Do homebuyers need to think about schools in their prospective neighborhood even if they’re empty nesters or don’t have kids?
According to the National Association of Realtors 2015 Profile of Home Buyers and Sellers, 25% of homebuyers said that school quality was a key in their home search, and 20% said proximity to schools is also a factor.
NAR found in 2017 that 26% of homebuyers said quality of schools was important when finding a new home. And typically, better home plus better school district equals higher resale value.
Some research shows that if you live in a good school district, your home can hold better value even in an economic downturn.
Realtor.com said that homes in good school districts sell on average eight days faster and get 26% more online views than homes in average districts, and retain their value as long as their schools’ rating remains high.
The New York Times said that housing costs in the nation’s 100 largest metros were an average of 2.4x higher, making a difference of $11,000 a year, when the home was near a school with top five schools average test scores in those areas.
Essentially, it would cost more for a family to move into a good public school zone, rather than having their children attend a private school. Home prices might even impact the quality of the school itself, also according to Realtor.com.
A 2013 realtor.com survey of about 1,000 prospective home buyers said that 91% of them thought school boundaries were important when search for their new home.
In a recent report from NAR, 50% of homebuyers with kids said they keep the school system in mind when looking for a new home. NAR also determined that 10% of childless homebuyers chose their new neighborhood based on the quality of its school district. Most likely for resale purposes.
Essentially, it would cost more for a family to move into a good public school zone, rather than having their children attend a private school. Home prices might even impact the quality of the school itself, Realtor.com said.
You might pay a little bit more upfront if you buy into a better school district, but your home value will be exponentially higher when it comes time to sell. As your home value improves, in theory the school will continue to maintain that value so you can get that back. Luckily, Bellingham and the surrounding areas of Lynden/Ferndale/Blaine etc. all have great schools that makes the choice of where to buy open to more people looking to purchase a home.
For great school information, remember to check out https://www.greatschools.org/washington/bellingham/
Feel free to contact me to start your home search, or request an automated email alert for new listings as soon as they hit the market!
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