It’s no secret the importance education is to families, the economy and to communities as a whole. Education also impacts the real estate market. Although many factors, including square footage, number of bedrooms, and garage size, all impact homebuyers’ decisions, there are also other contributing factors.
School quality and rating, along with the academic schedule, is just as important to many buyers as is the size, price and location of the home. In fact, one out of every three homebuyers would buy a smaller house than desired, just to be in a choice school district. “Since home and resale values are both impacted by school quality, homebuyers with or without children are going to seek homes in the best school districts,” said Morgan Jerabek, a home loan consultant at First Bank. Schools may also determine when sellers list their home. “Savvy sellers should be prepared by having a successful Realtor® guide them through the home’s staging prior to the summer home selling season,” said Jerabek. “May is a good time to start this process, so your home is ready.”
Many homeowners wait to market their home until the end of the school year. That’s because there are typically many activities occurring at the end of the school year. “Home sellers usually get caught waiting until after spring to finally list their home for sale, resulting in increased inventory to satisfy new buyers on the market,” said Jerabek. “Homeowners want to sell when buyers are shopping for a new home during the summer months, usually to coincide with the academic calendar.” It’s easier to move school districts and transition children before the academic year starts, eliminating any educational
Consulting with professionals prior to listing a home will prepare homeowners on what needs to be done prior to listing. “Also, the seller should be preparing for their own home purchase by contacting a reputable lender to be prepared with pre-approvals so they are ready when they become the buyer,” said Jerabek. “They’ll want to put themselves in the best possible competitive position when they find the right house, especially if it’s in the right school district. This market is extremely competitive and homebuyers and sellers need to be ready.”
For more information on First Bank Mortgage,call 800-760-2265 or visit https://www.firstbanks.com/mortgage.
Source:“How Much Do School Districts Affect Real Estate Prices? by Sam DeBord, June 1,2016”