Nesting: The New Trend In Homes
While the home buyer’s credit has spurred people towards buying new homes, it still has yet to show the same stimulus for people wanting to upgrade their homes. As part of the home buyer’s credit extension, there is a tax credit now for existing home owners, but it’s only $6,500 compared to the $8,000 maximum for new home buyers. Once existing home owners take into account moving costs, additional utilities costs for bigger homes, and closing costs, many have made up their mind to stay put. This is especially true where real estate markets have depressed prices and they can’t get as much as they want for selling. Housing prices predictions show many homes have lost value in the market and will be slow to recover such that selling, even with a home buyers credit, is not going to be the best decision. Instead, a new trend is arising: nesting. (more…)
While the home buyer’s credit has spurred people towards buying new homes, it still has yet to show the same stimulus for people wanting to upgrade their homes. As part of the home buyer’s credit extension, there is a tax credit now for existing home owners, but it’s only $6,500 compared to the $8,000 maximum for new home buyers. Once existing home owners take into account moving costs, additional utilities costs for bigger homes, and closing costs, many have made up their mind to stay put. This is especially true where real estate markets have depressed prices and they can’t get as much as they want for selling. Housing prices predictions show many homes have lost value in the market and will be slow to recover such that selling, even with a home buyers credit, is not going to be the best decision. Instead, a new trend is arising: nesting. (more…)
The Case-Shiller index may have good news for homeowners recently, with a rise of 1.4 percent in housing prices in the first quarter. That’s not as good news as it is for homebuyers, however, since the over all drop in housing prices is 15% since the same quarter last year. What this combined set of data shows is that we may be turning the corner in some housing markets. If you’ve wanted to buy in some of the
There is some good news during this recession. If you’re in your mid to late 20’s, have a job, and are looking for a home, there are some great real estate deals out there. Securing a mortgage may be tougher, but banks are keen to make sure you can maintain the mortgage, leaving you less open to defaulting. Getting into a
While there might still be a few advisors on television telling everyone that the housing market is doing splendidly, it seems that everyone has finally begun admitting that there is truly a crisis brewing. House market predictions made in the last year have generally been kinder than reality, and many places are seeing significant declines in property values. It is a global problem as well, not just here in the U.S. 

