Homeowners look to make home improvements as home values rise

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:

•      Establish a replenishing Home Equity Line of Credit for ongoing renovations
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•      Obtain a fixed rate Home Equity Term Loan for larger additions
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•      Apply for a unsecured Home Improvement Loan for small repairs

Whichever option works for you, you should shop around for the best rates.  Community Financial Credit Union offers great deals on all four options including home equity lines of credit as low as 2.50% APR*.

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.