With back to school season approaching, a new survey shines some light on the preferences of homebuyers with children under 18 versus those without.
The National Association of Realtors’ 2019 Moving with Kids report confirms that homebuyers with kids, of course, want to live in the best school districts. In fact, 53% consider neighborhoods based on quality of the school district and 50% want those that are convenient for schools.
"Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home," said Lawrence Yun, NAR's chief economist. "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."
Working with agents
The survey found that both sets of homebuyers are likely to work with a real estate agent to make their final selection (88% with kids, 87% without).
Perhaps more surprising is that homebuyers with kids have different preferences for how that want to work with real estate agents.
For example, of those buyers without children 74% said they wanted their agent to phone directly when relaying information about new real estate activity while 67% of buyers with children preferred that their agent make contact about properties via text message.
"The report's findings showed that both buyers and sellers, especially those with kids, are often dealing with a time crunch of some sort, trying to house hunt while simultaneously raising a family," said NAR President John Smaby. "Tech-savvy Realtors® recognize this predicament and are meeting clients' needs by contacting them via smartphone and text message."
The survey found that those with children may have to delay their home purchase due to childcare expenses – 26% said they had done so.
They may also have to compromise on the condition of the home they buy (31% said so), its size (also 31%), or its price (24%).
For the speed of selling their home, 46% of those with children in the home said they had to sell somewhat urgently, while just under half of those with no children in the household said they were able to wait for the right offer.
"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," said Yun.
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