Chicago, Economy, Home, House, Neighborhood, Property, Real Estate, Realtor

Before You Go, Consider This

Dalas skyline and suburbs

(Photo credit: Wikipedia)

Parents with school-age children overwhelmingly select housing based on the quality of the neighborhood school. It’s just about the first question a parent will ask when previewing a home – “How’s the school?” It can be a tough question to answer and most real estate professionals point families to research-based sources to answer that question.

Sadly, CPS has done a magnificent job of reverse public relations for most neighborhoods in the city, by splashing ineptitude and negative news about our schools all over the media. It couldn’t come at a worse time for city neighborhoods working hard to recover from the devastation of the economic sinkhole of the past several years. We are making progress but the actual and perceived states of our neighborhood schools don’t help much.

So many families have shifted their focus. Even the most stalwart city dwellers have started to think about migration out to the suburbs where, whether true in all places or not, the perception is that schools are better, neighborhoods are safer and communities are more stable.

When we came across this interesting piece in the Tribune the other day we thought it fit to share. http://www.chicagotribune.com/classified/realestate/sc-cons-0912-umberger-20130913,0,5567104.column

Among the most striking pieces of information offered here, we found this statement most impactful:

70 percent of households won’t have any children in them by 2025

Your first graders today are the high school Class of 2025.

An older, but still relevant read on this issue can be found here:

http://switchboard.nrdc.org/blogs/kbenfield/does_the_housing_market_still.html

A fascinating takeaway from this piece offers this insight:

Number one among reasons why this trend toward more city living and walkable suburban living is the “great convergence,” as Laurie Volk calls it, of the two largest generations in American history.  Together the Baby Boomers  (born 1946-1964) and Millennials (born 1981-2000), account for more than 150 million Americans….  [A] number that size is sufficiently large that even small portions within it can “have multiplier effects on housing supply and demand.” The effect is being felt, because together the two super-generations are reducing the share of total households with children, traditionally the portion of the market most interested in suburban homes with sizeable lots for kids to play in and grownups to maintain.  Neither the Millennials with their preference for urban lifestyles nor the empty-nesting Boomers fit that market to nearly the same degree as, say, their parents did.

Certainly these concerns should not be the only, maybe not even the primary considerations in your decision to move to a suburb. But thinking about the future is as much a part of home-buying as feeling the urgency of the present. If city living, sustainable planning and walk-to commerce are the prospects for residential housing a move to the suburbs may bring challenges you are not factoring in, and the plan you have may require some serious restructuring. So, before you go, get some help.

For information on how we can help you sort through these issues and find the place that’s just right for you, give us a call on 773-467-5300 or visit www.carmenandtony.com for more contact information. We’re here to help.

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Anthony Rodriguez 773.457.2043

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