For families on the hunt for a new place to live, school district quality is of prime concern. Whether trying to keep kids close to friends in an existing district or seeking out one where the proverbial grass is greener, many are willing to pay up. But how much should real estate selling be influenced by proximity to a great school?
Setting Home Prices in Good School Districts Without Pricing Out Buyers
When puzzling out prices, consider…
- Statistics Lie
Though 1-in-10 would pay 20% more, and 1-in-5 pay 10% more for homes in good districts, a significant portion of buyers will NOT pay these inflated prices for the school alone. And we all know the dangers of overpricing listings.
- Location is King
As always, look to current sales in the area as a means of determining home value, running a full market analysis based on the school district as a factor.
- The Need for a Specific Locale Varies by School Type
Public school ratings should be key when determining sales price. Though it is convenient for families to be close to private, charter, and magnet schools, public schools alone require an address in a specific area to attend.
- ‘Parent-Approved’ Walking Distance
Homes within walking distance from schools can go at a premium. However, how far you think a child can safely walk home may differ greatly from what a parent thinks. Consider instead how many children are walking home in the afternoon – a couple, or masses – when setting your price.
- What Really Matters to Buyers
In the end, the majority of parents choose the option best-suited for their child over square footage and amenities. Be mindful when raising prices, however. Your listing won’t be the only one on the market, and greedy pricing can push cash-strapped parents to acceptable neighboring schools.
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