According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already 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, especially if you’re thinking about expanding your family.
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 homebuyers 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.”
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.
Transitioning Between Homes
Regardless if you’re in the process of planning to sell a home or buy a home, moving with children bring forth a new set of experiences for your children, but it can also cause some anxiety or frustration, especially if you’re moving to a different state, or cross-country.
Get kids excited for a big move by including them in the house buying process! Let them see the home, help them pick out their bedrooms and let them give input on how to arrange furniture in their new space, or collaborate on paint colors to help them feel more like they’re “at home”. For young children a nightlight in their new bedroom is always an essential.
Thank you for reading our real estate and homeowner’s blog. We are Weichert Realtors – Barton Harris & Co. and we’re happy to have helped you learn more moving with kids.