5 Types Of Buyers Will Be Rushing Into The Housing Market In 2013

From Businessfinder.com

With the housing market bottoming in 2012, economists and other experts are becoming increasingly optimistic about the U.S. housing market in 2013.

From John  Burns Real Estate Consulting: “Assuming our leaders in DC come to some sort  of agreement that keeps the economy growing and interest rates low, which seems  like the most reasonable assumption, here is what will happen,”

  • Investors: Investors and, yes, even flippers will continue  to grow in numbers as they realize housing is the best risk-adjusted return on  their money.
  • Boomerang buyers: Foreclosed homeowners, who are currently  renting homes, will come back in droves. In Phoenix, they are paying $1,300 in  rent for a home whose mortgage payment would be $1,000. That situation is not  sustainable. The Federal Housing Administration and Department of Veterans  Affairs have low down payment programs with insurance premiums that push rates  near 5.0%. Those payments are still very affordable.
  • Entry-level buyers: First-time homeowners, who have been  sitting on the sidelines waiting for a sign of the bottom, will hear about price  increases in their desired neighborhood and rush to become homeowners.
  • Move-down buyers: Empty nesters and retirees, who have  plenty of equity  in their existing home, will buy a home that is more suitable to their current  lifestyle, which may or may not include adult children as well as their aging  parents.
  • Moveup buyers: The price appreciation that occurred in the  last year has already lifted 1 million underwater homeowners above water with  future price appreciation to lift them even more.

All good signs.

Read more:  http://www.businessinsider.com/john-burns-2013-housing-market-outlook-2012-12#ixzz2GpNRVWEJ

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A new housing boom

From CNN Money

The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom.

Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.

But while many economists believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger.

Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015.

“In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts,” said Stephen Kim, an analyst with Barclays, in a note to clients.

In addition to what Kim sees as a big rebound in building, he’s bullish on home prices, expecting rises of 5% to 7.5% a year.

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Stuff the Bus was a Success!!!

Stuff the BusReinhart South helped “Stuff the Bus” for Toys for Tots. We collected nearly 100 toys per hour!! Thank you to Jaimie Parker and Sarah Kovalak for organizing this amazing event!

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Reinhart and Food Gatherers

The Charles Reinhart Company is proud to participate in gathering food for Washtenaw County’s Food Gatherers! A total of 980 pounds of food was donated!

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Pinterest Business Pages

Quick overview: the new Pinterest business pages

From Inman.com

By now you’ve probably noticed that Pinterest has introduced business accounts. Not much is new, but now there’s an easier transition if you’re a business versus an individual person. It doesn’t look as if there are any added SEO or analytics at this point, but in my opinion, it’s definitely a step in the right direction for this popular social media platform.

In terms of business, imagine the more businesses that join Pinterest and how large this community will grow and be willing and able to share your content. This will be a huge source of reach and growth for businesses alike.  Think of it as a vision board for potential clients, not just yourself.

There are new terms of service too so make sure to check those out if you’re thinking of starting a business page or converting from a personal account.

Pinterest also gives a handy list of best practices to consider when you convert to your business page:

  • Verifying your website
  • Creating inspiring boards
  • Sharing your business values (what you care about)
  • Highlighting specials
  • Celebrating seasons and holidays
  • Adding a personal touch
  • Take the time to write a good description
  • Link to useful webpages
  • Collaborate with other pinners (perhaps someone in your community or on your team)
  • Ask questions
  • Promote your pins on other social media sites
  • Add the Pinterest follow and share button
  • Create Pinterest tabs on other social media sites

Like any personal Pinterest account, businesses have access to the newly released secret boards. The possibilities are endless – get creative with it. Don’t forget to check out the Goodies section too. The Board Widget looks like an awesome feature you can put up on your website.

As for Inman News and Inman Next, we’ve converted to the business format so check us out, follow the boards you’re interested in and share with your fellow Pinners. We’re always pinning new content, our webinars and special eye-candy for Real Estate Connect in New York City. Join us, won’t you?

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Help Us Stuff the Bus!! Donate Toys!

Saturday, December 1st – 10am to 5pm

Reinhart South will have an empty AATA bus at the Toys R Us parking lot at Arborland. Our goal is to fill the bus with new, unwrapped toys. All of the toys donated will go to local children in need in Washtenaw County. In association with Toys for Tots!

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How to Spot Hidden Problems in Older Homes

How to spot hidden problems in older homes

ZillowBy Richard Taylor | Zillow – Wed, Sep 26, 2012 1:49 PM EDT

“Yikes!” “Uh-oh …”
The homeowner and I were watching our contractor remove deck boards that concealed an area of a foundation wall that we thought might have settled.
The homeowner had noticed a problem when the front door began to stick, and an unmistakable settling of the floor under the door had soon followed.
The contractor and I assumed that water had caused the foundation to settle, leading to a drop of the floor system – a relatively common problem in older homes that is sometimes easily stabilized and repaired.

Photo: Zillow
At this house, however, the problem looked much worse. A large section of the band board – a strip of lumber that surrounds the floor system – was completely rotted. We’d expected some damage to the band since we were sure that water (the cause of the rotting) was the culprit in the foundation settling.
But here the foundation looked intact. It was the band itself that had collapsed, causing the floor system to drop several inches. Worse yet, the damage extended well into the floor joists.
Ugh. Which one of us was going to give the homeowner the bad news – her minor settling problem in the house she’d recently purchased was rapidly becoming a very expensive major repair?
Not aging gracefully
Problems in older homes are often well hidden. More often than not, serious damage doesn’t show any symptoms until the damage is significant and expensive.
There are clues, but even trained eyes sometimes have difficulty telling normal wear and tear from the signs of serious underlying problems.

Most old-home problems, however, have predictable causes and if you know where to look you can find hints that might lead you to discover concealed damage.
Find the problems early enough and you might be able to fix them relatively easily, or keep yourself from buying into unexpected expensive repairs.

H-2-Oh no!
Photo: Zillow
Water is the number one cause of damage in all homes, especially older ones. Look for missing or damaged roof shingles, rotted or loose trim boards, and disconnected or plugged-up gutters and downspouts.
Problems with gutters and downspouts are the biggest cause of water damage – they must be cleaned and checked regularly.
If you’re looking to buy an older home, check the condition of the gutters and downspouts – they’re big clue to finding hidden water problems elsewhere in the house.
As the ground around a home settles naturally, it can slope in toward the house and begin directing water at the foundation wall. Modern waterproofing systems can delay the subsequent damage for a while, but older homes don’t have sophisticated waterproofing systems – if they have any at all. Many very old homes have porous stone foundations that have no ability to repel ground water.
Check the grade at the perimeter of the house – settling near the foundation may indicate water in the basement.

Plug it in

Photo: Zillow
When your grandparents’ family gathered around the Philco radio in the 1930’s listening to the Jack Benny Show they weren’t putting much of a load on the house’s electrical system – the radio and a lamp or two may have been the only electrical appliances in the house. But now there’s a TV in every bedroom; two or three computers; dozens of light fixtures; and a whole kitchen full of modern electrical conveniences. The appliances have grown – has the electrical system kept pace?
Each fixture or appliance “draws” power from outside in the form of amps; the more fixtures, the more amperage required. If the fixtures need more amps than the electrical system is rated for, the system can overheat, spark, or fail entirely – all potential fire hazards.
Any home over 40 years old is a likely candidate for having an outdated electrical system. Check the electrical panel for the amperage rating – modern homes require at least 100 amps and many require much more. Older homes may have “fuse boxes” rated for 60 amps or less.

Check any visible wiring to see if it’s made of aluminum, which is also considered a fire hazard and was discontinued decades ago. Look around the house – are there lots of extension cords and plug adapters? Are there “burn marks” around some switches and outlets? Are there rooms without any outlets at all? Replacing an electrical system to remove safety risks or to bring the system up to current codes can be a very expensive project.

Home sweet (old) home If you own an old house, keep up with the maintenance to prevent costly repairs. If you’re thinking about buying one, check carefully for the signs of hidden damage and unsafe conditions first – a little detective work might keep you from saying “Yikes!” one day.

Richard Taylor is a residential architect based in Dublin, Ohio and is a contributor to Zillow Blog. Connect with him at http://www.rtastudio.com/index.htm.
 

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