School Districts Dictate Value

Today officials at Realtor.com announced the results of its Back to School survey that ran on realtor.com® from July 18-22 and analyzed how much impact school boundaries have on buyers looking to purchase a home within two years. Realtor.com® found that 3 out of 5 home buyers surveyed said school boundaries will impact their home purchasing decision.

 

Key Survey Findings: A majority of home buyers who said school boundaries will have an impact are willing to pay 1 percent to 10 percent above budget to live within preferred school boundaries:

  • 23.59 percent would pay 1 percent to 5 percent above budget
  • 20.70 percent would pay 6 percent to 10 percent above budget
  • 8.98 percent would pay 11 percent to 20 percent above budget
  • 40.33 percent would not go above budget

"Our survey demonstrates the large impact school boundaries have on those looking to purchase a home. In April, realtor.com® launched its new mobile school search functionality which allows buyers to search for listings in specific school and district boundaries," said Barbara O'Connor, chief marketing officer at Move, Inc. "This data shows how compelling this new feature is to consumers and the impact it has on their home purchase experience.  School search demonstrates realtor.com®'s commitment to innovation and expansion of features based on the needs of users and customers.  We will also be launching a section on our realtor.com site focused on back to school tips which will provide more information to help those whose housing decisions are influenced by school boundaries."

 

For those home buyers who said school boundaries will have an impact on their decision, the majority indicated school boundaries will be an important consideration:

  • 90.53 percent said school boundaries are  "important" and "somewhat important"
  • 2.04 percent were "neutral" around importance of school boundaries
  • 7.43 percent said school boundaries are "unimportant" and "very unimportant"

Home buyers who said school boundaries will have an impact on their decision also indicated that they would give up several amenities to live within school boundaries of choice:

  • 62.39 percent would do without a pool or spa
  • 50.60 percent would give up accessibility to shopping
  • 43.96 percent would pass on a bonus room
  • 41.99 percent would offer up nearby parks and trails

Home buyers indicated that they would like to be within a certain distance of school boundaries:

  • 45.19 percent want to live within school boundaries
  • 33.67 percent want to live within a few miles so their children can ride the school bus
  • 17.20 percent want to live within a mile so their children can walk to school

With realtor.com's search-by-school functionality, users can hone their home search based on school or district boundaries and discover valuable information on schools and districts of interest. Users can filter listings by public schools, districts and private schools in just one tap. 

Based on these findings and even if you no longer have school-aged children you should still check out school district ratings prior to your purchase.  This is even more important if you are planning to move in the next few years.  Preferred school districts drive up the demand and prices of homes.  Therefore, always contact your local school board before making that offer.

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