Despite elevated mortgage rates and a somewhat cloudy residential real estate picture, the market for lake homes remains hot in North Texas — sultry weather aside.

That’s partly because, while the average interest rate continues to hover near 7% for a 30-year mortgage, many lakeside buyers are paying cash for what is likely a vacation home, said Rogers Healy, a longtime North Texas broker and real estate entrepreneur.

And if they are borrowing money, buyers are often putting down 20% to 30%.

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Source: Dallas Business Journal

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