When buyers decide to purchase a home a number of factors influence their decision on where to begin looking. This can become an even more involved process if the buyer is basing their decision on the quality of the schools near an area they are interested in. This factor can play a huge part in the buying process, says Dean Graziosi. Many parents are aware of the difference in education quality from area to area, and in some cases this may be the motivating factor to make a move in the first place. It is because of this that many online real estate listing sites have started to include a rating system for schools in different cities and towns states Dean Graziosi.
Purchasing a home in a desirable location with great schools is one of the top items on a parent’s must have list for their new home. Perhaps they have a relative or friend whose child attends school in a different district and they receive a higher quality of education than the area where they currently reside. In this case, parents may begin looking for a new home in that particular school district to ensure that their children receive the best education possible. What may have been an unimportant feature in the past has become a deciding factor to buyers in today’s market, says Mr. Graziosi.
If a home is listed in an area where the schools have received high rankings buyers can expect that a home in that particular area will be more expensive than other areas. This is something that has had a greater impact recently now that school rankings can be found online according to Mr. Graziosi. It has been noticeable in the past that higher quality schools can often be found in more affluent neighborhoods, because of this, the values of the homes in those areas tend to be higher than their counterparts. What this means to buyers, is that if they are searching for a home in a district that features high quality schools, they are likely going to have to pay more for that home.
It has also become more evident that the demand for better schools has driven prices for homes in those districts even higher than before. Many buyers with children are willing to spend more for a home if it is located within a popular school district. Buyers without children have also started showing interest in these areas because an area with good schools provides a more stable community and this can help increase the value of anyone’s home in that district, says Mr. Graziosi.