Real Estate 2015 Trends: Fewer to Move, More to Renovate
March 27 2015 - 5:10AM
Business Wire
Americans more likely to stay put, though
Californians and New Yorkers will move more frequently
Green home improvement projects on the rise,
but fewer Americans want to DIY
27.8 million Americans, or 12% of the population, plan to move
this year, down from last year’s 16%, according to the latest
American Express Spending & Saving Tracker. Though more are
staying put, two of the country’s most densely populated states,
California and New York, are setting a more aggressive pace, with
19% and 17% of their residents making a move, respectively.
Download the American Express Spending & Saving Tracker
Overall, the survey findings reflect the housing market’s
continued recovery. Fewer people say it’s a buyer’s market, while a
quarter now feel we’re in a seller’s market, a significant increase
from just three years ago.
Year It’s a Buyer’s Market
It’s a Seller’s Market 2015
37% 25% 2014
39% 20% 2013 45%
12%
More to Trade New Houses for Improved Homes; Ditch DIY for
Contractors
As more Americans decide to stay in their current housing,
widespread home improvements will continue (75% vs. 73% in 2014),
spending about the same as last year, on average, for projects
($4,100 vs. $4,000 in 2014).
While there’s little change in the amount of people doing home
improvements, there’s a shift in who will complete them. More are
turning to contractors to make their home improvement vision a
reality (21% vs. 15% in 2014), over opting for the DIY approach.
Those that say they will commit the time and energy to DIY declined
significantly this year (65% vs. 72% in 2014).
“Retailers can expect to see more interest in home-related
purchases - everything from furniture and fixtures to paint and
plants,” said David Rabkin, SVP of Consumer Lending Products,
American Express. “While fewer people are planning to move this
year, they are investing in home improvement projects, and more are
turning to professionals for help.”
In general, Americans will focus more on remodeling indoor
spaces instead of outdoor (65% vs. 39%) Top projects this year
include:
- Redoing a kitchen or bathroom (40% vs.
35% in 2014)
- Cosmetic work, like painting (31%, on
par with 2014)
- Improving landscaping (22%, on par with
2014)
- Installing new flooring (21% vs. 19% in
2014)
- Building/redoing a deck or patio (12%
vs. 14% in 2014)
Also more common this year are green home improvement plan (52%
vs. 48% in 2014), like getting more efficient windows and doors
(31% vs. 28% in 2014) or alternative energy systems (30% vs. 14% in
2014). The survey also oversampled Americans in the four largest
states, and found that New Yorkers (64%) and Floridians (63%) are
setting the pace for green home improvement, beating out California
(62%), known as one of the nation’s “greener” states.
For Americans embarking on home improvement projects this year,
home design TV shows provide homeowners with their biggest source
of inspiration (37% vs. 38% in 2014). Similarly online magazines
and DIY-themed blogs (32% vs. 30% in 2014) as well as social media
sites (22% vs. 19% in 2014) also serve to inspire.
About the American Express Spending & Saving
Tracker
The American Express Spending & Saving Tracker research was
completed online among a random sample of 1,882 adults, including
the general U.S. population, as well as an affluent demographic
defined by a minimum annual household income of $100,000.
Interviewing was conducted by Ebiquity between February 25 – March
3, 2015. The results have an overall margin of error of +/- 2.3 at
the 95 percent level of confidence.
About American Express
American Express (NYSE:AXP) is a global services company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, foursquare.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products and services: charge and credit cards,
business credit cards, travel services, gift cards, prepaid cards,
merchant services, business travel, and corporate card.
About Ebiquity, Plc.
Ebiquity are independent marketing performance specialists.
Ebiquity enables brands across the world to make better informed
decisions to improve their brand and business performance across
integrated communications channels. Learn more at ebiquity.com.
Of the Americans moving, half say they will rent (up from 44% in
2014), and 46% will purchase their home (on par with last
year).
Among current home owners, 71% are confident they could get
asking price if they put their home on the market today, up
significantly from last year’s 65%. In fact 40% would not be
willing to settle for less (vs. 38% in 2014).
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150327005031/en/
American ExpressKimberly Litt,
212-640-0453kimberly.b.litt@aexp.com
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