Do you love your kids?
How silly question, isn’t it? Without a doubt, the answer would be YES, Of course. Then you must be highly concerned about their education, right?
Certainly, parents are always worried for their children’s education. Thus, they put their greatest efforts to impart the best facilities in terms of schools, colleges, etc. And it is one of the biggest reasons that local school district plays to be a significant factor, influencing the prices of property.
Yes, as per the National Association of REALTORS Home Buyer and Seller Generational Trends , it tends to be the sixth most important factor affecting the choice of property. But now the question arises,
Does having a home in school district matters?
It is the first question every buyer or seller ask, does it really matters?
To find a correlation between school expenditures and home values, some studies were conducted by the National Bureau of Economic Research. And it was found, for every dollar spent on public schools leads to an increase in home values by $20. Simply, it explains the overwhelming evidence of the fact that higher school spending can help improve home values.
In fact, in a survey conducted by Trulia, it was found that around 35 percent of Americans (with children under 18) search for their dream home in a great school district.
So, there is no denying that the quality of nearby schools significantly impacts the price of a home. But are the parents ready to pay more for a home closer to good schools?
Are people willing to pay more for homes in school district?
While buy a home, there are a number of factors consider:
- Look of the home
- Total area
- Home layout
- Property age
- Proximity to amenities
And yes, good schools attract families with school-age children. So, the school performance affects the overall buying strategy.
In a report by Realtor.com, it was found that a surprising number of people are willing to compromise on their other needs, just in order to get a home within the boundaries of a good school district. Yes, for every five buyers, one buyer was ready to leave a garage or a bedroom for a good school. In fact, it was also concluded that out of three buyers, one buyer would even settle for a smaller home.
And not only they are ready to sacrifice things, but also are willing to pay more money for a home in a good school district. Do you know one out of five would pay between six and ten percent more for such a home?
It is great news for those looking forward to sell their home in school district. Isn’t it?
If you have any unwanted residential property located in a school district, don’t delay anymore. You have a good opportunity to sale it out for a good price.
In case, you need to sell it in As-Is condition for fast cash, we can help!