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    Real Estate
    Friday, April 19, 2024

    NAR report looks at influence of kids on buying and selling decisions

    Buyers with children are more likely to purchase larger homes and be influenced by a community's schools, according to a report by the National Association of Realtors. Homeowners with children were also more likely to feel a sense of urgency when selling, and to move in order to purchase a larger home.

    The report is based on the National Association of Realtors' 2016 Profile of Home Buyers and Sellers. The organization received a total of 5,465 responses from people who had bought or sold a home between July 2015 and June 2016.

    School factors were much more likely to influence a buyer if they had children under the age of 18 than if there were no children in the household. Forty-nine percent said they considered the quality of the school district to be an important factor when buying a home, while just 12 percent of those without children felt the same. Forty-three percent of buyers with young children said it was important that their home be convenient to schools, compared to just 6 percent of those without children.

    Among buyers with children, the typical purchase was a 2,100-square-foot detached single-family home with four bedrooms and two bathrooms. Buyers without children usually purchased smaller residences, with an average size of 1,800 square feet, three bedrooms, and two bathrooms.

    Child care costs had some impact on buyers with children, with 22 percent saying these expenses delayed their purchase. Most buyers who paid for child care had to make some compromises when buying a home, with only 16 percent saying they did not have to compromise on any of their favored home qualities.

    Buyers with children and child care expenses were most likely to compromise on the price of the home, with 26 percent saying they did so. Twenty-five percent compromised on the home style, 24 percent compromised on the size of the home or its distance from their workplace, and 20 percent compromised on the home's condition. Buyers with child care expenses were less likely to compromise on the quality of the schools (7 percent), the quality of the neighborhood (4 percent), and the distance to the schools (2 percent).

    Among sellers with children, 44 percent said there was some urgency in finding a buyer since they wanted to move within a reasonable amount of time. Twenty-six percent said there was a great deal of urgency and they were trying to sell the home as quickly as possible. Thirty percent said there was no urgency and they were waiting for the right offer before moving.

    Nearly half of all sellers without children in the home—47 percent—said the sale was not urgent. Thirty-nine percent said there was some urgency, and 14 percent said it was very urgent.

    Sellers with children were most likely to say they were moving because their current home was too small. Twenty-nine percent said they were moving for this reason, compared to just 9 percent among sellers without children.

    Another notable contrast between buyers with children and buyers without children was the decision to move closer to friends or family. Eighteen percent of sellers without children said they were moving for this reason, while just 5 percent of those with children said the same.

    There was little difference between those with children and those without children in other considerations. Fifty-six percent of buyers with children and 51 percent of those without children said finding the right property was the most difficult part of their home search. About nine out of every 10 buyers used a real estate agent for the transaction, with most choosing their agent through a referral by a friend, neighbor, or relative.

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