According to the Pew Research Center, by now most students are back to school and started the new academic year. 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% 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."
Buying or selling a home can be driven by different priorities when you are also raising a family. If you're a seller with children and looking to relocate, now or later, contact me to help you navigate the process in the most reasonable time frame for you and your family.