In real estate, nesting is the new flipping

[FarCenter]

http://money.cnn.com/2009/12/04/real_estate/remodeling_picks_up/index.htm?cnn=yes
As homeowners struggle to sell their homes, many are deciding to stay put and invest in properties they already love.

Last Updated: December 4, 2009: 7:55 AM ET

NEW YORK (CNNMoney.com) -- 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 Ft. Collins Colo. 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 home improvements, according to the U.S. 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 starting early last fall, his business took off. "About Aug. 1, all the stuff in our pipeline broke loose all at once, and since then we've been so busy we can't see straight."

Most of his projects are for nesters planning to stay. "Many people consider buying to get more space but when they look at all the costs they figure it makes sense to stay put," said Hunt. "They say, "I like my house, my neighbors, the schools.' Of course they do. That's why they bought the house in the first place."

<SNIP>
Probably accounts for some "off the books" employment, as well.

[azmouse]

1. They are rediscovering the meaning of home.

I'm glad.

[boobooday]

2. This is a great service to the community as well

Keeping the old housing stock maintained and updated, and refreshing older neighborhoods.

Just this morning I was sending out props to some soul who lived in my 60 year old house a long time ago, and put some serious love into making sure that there were bushes or trees or plants flowering 365 days a year.

And to the more recent owner who restored the beautiful, original wood floors. I thought about how they did it to improve their home, but how I am enjoying it all these years later as well.