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New research has found that 35 million Americans, or 15 percent of the population, plan to move in the coming year. That 35-million figure represents an increase of 50 percentfrom last year. Of those people looking to relocate, 43 percent plan to buy, while 47 percent anticipate renting.
Many people feel the housing market is favorable, which partly explains all the planned moves. Forty-five percent of consumers say that the next six months is the best time to sell their houses. And that optimism extends to the prices home sellers expect; 57 percent say that they think they can sell their homes for their asking prices, up from 21 percent who said the same last year.
Though a majority of homeowners are confident in their ability to sell their homes, they are also looking to sweeten the deal in a number of ways. Seventy percent of people say they will make a concession in selling their homes , ranging from throwing in appliances to paying closing costs.
Sellers are also looking to improve their odds by making a number of repairs around their homes. Fourteen percent say they will make improvements, with a majority of people saying they will spend $4,000 on repairs. Those fixes range from small repairs to painting, landscaping and the updating of bathrooms and out-of-date appliances.
Others are turning to less traditional means to aid the selling process. The number of people who have made energy-efficient upgrades to their homes has increased by 53 percentsince 2011. Homeowners have made simple fixes, including replacing doors and windows, fixing heating and ventilation, and implementing alternative energy systems.
"Consumers are investing in their homes this year across nearly every category, from DIY to new home furnishings," said David Rabkin, senior vice president of U.S. consumer lending products at American Express, which conducted the research. "Whether they're redoing one room or the whole house, there is a significant bump in spending that should bode well for many merchants."
Additionally, researchers found that people are also turning to social media in their quests to sell their homes. Fourteen percent of respondents say that they are using sites like Pinterest to sell their homes this year.
The research was based on the responses of 1,518 adults.