The objective of a home appraisal is to provide an independent and impartial analysis of real property. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know the appraiser’s client is typically the lender, and the appraised value determines the amount of funds a lender is willing to provide or how much equity a homeowner can borrow from. Lenders want to know how much that property would bring in an open market, so they can ascertain that the loan is well enough supported by the collateral. The appraisal also helps to shield a financed homebuyer from potential risk. Check out below to see what sold in Liberty Park in July 2022:
44916 Lafayette, Novi: 4 bedrooms, 2.1 bathrooms, 2,261 sq. feet, 2 car garage, Sold Price: $530,000
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Liberty Park Home Sold
July 2022
The most common appraisal method appraisers use is the sales comparison approach, which involves taking a look at recently sold properties in the area with similar characteristics, and then adjusting the dollar value of the subject property based on competitive differences. 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.