Home buyers take many factors into consideration during their home search. Price, size, location are a few that top the list for many. When home buyers have children living at home, the search can get more complicated and additional criteria can narrow the field of prospective homes.
In a recent article published in HousingWire, Alcynna Lloyd details how home buyers with children versus home buyers without children vary in their home buying process. With a nod to the season of “back to school”, Lloyd references a report from the National Association of Realtors where NAR chief economist Lawrence Yun said. “Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district.”
Confirming what many assumed to be true, the report details that more than half of home buyers that have children living at home base their search criteria on the neighborhood’s school district. In comparison, only 10% of home buyers without children take the school district into consideration when making their home purchase.
Additionally, childless homeowners do not feel as much pressure to sell a home quickly. Only 14% indicated that when selling a home, speed of sale was an issue. In contrast, 23% of homeowners with children reported selling their home with a sense of urgency. Perhaps the timing of a school year approaching, feeling that they have outgrown a home or other financial factors influenced these households. Nevertheless, they may be more likely to accept an offer that is not ideal.
Read the entire article.
Photo Credit: Marco Verch