Friday, April 12, 2013
Tips for House Hunting with Kids
By Hans Brings
Buying a house is in equal parts exhilarating and nerve wracking. Unless you have that perfect house just waiting for you, financing ready to go, and no competing offers, your home search can be time consuming and fraught with ups and downs. Add your kids into the mix, and you might feel completely overwhelmed before you even get started.
There are many compelling reasons to include your kids in your home search. Moving can be a tough proposition for children, especially if they have to change schools and make new friends. Small children might simply miss the familiarity of the home in which they've grown up. Including kids in the search for your new home can be empowering for them. They can feel that they have a say in the final decision – the degree to which they actually do is up to you, but certainly most parents feel that a new home has to be just right for the entire family.
If you are moving towns, in a time crunch, or if you don't have childcare in the area, you might find yourself going on a house hunt with your kids in tow. Here are a few tips that can help you make your home search an experience that is tolerable – or even exciting – for the entire family.
Research. The more information you can find out ahead of time about the property either online or from your real estate agent, the better background you'll have to target areas of concern or interest when you go for the showing. Make lists of everything you're looking for in a home and screen out any houses that don't fit your needs.
Take your time. If possible, don't cram all your showings into one day. If a full day of showings seems like a marathon to you, just imagine how worn your children's patience will be.
Plan the day. Do you have a contingency plan in the case of a meltdown? Can you take turns viewing the home with your spouse and compare notes in the car?
Bring provisions. You'll need ample snacks, drinks, and entertainment like books, crayons, and sketchbooks. Portable DVD players, laptops, iPads, iPods, and handheld video games can work wonders for "bored" kids, especially if you ordinarily limit their time with such devices – and the promise of some technology time can serve as a reward for good behavior during each showing. Make sure you're stocked with diapers, wipes, and paper towels for any messes on the go.
Set ground rules. Lay out your expectations for your kids' behavior before you even embark on your day, outlining things they must not do while they are "guests" in someone else's home. Let them understand that you won't tolerate running, fighting, sitting on furniture, or fiddling with other people's belongings. Keep careful track of all of your kids at all times to make sure they are observing the rules.
Take breaks. Have lunch a restaurant your kids enjoy or take a midday break for ice cream or some other treat. Stop at a park or playground in one of the neighborhoods you visit. You can make the day a fun adventure that the kids enjoy and remember.
Streamline. Take notes and photos so that you can revisit the details of each property later on when you are free from distractions. If you find yourself with questions later on, you can contact your agent for answers.
Prioritize. Make sure to visit the homes that most interest you early in the day so that you don't end up missing them if you have to cut the day short. If there are any homes that would be "nice to see," but not compelling, save them until the end of the day and only visit them if the family is holding together well.
Buying a new home is one of the most important decisions you can make. It's imperative to make a sound choice that will assure your happiness down the road. Including your kids in your home search doesn't have to be difficult if you plan your search with them in mind. You might find that they have questions about a property that you haven't thought of – and their additional perspective could prove useful when you finally make your decision.
Thursday, April 11, 2013
Thursday, April 4, 2013
Does Buyer Urgency Boost the Housing Urgency?
Is housing getting hot again? After the historic collapse of a
few years ago, the housing market has been on a slow rebound marked by
increases in new home starts and demand for a limited supply of available
houses. Now, a new survey reported in Business Insider offers evidence that the
US housing market isn’t just working its way back from the brink in fits and
starts, it’s rushing forward at a speed not seen in years.
According to Business Insider, the financial services
company Credit Suisse recently conducted its monthly survey of real estate
agents and housing industry experts in 40 US housing markets in an attempt to
profile the actual state of the recovery. Their results? Housing is at its
strongest in the history of the survey.
Granted, Credit Suisse’s survey only dates back to 2005. But it
spans the period of the housing bubble and its disastrous collapse as well as
events since then, so behind the hyperbole stand some real data that could shed
light on the state of he market as spring selling season approaches.
What’s driving the upswing in market strength? One key factor
appears to be a sense of urgency on the part of potential home purchasers.
These buyers fear that time is running out on those historically low mortgage
rates, and waiting to buy may lock them into higher rates. Home prices are
rising, too, and this along with low rates fuels a rush to get a good deal
before it’s too late.
Another factor driving buyer urgency is the well-publicized low
supply of available houses for purchase. That supply continues to shrink
nationwide, for numerous reasons including the holdup of many potentially
available properties in the foreclosure pipeline. What’s more, the length of
time required to sell a home also fell to a new low in major markets around the
country, signaling even higher prices in the coming months as demand outstrips
supply.
These indicators of a housing market that’s not just recovering
but surging come at a time when tighter mortgage lending standards threatened
to exclude numerous potential buyers from getting a loan, and financial experts
predicted am upsurge in the rental markets. But as numerous consumer surveys
continue to affirm, the “American Dream” of homeownership is still alive and
kicking for many, and potential buyers feel the need to act now in the face of
future uncertainties in the market.
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