Is a Home in Your Back to School Shopping List?

Buying or selling a home is a big decision, and it’s important to do your research and be prepared before you start the process. One of the best times to start looking for a home is when school starts. Here are a few reasons why:

There are fewer buyers in the market.

When school starts, many families are already settled into their homes and are not looking to move. This means that there is less competition for buyers, which can give you an advantage when making an offer.

Sellers are more motivated to sell.

Sellers know that they have a limited window of time to sell their homes before school starts, so they are more likely to be open to negotiate on price. This can save you money on your purchase.

You have more time to find the right home.

When school starts, there are fewer homes on the market, but there are also fewer buyers. This gives you more time to research neighborhoods, schools, and homes without feeling rushed.

Your kids can be involved in the process.

When you start looking for a home when school starts, your kids can be involved in the process from the beginning. This can help them feel more connected to their new home and make the transition easier.

Of course, there are also some challenges to buying a home when school starts. The biggest challenge is that you may have to move during the school year. This can be disruptive for your kids, so it’s important to make sure that they are on board with the move before you start looking for a home.

Another challenge is that the housing market can be unpredictable. It’s possible that the market will be hot when you start looking for a home, and prices will be rising. This could make it difficult to find a home that you can afford.

The process of relocating to a new home or selling an existing one can be a hectic endeavor, not just for home buyers and sellers, but especially so when there are children involved. A recent study conducted by the National Association of Realtors® (NAR), titled “2022 Moving With Kids,” delves into the unique dynamics and preferences of individuals who have children under the age of 18 living in their homes.

According to the findings of the report, individuals with children at home often exhibit specific tendencies when seeking a new neighborhood. Among those with children, 53% considered the quality of school districts as a crucial factor when choosing a neighborhood, while 50% emphasized the proximity to schools as a key consideration.

In contrast, only 10% of respondents without children placed importance on school district quality, and a mere 6% of childless buyers were influenced by convenience to schools in their housing decisions.

Lawrence Yun, NAR’s chief economist, highlighted, “Parents naturally make sacrifices for their family, and this is reflected in their home buying choices. While affordability plays a role, buyers with children are often willing to invest more in a home situated within a superior school zone.”

When it came to the final selection of a home, buyers with and without children shared a common struggle: finding the right property. Regardless of whether children were involved, over half of all buyers cited this as the most challenging phase of the process. Notably, 86% of buyers with children enlisted the assistance of a real estate agent during this stage, paralleled by 87% of buyers without children who also engaged the services of an agent.

Despite the shared reliance on agents, variations emerged in how these buyers preferred to communicate with their agents. Among childless buyers, 74% preferred direct phone communication for relaying property information, while 67% of buyers with children preferred to receive property updates via text message.

The report also indicated that buyers with children typically opted for larger properties, purchasing homes averaging 2,110 square feet with four bedrooms and two bathrooms. Conversely, buyers without children typically chose homes averaging 1,800 square feet with three bedrooms and two bathrooms.

The study revealed that 26% of buyers with children faced delays in their home buying process due to child care expenses. While some persevered, making compromises, others found themselves having to make concessions on aspects of their chosen properties. Around 31% compromised on the home’s condition, 31% on its size, and 24% on the price.

Switching to the realm of home selling, 23% of sellers with children reported a sense of urgency in their sales, with 46% feeling somewhat compelled to sell quickly. In comparison, only 14% of sellers without children experienced such urgency. The reasons behind selling varied: 25% of sellers with children cited a need for more space, 19% mentioned job relocation, and 13% mentioned changes in family dynamics.

NAR, the largest trade association in the United States, represents over 1.3 million members across residential and commercial real estate sectors. The study, involving a representative sample of recent home buyers, offered insights into their preferences and behaviors related to home buying and selling.