A recent survey reveals that Americans still aren't confident about the housing market. As YNN's Erin Clarke tells us instead of buying a new home many Americans are staying put and investing in their current abodes.
UNITED STATES -- Business is picking up at Hunt Real Estate in Geddes.
"We've made leaps and bounds over the last, especially in the last 30 to 45 days. We came out of a slower winter, but the weather and the interest rates, two things that have been very warm and I think it's helping," said Hunt Real Estate Broker Associate, Dave Manzano.
But according to a recent American Express survey that isn't the case nationally. Only 10 percent of Americans are planning to buy a home compared to 70 percent who say they will remodel their current one.
"What we're finding is people love the area, want to stay in the area instead of just moving into another house they fix up the house that they've got," said McClurg Remodeling and Construction President, Scott McClurg.
The average investment planned by homeowners is about $3600, but home improvement stores are still getting inquiries about projects that cost more.
"A lot of remodeling, bathrooms kitchens. We're selling a lot of in stock cabinets," said Lowe's Assistant Store Manager, Marty Sincebaugh.
And according to those surveyed, many more are going the do-it-yourself route.
"A lot of people start off with paint. That's like the biggest home improvement out there," said Sincebaugh.
Regardless of which path is taken, improvements can be beneficial if homeowners change their minds down the line and want to sell.
"Tastefully, tactfully done remodels will help you sell a house," said McClurg.
Changes that are part of a trend of sellers making concessions to get their homes sold.
"Sellers conceding to pay buyers' closing costs that has been fairly popular as a negotiative item," said Manzano.
Signs that the housing market is still experiencing ups and downs and consumers are waiting to see how it all plays out.
The American Express Survey was conducted online among a random sample of adults between March 2nd and 5th.