Students across Wisconsin have been back in class for a few weeks now, but our team is ready to share some of our own knowledge when it comes to how a good school can affect the value of a home. Buyers and sellers alike – and their real estate agents – should know that access to a great school is a sought-after commodity these days.
The high demand for such homes providing the best opportunities shouldn’t be a surprise. Families often prioritize children’s education and are willing to invest more in a quality school district. How much is a good school worth? That’s exactly the answer this recent Realtor.com survey attempted to figure out, and the answer is a whole lot.
According to this article, “a typical home near a public elementary school with a GreatSchools rating of 9 or 10 has been calculated to cost an average of 78.6% more than a typical home in the surrounding county.” In the Midwest, being in a great school district was even more valuable – with such properties attracting a purchase price more than 90% higher than similar properties around them.
So, what should we take away from this data? We’re glad you asked.
Good schools are important enough to compromise for plenty. Many house hunters with children have already come to this realization. Getting your kids into a good school will benefit everyone in the family in the long term. That’s why they’re willing to pay a bit more, buy a smaller house or even forgo other amenities and features such as a garage, basement or central air conditioning.
Potential sellers may not know how much their home is worth. This especially applies to homeowners in a desired district who don’t have school-aged children. Sure, the nearby schools may have attracted them to the area at first, but they might not even realize how sought-after their neighborhood is right now. If you’re a Realtor and know of an area where homes are attracting top dollar right now – whether it’s because of education or something else – be sure potential sellers are aware of the opportunity.
A “bad” school district shouldn’t be a complete deterrent for buyers. We know dream homes can be found anywhere. Even if a buyer has children, getting the perfect place in a lesser district can still be the right move. After all, there’s always private or alternative education options – and if you’re a Realtor you should know about those options, too. Like with many choices when buying a home, provide the knowledge your client needs to make an informed decision, and let them weigh their options. After all, isn’t that what learning – in and outside the classroom – is all about?
Want to learn more about what goes into the title and closing process? We’d love to share our knowledge with you. After all, we’re proud to be in the market with the Badger State’s largest higher learning institution. Reach out to us anytime!