About one in every four home-sellers with children describe their need to sell as “very urgent.” This is compared to about one in seven homeowners without children at home. According to a new survey from the National Association of Realtors (NAR), homeowners with children under 18 have very different real estate habits than those who are childless. Those habits include a greater urgency to sell and seeking an agent they believe can sell their property quickly.
Homeowners with Kids at Home Have Different Priorities
According to NAR President Elizabeth Mendenhall, “buying a house is rarely just a financial transaction, especially when children are involved.”
Mendenhall also noted the enormous role that schools’ quality and proximity play in purchasing decisions. Buyers with children also purchase larger homes (2,100 square feet with four bedrooms, two baths) than those without (2,650 square feet and three bedrooms).
Additionally, homeowners with children at home are more likely to delay their home purchase due to childcare expenses. When they do make a purchase, they were likely to compromise on the home’s size, price, condition, style, and distance from their job.
As far as methods of transactions are concerned, most people in both groups used professional assistance. The majority (87 percent) of both populations said they purchased their home through a real estate agent. Around 40 percent of both groups said they were referred to an agent by a friend, neighbor, or relative. About 12 percent of both groups used the same agent previously to purchase or sell a home.