Sometimes the diverse number of personalities involved can be overwhelming to buyers, parents and Realtors, Meckbach says. There's a certain amount of tact involved. We like to say we have an honorary degree in psychology. During the offer-making stage, there are sometimes two sets of parents along to look at a home, and a lot of personal input takes place. This is usually the case when parents are out of touch with the real estate market's price ranges.
Property values are so much higher today than even a generation ago.
However, if the parents are savvy about the marketplace, they can validate the whole process and really make the buyer feel good about their home. Many parents thank me for taking care of their kids. A worthwhile piece of advice a parent can give to a young couple is not to over-extend themselves. Leave some money after paying the mortgage to go out to dinner or go on a vacation, and then let the young couple make their own decision on the home they would like to purchase. Parents can be very helpful when advising a young couple that has never owned a home on what the additional costs of owning a home are.