When you are looking to purchase a home, do you do all encompassing research of the area? If you are a parent, one of your biggest concerns can be the school districts surrounding the home you are looking to purchase. However, even if you are not a parent concerned with the schools in your area, you might want to pay attention to the district ratings near the home you want to purchase because of how it affects your resale value. There are two important factors here. How does it affect the resale value and how do you research local school district rankings?
How does it affect resale value?
Home values in top rated school district areas have higher resale values due to the competitiveness of purchasing a home because of buyers desires to live in those areas. On average these homes sell at a rate that is 49% more expensive than the national median price. Homes that tend to have close proximity to a school have higher property values as well. Property values rise as schools use their spending, says American Fork Realtor Kris Larson
The National Association for Realtors® showed that 26% of home buyers were influenced by the school districts in the area they were searching for a home. They also stated that if in the age range of 30-39, the percentages rose to 46%. Property taxes can come into play in these situations because the property taxes are usually higher in good school district areas.
2.Quicker/Easier to Sell
“The resale of the home in a good school district is quicker than those that are not. A majority of people look to the community and surrounding area when buying a house, not just the home itself. High ranking schools can produce high traffic at the sale of your home, which in some cases can create a bidding war.” -Pam Pester, Tampa Bay Commercial Agent
How do you research the local school districts?
If you are looking to purchase a home and you want to consider the resale value, it is best to look into the surrounding school districts. You can do this by entering the information on the National Center for Education Statistics or searching each public school’s report cards. This gives you insight as to how each school is performing and will provide state standardized testing results/information. This does not always include private schools in the area.
Whether or not a good school district is important to you or directly impacts your family, you can be certain that it does impact the resale value of your home.