The rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that for a more tailored look at what you can afford, you can use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today. But are you financially prepared? A few months before you start searching for a home, review your credit history and make sure it is in good standing. Get copies of your credit report, ensure that it’s accurate, and fix any issues you discover. It’s likely that you’ll also want to get pre-approved for a home loan, which will put you in a better position to make a serious offer once you find the right property. Pre-approval from a lender is based on your credit history, debt, and income. Check out below to see what sold in Stonehenge in May 2023:
23526 N. Rockledge, Novi: 2 bedrooms, 1.1 bathrooms, 968 sq. feet, 1 car garage, Sold Price: $186,000
Stonehenge Home Sold
May 2023
You might wonder how you can make the best bid possible? Do your research! Your opening bid should be based on the sales trends of similar homes in the area. So before making your opening bid, get online and review the selling prices of comparable properties. If these properties sold for less than the current asking price of the home you’re looking at, you can feel comfortable make a bid that’s slightly lower than what the seller is asking. For more information on Stonehenge, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.