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Families Impact Homebuying Decisions in Main Line Real Estate More than You Might Think

Families Impact Homebuying Decisions in Main Line Real EstateWhen in the market for Main Line real estate, do you choose your new home, or do the children decide? You do, of course, however according to a new report by Bank of America, family does play a large role in the types of homes that home buyers eventually choose. In fact, the study reports that 63% of homebuyers say that their children play a role in the type of home that is purchased. Among first time buyers, the percentage goes up to 74%.

What Kind of Role Does Family Play in Homebuying Choice?

According to the Bank of America report, over 80% of homeowners or those who are planning to purchase their first homes, have no expectation that an extended family member will live with them. However, depending on the generation, from 47% to 60% of those respondents were open to the concept of multiple generations in the household.

The biggest impacts of family on homebuying comes from the nuclear family, of course. Parents with young children may choose Main Line real estate in neighborhoods with amenities or great schools. Those with college age or adult children who will live at home may make choices with particular floor plans or with lower payments, as 64% of those with ”boomerang” children will charge them no rent.

Parents’ Choice to Own Correlates to Adult Children’s Homeownership Rate

Interestingly, adult children are also influenced by parental choices. Last year, a study by Trulia noted that homeownership was at its lowest point in 51 years, and pointed out the correlation that children who lived in a home owned by their parents were almost three times as likely to buy a home as those whose parents rented their house. To some extent, parental assistance played a role, as parents who owned their homes tended to provide financial assistance more often than those who rented (58% v 32%). However even among those who received no assistance, the percentage of homeownership among adult children of parents who owned homes was higher than among those whose parents rented. Some see this correlation as a possible partial explanation for the overall lower rate of homeownership of millennials.

Trust Sage Realty for Main Line Real Estate Guidance

With this information in mind, you might make different decisions in remodel plans if you are considering selling within a few years. Sage Realty is well-informed about the Main Line real estate market, and you can be sure that the Sage team is committed to helping each client find the right home solution. If you are in the market to buy or sell Main Line real estate, contact us today.

 

Featured Listing

True Walk-to-Wayne

425 N. Bellevue Ave
Wayne, PA 19087

$775,000
MLS# PADE399110
4-5 bedrooms
3.5 Bathrooms

Hear From Our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Hear from our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Sage Buyer Tips

Use Sage Buyer Tips to research the Main Line and stay up to date on real estate news. This online destination is chock full of resources for buyers and sellers: you can see our Main Line communities or explore Sage favorite places. Browse properties here and search other Main Line real estate. With Sage’s advice and experience, first-time buyers and those looking to upgrade can find homes best suited to their needs.