There are a lot of factors that affect a home’s value (size, location, condition, etc.), but one factor that often gets overlooked is what school district that home is located in.
Here are some statistics from a Realtor.com survey regarding the impact a school district has on homebuyers’ decision-making:
- One out of five said they would give up a bedroom or garage for a better school.
- One out of three said they would purchase a smaller home to be in the right school district.
- One out of five said they would pay 6% to 10% above their budget for the right school.
- One out of 10 said they would double that amount to 20% above their budget.
The state and age of a homebuyer’s family can make a big impact on their buying decisions, and school districts tie directly into that. Speaking for myself, where my kids go to school now and where I see them going to school in the future absolutely impacts my buying decision. We’re shopping for a home right now, and you better believe that at the top of my list of criteria, along with price, size, etc., is what schools my kids will go to for elementary and beyond.
What school district your home is located in is absolutely something you need to take into consideration because it absolutely affects that home’s value.
If you have any more questions about how school district’s impacts your home’s value or you’re thinking about buying or selling a home in our market, don’t hesitate to reach out to me. I’d love to help you.