Nesting

Those who have the means are fixing up their current homes. There is a lot more "nesting" going on lately as more and more people are inquiring into updating their property.

Many home owners are looking for more space but after looking at the options, decide to remodel instead of buy a new home. Often they find that they like their home, neighborhood, schools etc... That is why they bought it! Many times the numbers come out in favor of remodeling versus moving anyway.

Those in construction say that they are getting many more inquiring phone calls about remodel jobs but, because of the economy, are less likely to become a sale and if they do buy it is usually for less money. Good news Bad news. People are not quite able to spend like they did (bad news) but the interest is certainly there (good news). It is only a matter of time before the economy encourages those people to pull the trigger.

One thing holding back those who are interested in a remodel is financing. It is still quite difficult to get a loan and many of those having work done are paying in cash.

Another reason to do some updating around the house is the $1,500 federal tax credit for energy efficient home improvements. Not only will it lower your bills but also improve your tax return.

http://money.cnn.com/2009/12/04/real_estate/remodeling_picks_up/index.htm

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