If you are thinking of selling your house, you should know that the purchase demand for homes has reached an all-time high. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that The Mortgage Bankers Association’s weekly survey indicated a record demand for mortgage applications. The association saw a 42.2% year over year rise in applications between December 2019 and December 2020, one of the sharpest increases ever recorded by the association. This surge in demand is partly due to the historically low interest rates and the drive many feel to find a home with more space for remote work, virtual learning, and recreation at home. Check out below to see what sold in Liberty Park in December 2020:
28266 Wolcott Drive, Novi: 4 bedrooms, 3.1 bathrooms, 2,988 sq. feet, 2 car garage, Sold Price: $515,000
Liberty Park Home Sold
December 2020
Additionally, the number of first-time homebuyers has steadily increased over the past year. As first timers enter the market, they don’t add to the inventory when they make a purchase. This has only contributed to the supply and demand imbalance, and driven up purchase demand even higher. For more information on Liberty Park, or similar Northville or Novi neighborhoods such as Royal Crown, Carriage Hill and Yorkshire Place, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.