Your home equity is the amount of your home’s total value that you own, with any mortgage lender owning the rest. Typically, as you pay off your mortgage, your equity increases, but there are other ways for your equity to rise. Homeowners with mortgages saw their home equity grow by 28% as of September 2022 over the previous year, according to a report from CoreLogic, a remarkable increase for such a short period of time. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that despite rising interest rates and slowing home sales, home values have remained high, meaning the homeowners in the US still hold much of the equity gains made during the hot 2021-2022 market. Check out below to see what sold in North Beacon Woods in October 2022:
46875 Greenridge Drive, Northville: 3 bedrooms, 3.1 bathrooms, 2,669 sq. feet, 3 car garage, Sold Price: $660,000
North Beacon Woods Home Sold
Having higher equity opens up homeowners to options that allow them to leverage their stake in their home for other ends. For more information on North Beacon Woods, or similar Northville or Novi neighborhoods such as Parkstone, Woodside Village and Addington Park, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.