You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default     Back to List

5 Tips for Pricing Homes in Great School Districts

November 03 2017

For families on the hunt for a new place to live, school district quality is of prime concern. Whether trying to keep kids close to friends in an existing district or seeking out one where the proverbial grass is greener, many are willing to pay up. But how much should real estate selling be influenced by proximity to a great school?

Setting Home Prices in Good School Districts without Pricing Out Buyers

When puzzling out prices, consider the following:

1. Statistics Lie

Though one in 10 home buyers would pay 20 percent more, and one in five pay 10 percent more for homes in good districts, a significant portion of buyers will NOT pay these inflated prices for the school alone. And we all know the dangers of overpricing listings.

2. Location is King

As always, look to current sales in the area as a means of determining home value, running a full market analysis based on the school district as a factor.

3. The Need for a Specific Locale Varies by School Type

Public school ratings should be key when determining sales price. Though it is convenient for families to be close to private, charter, and magnet schools, public schools alone require an address in a specific area to attend.

4. 'Parent-Approved' Walking Distance

Homes within walking distance from schools can go at a premium. However, how far you think a child can safely walk home may differ greatly from what a parent thinks. Consider instead how many children are walking home in the afternoon – a couple, or masses – when setting your price.

5. What Really Matters to Buyers

In the end, the majority of parents choose the option best suited for their child over square footage and amenities. Be mindful when raising prices, however. Your listing won't be the only one on the market, and greedy pricing can push cash-strapped parents to acceptable neighboring schools.

To view the original article, visit the Properties Online blog.

Further Reading