2021

Finding a New Home for Your Next Stage of Life

Imagine the first place you lived as a young adult. Now imagine trying to fit your life today into that space. Not pretty, right?

For most of us, our housing needs are cyclical.1 A newly independent adult can find freedom and flexibility in even a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical to heat and clean. It’s no surprise that life transitions often trigger a home purchase.

While your home-buying journey may not look like your neighbor’s or friend’s, broad trends can help you understand what to keep in mind as you house hunt. No one wants to regret their home purchase, and taking the time now to think about exactly what you need can save a lot of heartache later.

The Newly Married or Partnered Couple

The financial and legal commitment of marriage has provided a springboard to homeownership for centuries, though these days more couples are buying homes without exchanging rings. In the last few decades, changing demographics have shifted the median age of first marriage and buying a first home into the late 20s and early 30s, planting most newly married or partnered buyers firmly in the millennial generation.2,3 But no matter your age, there are some key factors that you should consider as you enter into your first home purchase together.

Affordability is Key

There’s no doubt about it—with high student loan debt and two recessions in the rearview mirror, many millennials feel that the deck is stacked against them when it comes to homeownership. And it’s not just millennials—Americans of all ages are facing both financial challenges and a tough housing market. But stepping onto the property ladder can be more doable than many realize, especially in today’s low mortgage rate environment.

While many buyers are holding out for their dream home, embracing the concept of a starter home can open a lot of doors.4 In fact, that’s the route that most first-time homebuyers take—the average home purchase for a 20-something is about 1,600 square feet. While the average size increases to around 1,900 square feet for buyers in their 30s, it’s not until buyers reach their 40s that the average size passes 2,000 square feet.5

Chosen carefully, a starter home can be a great investment as well as a launchpad for your life together. If you focus on buying a home you can afford now with strong potential for appreciation, you can build equity alongside your savings, positioning you to trade up to a larger home in the future if your needs change.6

Taking Advantage of Low Mortgage Rates

Mortgage rates are historically low, making now the perfect time to purchase your first home together. A lower interest rate can save you tens of thousands of dollars over the life of your loan, which can significantly increase the quality of home you can get for your money.

But what if both halves of a couple don’t have good credit? You may still have options. First, boosting a credit score can be easier than you think—simply paying your credit cards down below 30% of your limit can go a long way. But if that’s not enough to boost your score, you might consider taking out the mortgage in only the better-scoring partner’s name. The downside is that applying for a mortgage with only one income will reduce your qualification amount. And if you take that route, make sure you understand the legal and financial implications for both parties should the relationship end.

Commute and Lifestyle Considerations

Whether you’ve lived in a rental together for years or are sharing a home for the first time, you know that living together involves some compromises. But there are certain home features that can make life easier in the future if you identify them now. The number of bathrooms, availability of closet space, and even things like kitchen layout can make a big difference in your day-to-day life and relationship.

Your home’s location will also have a significant impact on your quality of life, so consider it carefully. What will commuting look like for each of you? And if you have different interests or hobbies—say, museums vs. hiking—you’ll need to find a community that meets both your needs. Need some help identifying the ideal location that fits within your budget? We can match you with some great neighborhoods that offer the perfect mix of amenities and affordability.

The Growing Family

Having kids changes things—fast. With a couple of rowdy preteens and maybe some pets in the mix, that 1,600 square foot home that felt palatial to two adults suddenly becomes a lot more cramped. Whether you’ve just had your first child or are getting to the point where your kids can’t comfortably share a bedroom any longer, there’s plenty to consider when you’re ready to size up to a home that will fit your growing family.

The Importance of School Districts

For many parents, the desire to give their kids the best education—especially once they are in middle and high school— surpasses even their desire for more breathing room. In fact, 53% of buyers with children under 18 say that school districts are a major factor in their home buying decisions.7 Of course, better funded (and often higher ranking) schools correspond to higher home prices. However, when push comes to shove, many buyers with kids prefer to sacrifice a bit of space to find a home in their desired location.

But when you’re moving to a new community, it can be tough to figure out what the local schools are actually like—and online ratings don't tell the whole story. That’s why talking to a local real estate agent can be a gamechanger. We don’t just work in this community; we know it inside and out.

Lifestyle Considerations

For many families, living space is a key priority. Once you have teenagers who want space to hang out with their friends, a finished basement or a rec room can be a huge bonus (and can help you protect some quieter living space for yourself).

A good layout can also make family life a lot easier. For example, an open plan is invaluable if you want to cook dinner while keeping an eye on your young kids playing in the living room. And if you think that you might expand your family further in the future, be sure that the home you purchase has enough bedrooms and bathrooms to accommodate that comfortably.

Functionality

Try to think about how each room will fit into your day-to-day. Are you anticipating keeping the house stocked to feed hungry teenagers? A pantry might rise to the top of the list. Dreading the loads of laundry that come with both infants and older kids (especially if they play sports)? The task can be much more bearable in a well-designed laundry room. Imagine a typical day or week of chores in the house to identify which features will have the biggest impact.

Chances are, you won’t find every nice-to-have in one home, which is why identifying the must-haves can be such a boon to the decision-making process. We can help you assess your options and give you a sense of what is realistic within your budget.

The Empty Nesters

When we talk about empty nesters, we usually think about downsizing. With kids out of the house, extra bedrooms and living space can quickly become more trouble than they’re worth. While the average buyer under 55 trades up to a larger home, buyers over 55 are more likely to purchase a smaller or similarly sized but less expensive home. Even in the highest age groups, the majority of home purchases fall in the single-family category. According to research by the National Association of Realtors, by the time buyers reach their 70s, the median home size drops to 1,750 square feet.5 But there’s plenty for empty nesters to think about besides square footage.

Maintenance and Livability

What factors are driving your decision to move? Identifying those early in the process can help you narrow down your search. For example, do you want to have space for a garden, or would you prefer to avoid dealing with lawn care altogether? What about home maintenance? In many cases, a newer home will require less maintenance than an older one and a smaller one will take less time to clean. You may also want to consider townhomes, condos, or other living situations that don’t require quite as much upkeep.

Lifestyle Considerations

Many empty nesters have retired or are nearing retirement age. This could be your chance to finally pursue hobbies and passions that were just too hard to squeeze into a 9-5. If you’re ready to move, consider how you’d like to spend your days and seek out a home that will help make that dream a reality. For some, that might mean living near a golf course or a beach. For others, being able to walk downtown for a nice dinner out is the priority. And with more time to spend as you wish, proximity to a supportive community of friends and family is priceless.

Ability to Age in Place

Let’s face it—we can’t escape aging. If you’re looking for a home to retire in, accessibility should be front-of-mind.8 This may mean a single-story home or simply having adequate spaces on the first floor to rearrange as needed. While buying a home that you plan to renovate from the start is a viable option, being forced into renovations (because of the realities of aging) a few years down the road could seriously dig into your nest egg. Location matters, too—if your family will be providing support, are they close by? Can you easily reach necessities like grocery stores and healthcare? While it’s tempting to put it out of our minds, a few careful considerations now can make staying in your home long-term much more feasible.

Finding the Right Home for Right Now

One thing is for sure—life never stands still. And your housing needs won’t, either. In the United States, the median duration of homeownership hovers around 13 years.9 That means many of us will cycle through a few very different homes as we move through different life stages. At each milestone, a careful assessment of your housing options will ensure that you are well-positioned to embrace all the changes to come.

Whatever stage you’re embarking on next, we’re here to help. Our insight into local neighborhoods, prices, and housing stock will help you hone in on exactly where you want to live and what kind of home is right for you. We’ve worked with home buyers in every stage of life, so we know exactly what questions you need to ask. Buying a home—whether it’s your first or your fifth—is a big decision, but we’re here to support you every step of the way.

We support the Fair Housing Act and equal opportunity housing.

Sources:

1. Freddie Mac -
http://www.freddiemac.com/blog/homeownership/20190104_homebuying_lifecycle.page

2. PRB -
https://www.prb.org/usdata/indicator/marriage-age-women/snapshot/

3. Experian -
https://www.experian.com/blogs/ask-experian/research/average-age-to-buy-a-house/#:~:text=Buying%20a%20first%20home%20will,by%20real%20estate%20marketplace%20Zillow

4. Nerdwallet -
https://www.nerdwallet.com/article/mortgages/starter-home-forever-home

5. NAR 2020 Home Buyers and Sellers Generational Trends Report -
https://cdn.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf

6. Investopedia -
https://www.investopedia.com/personal-finance/what-look-starter-home/

7. NAR 2019 Moving With Kids
https://www.nar.realtor/research-and-statistics/research-reports/moving-with-kids

8. Kaiser Health News -
https://khn.org/news/baby-boomers-aging-aging-in-place-retrofit-homes/

9. National Association of Realtors -
https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes#:~:text=As%20of%202018%2C%20the%20median,varies%20from%20area%20to%20area

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Roman is a highly experienced, professional, transparent, and reliable individual. He helped my wife and I through a very difficult transaction and never gave up on meeting our deadlines. He is an excellent negotiator with a very personalized touch. Highly recommended!

~ Slava

Roman, Liana, and the team successfully guided us to our first home purchase. It was a great experience - they are attentive, thoughtful, hard working and always had our interests in mind, while navigating our concerns as first time home buyers. We highly recommend Parkway and we look forward to many years of working with the firm.

~ Michael

Roman made buying our first home less stressful by walking us through the process, preparing us for all possibilities, and being by our side. Not only did he negotiate an amazing price (under ask), but he also got us a sizable amount of credits for issues he found in the house. He's a great guy and will have your best interest at heart. 2 thumbs, 5 stars!

~ Lawrence

Roman, Liana, and the team successfully guided us to our first home purchase. It was a great experience - they are attentive, thoughtful, hard working and always had our interests in mind. We highly recommend Parkway and we look forward to many years of working with the firm.

~ Allison

Roman Shersher at Parkway Estate Properties recently represented us in purchasing a home in LA and did a superb job. With his professional and quality help, we were able to close escrow swiftly and smoothly. He was on top of all the necessary items and procedures every step the way. He even went above and beyond to ensure the move into our new home was done properly. We highly recommend Parkway Estate Properties for anyone who’s looking to buy or sell a home knowing that you would receive the best services from them as we did.

~ Angela

Roman was instrumental in us finding and moving into our new home. He did everything in his power to ensure a smooth transition for us, even going above and beyond to arrange a moving service for me. Roman & Liana also helped arrange a plumber/handyman to help fix some minor things before we moved in. He made sure we felt comfortable with every aspect of the house before moving forward, constantly giving us updates as we navigated many things remotely post-COVID. Would highly recommend Roman Shersher and Parkway Estate Properties for your next property purchase! Thank you, Roman & Liana!

~ Elise

My husband and I just bought our first home thanks to Roman, Liana, and their team at Parkway Estate Properties. They made the whole process very smooth and truly took care of us. We couldn't be more grateful for how professional they were, trustworthy, personable and went above and beyond. They are a great team who we highly recommend to anyone buying or selling their home!

~ Anna

Working with Roman and the Parkway Estate team has been a delightful experience! Roman’s responsiveness, organization, and professionalism throughout the selling process showed me I made the right decision hiring him as my Realtor. I had a unique situation and needed to sell as quickly as possible. He worked with me and my timelines and got multiple offers within a week of listing my property using his incredible marketing tactics to get an offer accepted well-above our asking price! I would recommend Roman and the entire Parkway Estate team to anyone looking to sell their home.

~ D

Roman is one of the best brokers I have had the pleasure working with on both commercial and residential transactions. He is respectful, focused, intelligent, tactile, honest, and, most importantly, trustworthy. As his client, you will always feel like you are the priority. I would recommend him to both novice and sophisticated buyers/sellers alike. After working with Roman, working with others will be a difficult and uncomfortable experience.

~ Jonathan

Roman was great. We looked for a property for many months and couldn’t find what we wanted or get it accepted once we did. Roman not only beat out another offer but got us $40k off the list price and all the necessary repairs covered fully by the seller!

~ Fred

After dealing with a ton of brokers/agents trying to find my dream home for over a year, Roman stepped up to the plate and found me a perfect home within 30 days. He is persistent and follows up daily, while maintaining a professional demeanor. He is also a hell of a negotiator and gets the job done at the price you want. Highly recommend and will definitely use in any future real estate deals.

~ Jeff

Roman was our agent who sold our old house and helped us buy a new one. Our experience was unbelievably great, he is a very loyal professional, honest and very fair. He fights for you, and doesn't pressure you into making any moves that you are not comfortable with. Technology made life so easy for us to be able to just sign over the phone without any problems. He will definitely be our agent if we would want to make any kind of move in the future. He is trustworthy and take his business seriously I really appreciated his hard work

~ Tammy

Roman was sought for his house flipping expertise. Our house required work thus someone familiar with rehab projects was a big plus. From start he explained the pros and cons of various approaches to consider making the decision process easily comprehensible. Where he really shined was in escrow. He brought in multiple buyers and finessed a sweetheart close. Roman is a true professional with integrity.

~ Alex

It has been a wonderful experience working with Roman. I found him business-like, cordial, flexible, knowledgeable, and FUN! He was very reliable and I’m pleased indeed with him. A sincere person he is.

~ Gerry

I would recommend my friends and strangers that are going through difficult times with their housing problems to talk to Roman, he can help you work it out!

~ Oscar

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