The impact of local schools on real estate
October 10, 2018
There are many factors that influence a buyers decision to purchase a home. Some of these include location/neighborhood, price, style of the home, personal timeline, change of job and so many more. One thing that seems to always come up during this conversation, at least with my buyers who have children is the quality of the local schools.
Whether my buyers are relocating from out of area to the Western Slope or simply moving down the highway 10 or 20 miles, this is an important consideration for so many folks. This consideration applies to both the short and long term. Short term, the impact of where their children will go to school, who they will be in class with, and what style of learning they will be subjected to is all important. Long term, there is no question the correlation exists between schools and home values. The better schools you have, the stronger value your home will hold and/or the more a buyer is willing to pay. It is just the opposite and typically home values suffer in areas with poorly rated schools.
A Realtor.com survey concluded that, beyond sacrificing things in their home purchase, buyers were willing to pay more money for a home in a good school district. One out of five of those surveyed said they would pay between six and ten percent more for a home — and one out of ten people surveyed stated that they'd go even higher, paying up to 20 percent more for a home with access to the right schools.
Recently I helped two different families purchase real estate locally and they were both relocating here from a different Colorado mountain community on the other side of the divide. Want to guess the #1 priority on their list of requirements? I am sure you guessed it… the local schools. There were certainly other factors that went into their decision but the schools they had access to was their priority and ultimately guided our search.
If you are considering selling your home in the near future, you should definitely use this as a leverage point when marketing your property and know that locally we can be proud of where our children go to learn each day.
Shawn Manwaring is a broker associate with Roaring Fork Sotheby's International Realty in Glenwood Springs. Shawn services Western Garfield County and the lower Roaring Fork Valley. He can be reached at 970-389-6069, Shawn.Manwaring@SIR.com or http://www.ManwaringProperties.com.
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