After
several years of decline, it looks like home values in metro Detroit are
finally heading in the right direction.
According to data released this month by the Realcomp listing service of
Farmington Hills, the Metro
Detroit home sales market saw a major rebound at the end of 2012, with December
sales price increases of 26% reported compared to a year earlier.
The increase
in home values means more home equity, which is good news for homeowners who
have put off making home improvements due to the uncertain economy. According to the Home Improvement Research
Institute (hiri.org) home improvement sales are projected to grow to $284.8
billion in 2013.
Will you be part of the home
renovation trend?
If so, the first step after determining your project is setting a realistic budget and securing financing. You’ll have a number of financing options depending on your situation. Consider these options:
If so, the first step after determining your project is setting a realistic budget and securing financing. You’ll have a number of financing options depending on your situation. Consider these options:
- Establish a replenishing Home Equity Line of Credit for ongoing renovations
- Obtain a fixed rate Home Equity Term Loan for larger additions
- Apply for a unsecured Home Improvement Loan for small repairs
Community
Financial can help you determine your home’s equity and the best plan of action
to make your dream home a reality.
Simply visit any office or call our Member Service Center at (877)
937-2328 to get started on your 2013 home improvements.
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