A new report from the National Association of Realtors, 2019 Moving With Kids, explores the various home buying habits and seller preferences of those who have children under the age of 18 years old living in the home.
The report found that buyers with children living in their homes were likely to be drawn to specific neighborhood characteristics. 53% of buyers with children considered a neighborhood based on the quality of the school districts, and 50% selected based on convenience to schools.
“Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home,” said Lawrence Yun, NAR’s chief economist.
31% said they compromised on the condition of the home, while another 31% said they compromised on the size of the home. Twenty-four percent reported to have compromised on the price of the home.
More than half of all buyers, regardless of children, said that finding the right property was the most difficult stage in the process.
Among the home buyers with children living in the household, 86% purchased their home with the help of a real estate agent. Similarly, 87% of home buyers without children enlisted the services of a real estate agent when making their home purchase.
While both buyers with children and those without utilized an agent, the preferences regarding agent interaction were different. Of those buyers without children, 74% said they wanted their agent to phone directly when relaying information about new real estate activity. 67% of buyers with children preferred that their agent make contact about properties via text message.
26% of buyers with children had to postpone their home buying process because of child care expenses. With child care costs in play, some buyers had to ultimately make compromises and concessions on the properties.
23% of sellers with children reported that they sold their home “very urgently.” Only 14% of buyers with no children said they had to sell their home quickly.
For buyers with children under the age of 18 years in the home, they purchased larger homes at 2,110 square feet in size with 4 bedrooms and 2 full bathrooms.
What do you find is the most difficult part about moving with kids? What kinds of homes are you looking for and in what areas?
To read the full article click here: https://www.nar.realtor/research-and-statistics/research-reports/moving-with-kids
Courtesy of NAR Research