Does a Home in a Good School District Have a Higher Resale Value?
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 do school districts 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 buyer’s 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. 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.
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.
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. If you’re looking for a home in a specific school zone, let us know. This is what we do. We can help you find the perfect home in the right community, neighborhood and school zone you really want to be in. School districts matter when it comes to resale value.
Looking to relocate to the Orlando area, perhaps outside the hustle and bustle of downtown? At Buyers Broker of Florida, we work solely with buyers looking to find the perfect home for their lifestyle and budget. Contact us at any time to start your search for Orlando real estate and all surrounding communities and towns.
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