Data released by American Express on Tuesday showed more Americans are planning a move in 2014 as even more plan to purchase a new home.
According to the American Express Spending & Saving Tracker, 16 percent of Americans are planning to move in 2014, compared to 10 percent in 2012. Of those planning to move, 46 percent plan to purchase a new home or condo, while 44 percent plan to rent.
Seller confidence has reached a four-year high, with 65 percent indicating that they feel confidence about getting their asking price—an increase of 25 percent over 2010.
“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,” David Rabkin, the senior vice president of consumer lending products at AmEx, said. “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.”
While more sellers are confident in getting what they ask for, buyer confidence has been on the decline. Only 30 percent of Americans said the market is ideal for buyers, compared to 47 percent in 2010.
A majority of sellers, however, said they are more willing to make the deal attractive to buyers—a trend that has been on the rise since 2010—but, many sellers maintain that they will de-prioritize certain improvements that may help sell the property more quickly.
Regardless of consumers’ plans to move or stay, approximately three in four plan to make a home improvement this year. Almost 75 percent plan to complete do-it-yourself projects this year, while fewer plan to hire a contractor to complete the work.