Nesting is the new flipping, in real estate
Posted by Colorado Group Realty on Monday, December 7th, 2009 at 11:31am.If flippers were the poster children of the real estate boom, then nesters are becoming the icons of the new housing market.
"We saw a nesting reaction after 9/11, but we're seeing a stronger nesting reaction now," said Bob Peterson, president of ABD Design/Build in Fort Collins, CO. People who have the money are fixing up what they have."
A proportionally bigger share of the home construction dollar --20% more during the first three quarters of 2009 compared with the same period last year -- now goes to the home improvements, according the US Census Bureau. In October, remodeling spending increased 8.7% compared with September to an annualized rate of $114 billion.
Jeff Hunt, vice president of Houston-based Brothers Strong remodelers, said that after a long slow period last fall, his business took off. "About August 1, all the stuff in our pipeline broke loose all at once, and since then we have been so busy we can't see straight."
An added incentive spurring remodeling is the $1,500 federal tax credit for home improvements that raise energy efficiency. Jobs replacing windows and doors, heating and air conditioning systems, new roofs and adding insulation can qualify.
cnnmoney.com
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