There’s always been a close relationship between homebuying and growing a family. Whether it’s a couple looking to purchase with their first child or an established family just expanding with more children, the catalyst for buying a home tends to start at home. Those with children are more likely to buy than a childless couple or single and the main reason cited by buyers was both space and stability. The financial industry reflects this as well with parents getting pre-approved 11% more often than those without children, which is indicative of the fact that parents are 8% more likely to save specifically for a down payment. Parents seem to be more focused on future savings which may be what leads to the increased saved for a down payment.
Due to their unique needs, families with children seem to be more picky about where they can and will purchase. Many of these buyers have to consider, travel time to school and work as well as school and crime ratings within the neighborhood. Housing costs are rising quickly and with the increased rigidity in purchasing decisions, families are spending more time searching for homes. Between childcare costs, job opportunities and concerns about school, the buyer with children often spends more time completing their home search when compared to non family buyers, averaging 17.4 weeks vs 16.6 weeks. Additional time is typically spent researching. Web-services make it easier than ever for people researching homes to find out as much information as possible before even contacting the selling agent.
It seems this choosiness is extended to the type of home as well, as single family homes are the preference of nearly 86% of homebuyers with a family. Because they can’t be as flexible, families with children usually stretch their budget when purchasing and tend to buy homes that are closer to the median 2,000 square foot homes with 3 bedrooms and 2.5 baths. More than half of those with children in the home, consider new home builds (55%). New homes allow for some customization that can help fit a families needs, needs that just aren’t a concern for many single and couple homebuyers.
It’s important that all buyers research their purchases and since the home is probably the largest purchase you’ll ever make, it’s vital to have all of the information. Make sure you know exactly what you want and be sure you don’t settle for anything.