revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.
Cost vs. Value Report says you could spend on a minor kitchen remodel. Hang ‘em high. Put wire racks on the wall above your sink, add S-hooks, and hang cooking utensils. It’ll free up a drawer or two. The backsplash area—the wall area right above the sink and countertops—is often underutilized and a great place for easy-to-clean, stainless steel racks and shelves. Cost: $50 to $200. Nooks and crannies. Bare walls above a phone nook or cabinets, and underneath windows, beg for storage. Make use of that open space above your cabinets with store-bought shelves and brackets painted to match the cabinets. Cost: Less than $200. For a built-in look, build a soffit above the shelves. Cost: less than $2,000. A freestanding window seat stores rarely used kitchen gadgets and provides additional seating. Cost: $200 to $500. Cool it already. Do you really need a behemoth 36-inch-wide refrigerator that looks like an entertainment center? Downsize to an 18-cubic-foot refrigerator. If your refrigerator stands at the end of your cabinets, as most do, downsizing could save a foot of space—enough for shelving to store dishes, canned goods, and supplies. Cost: Less than $500. Don’t need much room for perishables in your small kitchen? Try an under-the-counter 5.7-cubic-foot fridge. Cost: $1,200. Nuke the clutter. Get the microwave off the counter and into a drawer. Cost: Less than $800. Pull-outs. Cutting boards that hide inside your cabinets do double-duty as small kitchen tables or a bill-paying station. Caution: It’s tough to add these to existing cabinets. Consider them as a custom add-on when ordering new cabinets. Cost: $300 or less, plus the cabinets. Some custom cabinets offer a “drawer” that actually hides a 36-inch extension table. Cost: About $1,000. Borrow some space. Pantries are easy to create from a nearby closet using shelves and roll-out wire bins from a home improvement center. Cost: $200 to $500. For a fancier solution, architect Sarah Susanka of Not So Big House suggests using store-bought shelving units and building them into a hallway space. Cost for a 10-foot hallway: $5,000 to $7,500. Read more: http://www.houselogic.com/home-advice/home-improvement/small-kitchen-space-savers/#ixzz2ChRzVFEo
A few days before Thanksgiving 1. Install a dimmer switch for the bulb’s lifespan. Most CFLs don’t work with dimmers, but you can create mood lighting with incandescents and LEDs. The dimmer switch will cost you about $10.
2. Plan side dishes that can cook simultaneously with the turkey. If you cook dishes at the same temperature at the same time, you’ll reduce the amount of time the oven has to be running — it’s easier for the cook and saves energy, too. When you start cooking 3. Lower your house thermostat a few degrees. The oven will keep the house warm. You also can turn on your ceiling fan so it sucks air up, distributing heat throughout the room. 4. Use ceramic or glass pans — you can turn down the oven’s temp by up to 25 degrees and get the same results. That’s because these materials retain heat so well, they’ll continue cooking food even after being removed from the oven. 5. Use your oven’s convection feature. When heated air is circulated around the food, it reduces the required temperature and cooking time. You’ll cut your energy use by about 20%. 6. Cook in the microwave whenever possible. Ditto slow cookers. Microwaves get the job done quickly, and although slow cookers take much longer, they still use less energy than the oven. Resist the urge to peek inside your Compost your non-meat food waste. Check out these other Thanksgiving clean-up tips. 9. Use your dishwasher. It saves energy and water, so only hand-wash things that aren’t dishwasher-safe. Wait until you’ve got a full load before starting the dishwasher. Be sure to stop the appliance before the heated dry cycle; just open the door and let your dishes air-dry.Read more: http://www.houselogic.com/home-advice/saving-energy/how-to-use-less-energy-thanksgiving-day/#ixzz2ChRQlaLn
Trulia Rent Monitor where they revealed that rental prices have increased dramatically in the last year.
“Nationally, rent gains continued to outpace home price increases in October, rising by 5.1 percent.”Based on the concept of supply and demand, we believe rental prices will continue to substantially increase over the next few years. The long-run 30-year average increase in multifamily rental households is 200,000 each year. Over the next few years, those numbers will more than double to over 500,000 each year. Freddie Mac in their latest report, Multifamily Research Perspectives, projects housing demand going forward.
“Given assumptions consistent with economic growth slightly slower than long run averages, multifamily demand is likely to be in the range of 1.7 million net new renter households between now and 2015.”The cost of owning a home will begin to increase as both prices and mortgage rates are expected to inch up in 2013. Perhaps now is the perfect time to lock in your long term housing expense by purchasing your own home. -KCM