Take Advantage of the Hottest Housing Market With Home Equity Loans
Las Vegas is much more than a tourist destination. It has just been ranked as the number one place to buy or sell a home in the United States. Our housing market is red hot right now — which means it’s the perfect time to get home equity loans from Clark County Credit Union.
Hottest Housing Market in the Nation
There are three key reasons the Las Vegas housing market has spiked so high:
- Many residents from our neighboring state of California are choosing to relocate and become homeowners in the Las Vegas area.
- Although our residential population is increasing, our availability of homes is not. Contractors are breaking ground on new apartments and condominiums all over the valley. The rate of new homes being built, however, is nowhere near as prevalent.
- Simply put, there just aren’t enough new homes available for purchase which causes newly listed properties to sell quite rapidly.
With the fastest growing home prices in the nation, existing homeowners who are considering selling their homes are in an advantageous position. If you’re considering remodeling or performing home improvements on your house and listing it on the market, a home equity loan may be the perfect solution for your family.
Taking Advantage of the Housing Market Highs With Home Equity Loans
CNBC reports that at least one-quarter of American homeowners are considered “equity rich.” This means the outstanding mortgage balance left on the property is worth less than half of their present home value. In plain terms: many homeowners may stand to make a profit off of selling their homes, even after investing in remodels or repairs. Couple this with the greater accessibility of home equity loans, and many homeowners find selling their Las Vegas houses to be an attractive idea.
Benefits of Home Equity Loans
If you’ve thought about potentially using the equity in your home to pay for major expenses like remodeling your house, a home equity loan is a wise way to finance these projects. There are many benefits and unique advantages when taking out a home equity loan:
- Fixed rate: Typically, these types of loans will carry a fixed interest rate lower than other loans may offer.
- Lump sum payments: Instead of receiving the money in installments, you can receive your equity in a single payment to allow you the flexibility to spend it as necessary.
- Tax deductions: The interest you pay on a home equity loan may also be tax deductible, especially if it’s used for home renovations.
Home Equity Line of Credit Through Clark County Credit Union
If you need ongoing access funding for your home remodeling project, consider taking out a Home Equity Line of Credit from Clark County Credit Union. Borrow as little as you need, and pay easily through your CCCU account. Contact us at 702-228-2228 to learn more about home equity loans and discuss your options.