Can a Good School District Add Thousands to your Portage Park Home Value?
Unless you have children, you might be shocked to realize how much being in a good school district can increase your Portage Park home value. No parent wants to skimp on their child’s education, and a mother or father will happily pay more for a home if they feel like that extra money is going towards their child’s education.
A recent survey, conducted by Realtor.com, shed some light on just how much attention parents really pay to school zones, when they are choosing a house.
91% of buyers say that school zones are important.
Out of a survey of 1,000 participants, a staggering 910 said that being in a good school zone was an important criterion for their house hunt. The takeaway? If your home is in a good school zone, you will be able to net a much larger audience of prospective buyers. If your Portage Park home is in a lousy school zone, you can wave goodbye to 91% of buyers.
33% of buyers would purchase a smaller home to be in a good district.
One in three buyers feel like a good school district is higher priority than a spacious home. What does that mean to you? If you’re selling a smaller home, make sure that you leverage your good school district in the sale. You just might be able to close with a representative of that 33%.
20% of buyers would give up an extra bedroom or a garage to be in a good district.
Not only will buyers settle for a smaller home, one in five buyers will actually sacrifice features in order to be in the school district they covet. For sellers who are short on bedrooms but blocks away from a prestigious school, this is great news!
20% of buyers would pay 10% more for a home in a good district.
Here’s where wishes meet numbers. One out of five buyers will pay 10% more for a home in a good district. Considering that the average single-family home, in the US, costs between $200,000 and $300,000, that is an added value of $20,000-30,000! Wow!
10% of buyers would pay 20% more for a home in a good district.
A slim percentage of the population will pay even more, around $40,000-60,000 more for a school in the district they’ve set their eye on. While it may seem unlikely that you, as a seller, can find a buyer in that 10% of the population, consider this: if you’re in a superlative school district, the sellers who value education the most will come to you. You can go ahead and increase your price. Sure, 90% of buyers will back off, but the other 10% will be flocking to your area.
Of course, there are lots of variables involved in estimating your Portage Park home value. Your home’s age, layout, and neighborhood are all going to affect your listing price. But there’s no denying that there is high consumer demand for homes in the best school districts. Check local zoning maps to see if you can add thousands onto your listing price, thanks to your school district!