A recent article and survey by Zillow says that homebuyers with children can face greater struggles in the real estate market. While the summer is usually our slow time, there are still buyers and sellers out there and because school is out, more families are now looking to relocate and move.
Buying a home can be tricky but if you have small children, it can be far more stressful. According to Zillow research, parents with children under 18 are far more likely to exceed their budget and make a smaller down payment. However, there are also more likely to end up with a longer commute and smaller homes and they really want, especially in metro areas where home prices are exceedingly faster than wages.
Children’s needs are constantly changing and impossible to anticipate but parents are still trying to create homes and environments that they can thrive and grow in, but unfortunately, the budget does not support that type of housing in our area. Many people that might commute over an hour or more simply to afford the home they really want. Parents tend to have a long wish list when it comes to the houses they’re looking for and things that may be negotiable for folks without kids may seem mandatory for parents. Parents are looking for safety, great schools, fabulous communities and enrichment in their life. There’s also a need for more bedrooms, bathrooms, and private outdoor spaces.
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Community amenities, close access to parks, coffee shops, shopping, and community events are also a huge draw for many parents. Location is key but it can be a dealbreaker for many parents who need access to daycare, great schools, and of course work. Sometimes it’s a trade-off because if you’re spending hours in your commute time you really are not spending those hours with your kids and two-thirds of buyers with children say they ultimately made sacrifices to stay within their budget including the size of the home, the lot, or the commute.
A third of homebuyers sacrificed shorter commute, a third a larger home, and a third their desired finishes, details, or materials.
But it’s not just homebuyers that are feeling the crunch. “Renters with children and families also are having a tough time as they fill out nearly twice as many applications as renters without kids and it can take them a month longer to find a home.” Says St. Petersburg commercial real estate agent Pam Pester.
The flipside of this is that nearly 95% of parents who recently bought a home say they love it which is slightly average than those without kids, a welcome statistic. Our market is cooling off just slightly allowing for more buyers and those with kids to enter into the housing market. Interest rates are still at historically low rates and buyers can lock in an affordable monthly payment that can last through children’s college years. The goal is finding the right home that fits the families needs both now and 5 to 10 years from now.
I you’re interested in finding the right home for your kids, your needs, and your family talk to a local agent that knows how to buy and sell with families involved.
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