Home Prices and Schools
As we are all getting ready to go back to school, whether it be kindergarten, fifth grade, first day of high school, or college, it is all definitely overwhelming. And there could not be a better time than to discuss how schools and districts influence home prices and vice versa.
This is true for every county and city in the country but it is definitely noticeable here in the Bay Area that both have a strong influence on the other.
In 2013, when the National Association of Realtors surveyed home buyers, they found that most buyers wanted homes close to the good schools in order for their children to attend and many of them listed the quality of schools nearby a major deciding factor in their journey of buying a home.
It is a given that people are willing to pay more for good schools. The surveys showed that most buyers are ready to have one less bedroom or no garage in order to stay in proximity to the school.
They are prepared to pay at least ten percent more than the asking price of the home to ensure that their children are able to go to the schools nearby.
So why is it important for home buyers to make sure that their future home is near a great school? Well, for families who have children it is pretty obvious that they are looking out for the future of their children. But there are some people that understand the correlation between the good schools and the home they decide on.
For instance, buying a home in an area with high performing schools nearby generally means that the equity on the home they purchase will increase drastically in a couple of years. This is especially true for an area such as the Silicon Valley.
Nonetheless, it is becoming an important decision for home buyers looking to buy their home.
*Make sure to look into School Scout in your home buying process.*