According to a new survey by American Express, the majority of homeowners surveyed (53%) believe a seller's market is two or more years away, yet investing in their current home remains a priority. In fact, 62 percent of homeowners plan to embark on home improvement projects in 2010 and spend an average of $6,200 on enhancements. The latest monthly American Express Spending & Saving Tracker investigated consumers' sentiments toward the current housing market, outlook for the future, and intentions to enhance property appearance and value.
Key Findings:
· 85 percent of homeowners consider their homes to be their most valuable asset and are more than twice as likely as renters to invest in home improvement projects this year (62% versus 24% respectively).
· Young professional (86%) and affluent (72%) homeowners will embark on these projects more so than the general population of homeowners this year.
· Of the home improvement plans being tackled by homeowners:
The majority (53%) involve indoor remodeling, with cosmetic work (36%), redoing a room (25%), and installing new flooring (14%) topping the list.
· More than two in five (43%) homeowners are making a conscious effort to invest in green solutions when choosing home improvement materials.
Thinking of investing in your home and not sure if it is worth it? Give me a call we can review what you are planning on doing and seeing if it will be worth your time and $money$.
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