The entire promise of homeownership as a wealth vehicle rests on the concept of building equity. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that equity is what separates the owners from the renters — it’s the whole reason you put up with leaky pipes and yard maintenance without a landlord on speed dial. And it’s the reason why when the day comes to sell your house, you have something to show for it. From mid-2009 to 2019 the U.S. economy steadily expanded with rising home price growth and low unemployment, a trend that put more equity in the pockets of homeowners and downward pressure on the number of homes in negative equity. The COVID-19 pandemic did create a temporary market slowdown in April 2020, but home prices have been preserved and even thrived due to record-low mortgage rates and inventory across the country. Home equity is the market value of the property that you own, minus the amount you owe on your loan. Check out below to see what sold in Mystic Forest in November 2020:
23390 Winnsborough Lane, Novi: 5 bedrooms, 3.2 bathrooms, 3,068 sq. feet, 3 car garage, Sold Price: $598,000
Mystic Forest Home Sold
November 2020
The equity in your home starts with the down payment you put into it when you make the initial purchase. Then, over time, you build more and more equity as you pay down the principal balance of your loan while at the same time your property’s market value appreciates. For more information on Mystic Forest, or similar Northville or Novi neighborhoods such as Deerbrook, Greenwood Oaks and Windridge, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.