City, MI

  • Lockport, LA

  • Fox Lake, IL

  • Albert Lea, MN

  • Zapata, TX

  • Mentor-On-The-Lake, OH

  • Peshtigo, WI

  • Bull Shoals, AR

  • Forsyth, MO

  • Caroga Lake, NY

Ralph’s Take

My grandparents bought a waterfront home on Candlewood Lake in 1968. Spending summers there during my youth, I…

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U.S. Home Price Forecasts for 2025

According to Resiclub's analysis of top housing forecasters, U.S. home prices are expected to rise by an average of 2.5% in 2025. Here's a detailed breakdown of the projections from each forecaster:

  • Goldman Sachs: 4.4%

  • Wells Fargo: 4.3%

  • Mortgage Bankers Association: 3.3%

  • Morgan Stanley: 3.0%

  • Zelman & Associates: 2.3%

  • Fannie Mae: 1.5% 

  • Freddie Mac: 0.5%

  • Moody’s: 0.3%

Ralph’s Take

Expect steady national growth through the end of this year and into the next. Locally, home prices will continue to rise faster than the national average due to the low level of new construction and the historically low volume of…

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Home Prices Soar, Setting a New Westchester Record

According to the Hudson Gateway Association of Realtors (HGAR), the median sales price for single-family homes saw a notable increase across nearly all regions in June, despite a drop in sales volume. Westchester hit a new record high for the median single-family home price at $1,031,500 in June—a 12.7% increase over last year’s median home price of $915,000. Here's the highlights of the report:

  • Sales Decline: All counties in the HGAR market area saw a drop in sales, with Orange County experiencing the largest decline at 26.9%.

  • Price Increase: Median sale prices rose sharply, reflecting higher demand than available home inventory.

  • Regional Variations: While…

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Part 1: Understanding "Highest and Best”

“Highest and Best" scenarios have become common due to the imbalance between homes for sale and homebuyer demand. When sellers receive multiple offers with limited room for negotiation, we often advise setting a deadline for buyers to submit their best possible offer. The goal, from the seller’s perspective, is to encourage buyers to present their most competitive bids while ensuring fair treatment for all parties.

How It Works:

  • Multiple Offers Received: Two or more offers are received without room for the seller to negotiate.

  • Announcement: The seller's agent announces the "Highest and Best" deadline to all agents who have shown the property, giving a clear timeframe…

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Bruce Willis' Former Home Reduced to $6.5M

340 Croton Lake Road, Mount Kiscoo

Atop one of Bedford's highest points with breathtaking panoramic views of the Croton Reservoir and the Lower Hudson Valley, this 14.4 acre gated and fenced retreat includes a five-bedroom main house with saltwater pool, pool house, tennis court and detached garage with a loft (suitable for studio/office/gym). Read More


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Visual of the Week

Wondering if the upcoming Presidential election will shake up the housing market? Here's what you need to know. History shows home sales may slow down a bit in November, but they usually bounce back fast, prices keep climbing, and mortgage rates tend to dip a bit. Overall, the impact is minor and short-lived. Have questions? Let's chat.


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Sylvester Stallone’s former Garrison home lists for $4.29M

Luxury rooted in simplicity: an outstanding Madderlake-designed contemporary with 180-degree views of the Hudson River. Perched on 6 acres, high on a hill in Garrison, NY, the residence is revealed via a long scenic driveway that opens to magnificent Hudson River views and a landscaped front garden. Read more


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Redfin: U.S. Home Prices Hit New All-Time High

The median sale price nationwide hit $397,954 for the four weeks ending June 30th, a new all-time high according to Redfin, with a 4.9% year-over-year increase. Here are additional key findings from Redfin:

  • Pending sales: Down 4.6% YOY, the largest decline in 4 months

  • New listings: Up 9.9% YOY, the highest increase in 2 months

  • Active listings: Up 17.5% YOY

  • Housing supply: 3.3 months (balanced market is 4-5 months)

  • Median days on the market: 32 days, up 5 days YOY

  • Homes sold above list price: 32.3%, down 3.7% YOY

  • Homes lowering asking price: 6.9%, the highest on record

Ralph’s Take

There’s a mix of good…

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FORTUNE: HOMEOWNERS SITTING ON A RECORD AMOUNT OF EQUITY

Home prices are significantly higher than before the pandemic, driven by buyers using record amounts of equity. Realtor.com’s chief economist, Danielle Hale, highlights that buyers not affected by current mortgage rates are opting for more expensive homes. This trend is also evident among sellers, particularly baby boomers unaffected by high mortgage rates. Here’s what else the Fortune article reports:

  • Baby boomers: 17% are free of the lock-in effect

  • Mortgage rates: Averaging 7.14% daily, 6.86% weekly.

  • Market shift: Increase in lower-priced home inventory

  • Future outlook: Potential for mortgage rate drops may stabilize or further shift prices…

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86% of Mortgages Have a Rate Below 6%

According to a report by the FHFA National Mortgage Database Aggregate Statistics, 85.6% of mortgaged homes have a rate below 6%, down from the peak of 92.8% in the 2nd quarter or 2022.

Key Points:

  • Strong Borrowers: The average credit score among borrowers with an active loan is an impressive 743.

  • Low Foreclosure Risk: Only 0.3% of borrowers have negative equity.

  • Improved Loan-to-Value Ratios: National LTV ratio improved to 48.3% from 70% a decade ago.

  • Outstanding Mortgages: At the end of Q1 2024, there were 50.8 million outstanding mortgages with unpaid balances totaling $11.7 trillion.

Ralph’s Take

Despite concerns that…

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