Real Estate Rebound: 37.5 Million Americans Plan To Move This Year

Real Estate Rebound: 37.5 Million Americans Plan To Move This Year
With the real estate market rebounding, 16% of Americans are planning to move in 2014 (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.)
“All 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.”
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.