Curve

Homebuyers say their children’s opinions carry big weight

Aly J. Yale
The Mortgage Reports contributor

Catering to the kids

Really want to sell your home? Then keep the kiddos in mind. According to a new poll, more than half of homebuyers consider their child’s opinion when deciding which house to buy.

Verify your new rate (Dec 12th, 2018)

The deciding factor

According to a new poll from SunTrust Mortgage, children have a big influence on which homes their parents buy. More than half of all homeowners with a kid under 18 said their child’s opinion was a factor in their home buying decision. With Millennial homeowners, that share jumped to 74 percent.

Renters seem to think their kids will carry even more weight in their future home purchase. More than 80 percent of current renters with children said their kids’ opinions would play a role.

Guide to buying a home: young families

Todd Chamberlain, SunTrust’s head of mortgage banking, said including the kids in home buying decisions isn’t just a way to please the little ones. It’s also a way to educate future homebuyers.

“As a parent of two kids, I know from experience that including children in the home buying process is not only fun for the whole family, but also educational for our homebuyers of tomorrow,” Chamberlain said.

Verify your new rate (Dec 12th, 2018)

What little ones love

What, specifically, are today’s kids lobbying for? According to the same poll, 57 percent want their own bedroom, 34 percent want a big backyard, 25 percent want to be close to parks and 24 percent want to be near their friends and school. Just over 20 percent of children want a swimming pool.

Parents, on the other hand, are looking for a backyard patio, privacy fences, big lots and a safe, attractive neighborhood, according to a recent Redfin survey.

They also place a big value on the interior layout of the home, its price and its square footage.

For you and yours: the nation’s most family-friendly cities

Get today’s mortgage rates

Appealing to the little ones is vital to attracting today’s younger homebuyers. But before you list your property, shop around and see what mortgage rates you qualify for your move-up home. Getting multiple quotes can save you $1,500 or more on your loan.

Verify your new rate (Dec 12th, 2018)