Fewer Americans Plan to Move in 2015, More to Renovate
A nationwide survey by American Express reports that 27.8 million Americans, or 12 percent of the population, plan to move this year, down from 16 percent last year.
Also, more people believe it's a seller's market and fewer people say it’s a buyer’s market.
2015: 37 percent says it's a buyer's market, 25 percent say it's a seller's market.
2014: 39 percent says it's a buyer's market, 20 percent say it's a seller's market.
2013: 45 percent says it's a buyer's market, 12 percent say it's a seller's market.
“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.”
Top projects this year include:
- Redoing a kitchen or bathroom (40% vs. 35% in 2014)
- Cosmetic work, like painting (31%, same as 2014)
- Improving landscaping (22%, same as 2014)
- Installing new flooring (21% vs. 19% in 2014)
- Building/redoing a deck or patio (12% vs. 14% in 2014)
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.