Ten percent of Americans, or an estimated 23 million people, are planning to move to a new home, condo or apartment in 2012, according to the latest American Express survey of 1,500 consumers.
Of those, more than 10 million plan to make a housing purchase. Others intend to take on the challenge of building a home themselves. With access to essentials like crack sealer better than ever, it could be a great time to do so.
While this is a fraction of the population, the majority of homeowners, 70 percent, plan to undertake a home improvement project such as replacing their roof this year, according to American Express. If you’re interested in this too then visit TheRoofClinic.com. As we’re swiftly on our way to a more eco-friendly world, perhaps sustainable construction materials are going to be more of a primary concern in home improvement projects in the years to come. Recycled plastic is one such material and comes with many benefits, for example: recycled plastic fascia needs no maintenance.
Among those who seek new homes, there’s a close to even split between buyers and renters. Expected buyers, 44 percent, slightly outnumber those looking to rent, 42 percent.
Impeding more home buying and selling activity is a lack of confidence in the housing market, a sentiment consistent with last year’s AmEx survey. More than half (52 percent) are “not very/not at all confident” that they would get the asking prices for their home, if it were on the market today.
“While confidence in the real estate market has not changed significantly year over year, we are seeing an increase in consumer intent to spend on cosmetic improvements,” said Claire Bennett, EVP Loyalty & Membership Benefits, American Express. “Purchases of new furniture, appliances and even re-doing a room or outdoor space are all part of the upgrade equation.”
Most homeowners (70 percent) have home improvement plans this year and expect to spend an average of $3,500 on updating their homes, an increase in $100 from last year.