37.5 million Americans plan to move this year

04/01/2014

37.5 million Americans plan to move this year

37.5 million Americans plan to move this year

NEW YORK – March 19, 2014 – According to the latest American Express Spending & Saving Tracker, more Americans intend to find a new place to call home in 2014 – with 16 percent planning to move compared to 10 percent in 2012.

Among those looking to pull up stakes, buying has become more popular than renting, with more than 17 million people planning to purchase a house, condominium or co-op, versus 16 million who expect to rent their new residence.

Homebuyers might have to pay more to get what they want, however. Seller optimism is on pace to reach a four-year high, according to the researchers. The Tracker finds that 65 percent of potential home sellers are confident they will get their asking price, a 25 percent increase since 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,” says David Rabkin, senior vice president 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.”

There appears to still be room for concessions. Of prospective sellers, 71 percent say they’re more willing to sweeten the deal – an increase from 60 percent in 2010.

Source: Herald Online (03/18/14)

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