With their first child due in February, Becky Gordon and her husband are hard at work preparing for the big arrival. The biggest item on their to-do list? Buying their first home.

"We're looking for somewhere we can live for the next five to 10 years, so the place has to be big enough to accommodate the size of family we want to grow to," says this working Chicago mom-to-be. "Given the transaction costs involved in moving (sales commissions, moving costs, etc.), we aren't interested in a home that will only work for the next three to five years. There are no guarantees on when the housing market will rebound, and looking to trade up in a few years would mean being comfortable that the appreciation in the house price would more than offset the transaction costs."

The duo is looking near downtown Chicago and have a clear agenda: a sensible home layout, a bathroom on most floors and a master bedroom near the children's rooms. Other must-haves include access to good public schools and a proximity to parks, playgrounds or open space for ample romping room for both the baby and their family dog.

"I'd also really like some kind of hallway to take off winter shoes and clothing and to wipe off muddy paws, and a nice-sized family/lounge area where we can all hang out together," Gordon says. "Finally, we want somewhere that feels like home – the feeling is immediate, you walk in and it just feels like you could live there."

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