Quality of the School District: a Big Factor in Home Buying
A significant part of the value of a piece of residential real estate
is the quality of the school district where it is situated. Homes located
in desirable districts can sell for significantly more than similar homes
in less successful districts. Before buying a home in a new location,
it is of vital importance to investigate the school district, regardless
of whether you have children.
Real estate professionals say that the school district where a home is
situated is a primary factor that moves price levels of homes in many
areas. With increased sophistication of most buyers in recent years, the
market has moved to ensure that homes in the higher quality districts
sell for significantly higher prices than homes -- even very similar ones
-- in other areas.
Measurable Difference
The difference attributable to the quality of the school district is no
insignificant matter, nor is it a textbook abstraction. Homes that are
in more attractive districts will sell for 20-30% more than comparable
homes elsewhere. When considering an median cost of a single family home
at around $220,000, the price difference is significant. In parts of the
country where median prices are significantly higher, naturally, there
will be even more of a differential, but even in places where median prices
are lower it's still a definite difference. Do the math. That's why prices
may be a little higher in areas such as Hayesville
NC where the school is rated as one of the top in the state.
Buyers Are Smarter
In previous years, home buyers seemed to be only thinking about such things
as the home's driving distance from places for nightlife or entertainment,
centers, city centers, and possibly things like the appeal of the subdivision.
Now, home buyers are more alert to detrimental factors such as being in
districts that are less desirable. Homes in these districts can well be
difficult to sell if the homeowner wants to move; the values tend to stay
lower.
In some areas with the best school districts, buyers can be willing to
bid up the prices of homes. This can account for inflation of housing
prices, or in a slow market can let homes hold value against a decline.
This affects the listed price of all other homes in the area available
for sale after the transaction. Smart buyers acquire school summaries
early in their search for properties, because they know that this is a
big factor in the purchase price of the home a good indication of the
price for which it can be sold in a future sale.
One Last Caution
Regardless of the state of the housing market, any reason that will get
an individual to buy a home in a particular area increases the value of
the homes in that area.. Investors and homebuyers alike need to know that
the boundaries of a school district can be changed at any time, which
can change the value of the property. In an established district that
is near a new subdivision, for example, things could shift seemingly on
a whim, on short notice. In the real estate market there is not very much
that is guaranteed. But in Hayesville NC there is one school campus for
the whole county, and with the purchase of adjoining land, there is no
plan in the near future to create new districts. Which makes ares like
Hayesville NC a good place to invest.
Information made available by your Denver
real estate specialists of Colorado, Automated Homefinder.
The Listing Agent, unless specifically disclosed
otherwise, represents the seller in any transaction for the sale of
a home. It is that
Agent's fiduciary duty to protect the
seller's position at all times. No matter what they tell you their
loyalty will lie with their selling clients. That is why you want an
agent with experience like Gary
Ward to represent YOUR interest as a buyers agent when buying
real estate in the Blue Ridge mountains.
Log us into your favorite News feed reader! And get
the more homeowner tips as it comes available.
|
