Real Estate Rebound: 37.5 Million Americans Say They Plan to Move This Year | Be Korea-savvy

Real Estate Rebound: 37.5 Million Americans Say They Plan to Move This Year

More Plan to Buy a Home vs. Rent, Reversing a 2013 Trend  Seller Confidence Hits a Four-Year High (American Express/Business Wire)

More Plan to Buy a Home vs. Rent, Reversing a 2013 Trend Seller Confidence Hits a Four-Year High (American Express/Business Wire)

NEW YORK, Mar 19, 2014 (Korea Bizwire) – More Americans are planning to find a new nest to feather in 2014, with  16% planning to move (vs. 10% in 2012), according to the latest American  Express Spending & Saving Tracker. Among  those who plan to move, buying has become more popular than renting,  with more than 17 million Americans planning to purchase a home, condo  or co-op (46% vs. 43% in 2013) vs. 16 million intending to rent their  new pad, (44%, down from 47% in 2013.) Prospective buyers might have to  shell out more to get what they want, as seller optimism reaches a  four-year high, with 65% saying they feel confident in getting their  asking price, up 25% since 2010. 

View/Download  the American Express Spending & Saving Tracker 

“All of the costs associated with moving can really add up, but more  consumers are feeling confident that they can afford to put down new  roots,” said David Rabkin, SVP of Consumer Lending Products for American  Express. “With more people looking to purchase a home this year instead  of rent, and with seller confidence on the rise, it will create an  interesting push and pull as buyers and sellers negotiate.” 

More Confidence, Less Prep 

With seller confidence in a steady climb, only about a third of  Americans (30%) feel that it’s a buyer’s market, down from 47% in 2010.  However, there is still room for concessions, as most sellers (71%) say  they’re more willing to sweeten the deal, a trend that continues to  climb, up from 60% in 2010. 

Despite feeling more flexible on concessions, significantly more sellers  say they will de-prioritize certain improvements that might have been  done in the past specifically to help property sell more quickly: 

            2014           2013 
Make small repairs to the inside and out (i.e., leaky faucets, cracked windowpanes, damaged plaster)           40%           69% 
Paint the home’s interior           36%           55% 
Organize and remove clutter           36%           66% 
Improve landscaping           33%           49% 
Paint the home’s exterior           23%           38% 
Replace out of date appliances           19%           24% 
Hire a professional cleaning service           14%           18% 

Fewer Americans are taking advantage of low interest rates with just 21%  planning to refinance this year, down from 25% in 2013. Of those who do,  26% plan to use the savings to pay off debt or bills, down from 38% in  2013. 

Style Improvements and DIY Rising 

Regardless of whether they will move or stay put, nearly three quarters  of homeowners (73%) plan to make some type of home improvement this  year, spending $4,000 on average, on par with 2013. More Americans are  opting to take on home improvement projects themselves, with 72%  planning to “DIY” this year, up from 66% in 2010. Hiring a contractor to  handle the work is on the decline and down to 15% this year, compared to  22% in 2010. 

For the second year in a row, personal style is the biggest factor in  deciding to renovate (35% vs. 33% in 2013). While DIY and design TV  shows are among the most influential in providing home style  inspiration, more are finding inspiration from social media than in  years past (19% vs. 14% in 2013 and 7% in 2012). The top sources of  renovation inspiration are: 

            2014           2013 
DIY and design TV shows           38%           39% 
In store displays           35%           36% 
Online design and/or DIY web sites           30%           30% 
Home décor magazines           29%           29% 
Homes of friends, family and neighbors           29%           29% 
Social media sites           19%           14% 
Home décor catalogues           17%           19% 
Local design showrooms or model homes           15%           22% 
Advice from an interior designer           8%           8% 
Other           4%           4% 

About the American Express Spending & Saving Tracker 

The American  Express Spending & Saving Tracker research was completed online  among a random sample of 1,086 adults, including the general U.S.  population, as well as an Affluent demographic defined by a minimum  annual household income of $100,000. Interviewing was conducted by  Ebiquity, formerly Echo Research, between February 12 –14, 2014. The  results reported in this release have an overall margin of error of +/-   2.5 (total) at the 95 percent level of confidence. 

About American Express 

American Express is a global services company, providing customers with  access to products, insights and experiences that enrich lives and build  business success. Learn more at and  connect with us on,,,  and

Key links to products and services: charge  and credit cards, business  credit cards, travel  services, gift  cards, prepaid  cards, merchant  services, business  travel, and corporate  card

About EbiquityPlc 

Ebiquity provides independent data-driven insights to global media,  marketing and communications professionals to continuously improve  clients’ business performance. This includes specialized services in  research supporting creative testing, brand/advertising tracking,  corporate reputation, brand image, research for public relations and  thought leadership, global media/social media content analysis, and  communications research. Ebiquity acquired Echo Research in May, 2011  and Echo officially started conducting business under the Ebiquity name  on July 1, 2013. Learn more at

Source: American Express & EbiquityPlc (via BusinessWire)


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