Buying a home in cash is out of reach for most people. With stagnating wages, the rising cost of living, and home prices rising so quickly — often outpacing what people can save — it’s more challenging than ever to buy a home with cash. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if you’re planning to avoid a mortgage and save up for a home, it’s wise to think about how long it might take you to reach your goal . . . and what you might sacrifice along the way. Namely: more equity in your home, which builds your wealth over time as you pay down your mortgage. The best way to build wealth is to become a homeowner, not wait five years to be one. With mortgage rates at historic lows, 2022 will be a great time for creditworthy buyers to jump into home ownership using financing. Mortgages are cheap — perhaps cheaper than they’ve ever been. Meanwhile, home prices are surging, with increasing demand and low inventory creating strong seller’s markets across the country. Check out below to see what sold in Island Lake Arbors in December 2021:
26417 Fieldstone Drive, Novi: 3 bedrooms, 2.1 bathrooms, 2,060 sq. feet, 2 car garage, Sold Price: $430,000
Island Lake Arbors Home Sold
December 2021
Waiting until you save enough to buy a home in cash could end up locking you out of homeownership all together. For more information on Island Lake Arbors, or similar Northville or Novi neighborhoods such as Blue Heron Pointe, Country Club Village and The Villas at Northville Hills, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.