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

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 digs. Researchers add that prospective buyers might have to pay more to get what they want, as seller optimism is on pace to reach a four-year high. The Tracker notes that 65 percent 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,” remarks 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.” While it may very well be a buyer’s market this coming spring and summer, there appears to still be room for concessions, A full 71 percent of prospective sellers surveyed say they are more willing to sweeten the deal — an increase from 60 percent in 2010. | Read More