Have home prices peaked? Hikes in mortgage rates slows prices
Since May the cost of a 30-year fixed rate mortgage has jumped more than a point to, on average, 4.5%. While home prices have continued to increase during this period, it’s at significantly slower composite rates than we’ve seen in recent months, gaining just 0.9% in May and 1% in June. …Read more
It’s the town that inspired The Great Gatsby and, now, this modern-day “East Egg” is just as vibrant and picturesque as ever. Manhasset offers everything across all ends of the spectrum: on one end a small town shopping strip along Plandome Road, while on another the most exclusive stores anywhere. Kayak from the public marina, or join an exclusive yacht and pool club.
SJ’s Home of the Week!
This 3-BR in the Spruce Pond Gated Community offers more than 3500 sq’ of space, spacious open flow with soaring ceilings, skylight and stunning French doors to the deck. Love to entertain? This home also offers an oversized formal dining room, kitchen and driveway. Community amenities include a pool, tennis courts and a clubhouse. ! Check it out before it’s gone!
Cider Time! This Sunday (and every Sunday through fall), the Tenafly Nature Center is hosting hands-on apple cider making for families. Bring at least three apples and press your own cider. Click here for more.
Italian Fest! On Saturday join thousands of area residents and visitors for a Mini Italian Festival at Grand Market. There will be kids’ activities, shows and plenty of fresh food and drinks! Click here for more.
Food Fest! The 6th Annual Taste of Port Jefferson is this Saturday from 12PM-4PM. The event will include 35+ area restaurants, desserts, wine, beer and much more. Tickets are $45. Click here for more and to purchase.
Buying still beats renting
In 35% of the country’s biggest cities—including the New York City metro area—buying remains a more cost efficient alternative to renting, despite the seemingly sky-high costs associated with home ownership. On average, it’s one-third cheaper to buy than to rent, mostly due to still-low rates falling well below historical norms, as well as the standard home being somewhat undervalued within these markets.
While some prospective buyers may have been scared off by the recent rate increases, even at 4.8% for a 30-year mortgage and a 20% downpayment, buying is a lest costly alternative in rent-heavy NYC. Click here to read the full story on Forbes.com.