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As of February 2025, the average home value has surged to nearly $410,000 in the State of Connecticut, representing a 6% increase compared to last year. One good thing about higher home prices: they increase home values, which means homeowners are holding bigger equity stakes.
Home equity loans can be a powerful tool for homeowners looking to access cash for a variety of needs. Here’s why a home equity loan might be a smart choice in the current real estate market:
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Skip the Move, Improve: Given the competitive nature of the current real estate market, many homeowners are opting to improve their current properties rather than move. A home equity loan can be an ideal way to fund home improvements.
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Increase Your Home's Value: By investing in home improvements, you're not just upgrading your living space – you’re also increasing the market value of your property. Renovations like kitchen upgrades, bathroom remodels, or adding energy-efficient features can make your home more appealing to potential buyers in the future.
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Home Equity Rates Hit Recent Lows: Home equity line of credit rates have dropped considerably over the past few months, hitting its lowest level in two years making improvements more affordable.
Tap into your home's equity today. Turn to the experts at National Iron Bank to get started.
Excerpt from CBS News
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