Real estate agents and appraisers alike value homes based on the sale price of comparable homes in the area, known as “comps.” When bidding wars occur in a neighborhood, homes sell for higher prices than their predecessors, enabling new listings to set higher list prices and achieve even higher sale prices if bidding wars continue to occur. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we call this domino effect “pushing the price point”. Strong job creation often leads to an increase in buyer demand as prospective home buyers gain financial strength and stability from new jobs to purchase. Property values increase in regions experiencing job growth, as incoming workers compete for the housing supply close to business centers. Check out below to see what sold in The Oaks in November 2021:
18836 Oak Leaf Lane, Northville: 4 bedrooms, 5.2 bathrooms, 4,888 sq. feet, 4 car garage, Sold Price: $1,100,000
The Oaks Home Sold
November 2021
When mortgage rates are low, more buyers step into the market, seeking to save thousands to tens of thousands of dollars over the lifetime of their mortgage. If the housing inventory in a market lags behind this increase in demand, then the property values rise in the impacted area. For more information on The Oaks, or similar Northville or Novi neighborhoods such as Woods of Edenderry, Northville Hills Golf Club and Pheasant Hills, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.