Top Priorities When Moving with Kids
With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more. Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:
When Purchasing a Home
The major difference between the home buyers who have children and those who do not is the importance of the neighborhood. In fact, 53% of families with children said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.
Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet. Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.
When Selling a Home
Of those polled, 23% of buyers with children sold their home “very urgently,” and 46% indicated “somewhat urgently, within a reasonable time frame.” Selling with urgency can pressure sellers to accept offers that are not in their favor.
Lawrence Yun, Chief Economist at NAR explains, “When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”
For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.
Buying or selling a home can be driven by different priorities when you are also raising a family. We invite you to visit us at hfamiami.com for information on our first time home buyer mortgage and generous down payment and closing cost assistance programs.