Selling a home? Talk to the children
MADISON, N.J. – May 20, 2014 – A new Harris Poll study from Coldwell Banker Real Estate finds that children may be the "Chief Purchasing Officers" of the family.
The survey, conducted among 2,800 parents across three generations found that 79 percent of Millennial parents (age 18-34) and 70 percent of Generation X parents (age 35-49) said most major purchasing decisions revolve around their children, including home purchases.
In comparison, just over half (52 percent) of Boomer parents (age 50-69) said this was true when raising their family.
"We have seen a dramatic shift of parents today becoming more involved in their kids' lives," says Dr. Robi Ludwig, psychotherapist and lifestyle correspondent for Coldwell Banker. "But now, we are seeing this translate beyond play dates and homework. Parents today are viewing some of their largest decisions through the eyes of their kids, which was not as common 20 to 30 years ago. It is an interesting reflection of how parenting styles may be changing the way we think of consumerism and decision-making."
• When thinking about changing homes, significantly more Millennial (67 percent) and Generation X parents (64 percent) said that they're more concerned with the immediate impact a move would have on their children's emotional well-being than whether or not it is a good long-term decision for the family. In comparison, only 54 percent of Boomer parents felt this way.
• All three generations believe that they are, or were, more involved in their children's lives than their parents had been (68 percent of Millennial parents, 72 percent of Generation X parents and 74 percent of Boomer parents).
• Today's parents increasingly want to live near Mom and Dad: According to the survey, far more Millennial (62 percent) and Generation X parents (57 percent) said it was important to live near their parents or their spouse's parents than Boomer parents (43 percent) did when thinking about raising their family.
"Parents with young children may want the grandparents nearby to occasionally pitch in with childcare, while others may be starting to care for their aging parents" says Ludwig. "We might want to consider redefining the way we think of the 'Sandwich Generation,' a group traditionally known for caring for their aging parents while supporting their own children. There are many people out there who are not yet established caregivers, but who are still basing major life decisions on both their kids and their parents."
For parents with children still living at home, Ludwig recommends parents consider the following when weighing whether it is time to move:
• The long- and short-term impact on family: "With any major life decision, such as changing homes or starting a new job, it is natural to think about the immediate impact on your children. However, it is important not only to consider how this will impact your family in the short-term, but also properly weigh the long-term implications of such a decision."
• Understand that change can be a powerful, positive thing: "Some parents may feel that they are outgrowing their home but are nervous to switch neighborhoods or schools for fear of how it may impact their children. While change may feel overwhelming at first, parents may be surprised at how quickly their children can adapt to a move when they feel supported and loved by their family."
• Make children feel involved but make adult decisions: "Parents want the best for their children, so it is not surprising that there has been a generational movement toward putting their well-being at the center of all major life decisions. However, sometimes 'Mom and Dad know best.' Follow your instincts, and know when it's right to say, 'Because I said so.'"
This survey was conducted online within the United States between March 13-17, 2014 and March 18-20, 2014 among 5,098 adults age 18 and older (of whom 2,826 are parents) by Harris Poll on behalf of CooperKatz via its Quick Query omnibus product. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents' propensity to be online.© 2014 Florida Realtors®