Report: Kids Have Big Say in Real Estate
Buyers with children put more weight on the neighborhood, local schools, and size of homes when shopping for the right property, according to the 2017 Moving With Kids report, produced by the National Association of REALTORS®.
The neighborhood, in particular, has a big influence on home buyers with children under the age of 18. Forty-nine percent of buyers who have children consider the neighborhood based on the quality of the school district, and 43 percent choose a neighborhood by the convenience to schools, according to the report.
Buyers with children also tended to purchase a larger home, at 2,100 square feet with four bedrooms and two full bathrooms. Buyers with no children tend to prefer a home with three bedrooms and two bathrooms at an average of 1,800 square feet.
Many buyers with children also say child care expenses can delay their home purchase. Twenty-two percent of buyers surveyed said they had to delay their home purchase due to the costs of child care. Also, they reported having to compromise on the price, style, and size of the home they purchased, according to the NAR report.
Sellers with kids also have unique needs. One notable need is that they usually have to sell their homes faster. Twenty-six percent of owners with children under the age of 18 sold their home urgently compared to 14 percent of owners with no children at home. The main reasons for selling a home for sellers with children were that the home was too small or they faced a job relocation or a change in their family situation.
Source: “2017 Moving With Kids,” National Association of REALTORS® (Aug. 21, 2017)