for buyers
It must be true that parents always will put their
children before themselves. This fact of life is no more evident
than when it comes to real estate when the decision comes to which
location a family is likely to buy in. A recent survey enacted by
Realtor.com found that over 44% of individuals are willing go as
much as much as 10% over their budget to ensure that they secure a
home within their desired school boundary.
In association with Move, Inc., Realtor.com shared
that according to their Back to School survey, the always mentioned
tagline with real estate being about location, location, location
has the proximity of ones house to the proper school as the most
important factor. The respondents, surveyed throughout the entire
country, displayed that 3 out of every 5 of them would call a deal
off completely if they were not in the best school district
boundary possible for their children.
Over 50% of those who partook in the study said they
would be willing to pay 1-10% more than their original budget they
set out for themselves states. Furthermore;
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23.59% would pay 1% to 5% above budget
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20.70% would pay 6% to 10% above budget
-
8.98% would pay 11% to 20% above budget
The Chief Marketing Officer at Move Inc., Barbara
OConnor, is not surprised at this trend and understands that for
families looking to buy today, this make-or-break phenomenon is
something Realtors should focus on, “Our survey demonstrates the
large impact school boundaries have on those looking to purchase a
home. In April, Realtor.com launched its new mobile school search
functionality which allows buyers to search for listings in
specific school and district boundaries. This data shows how
compelling this new feature is to consumers and the impact it has
on their home purchase experience. School search demonstrates
Realtor.com’s commitment to innovation and expansion of features
based on the needs of users and customers. We will also be
launching a section on our Realtor.com site focused on back to
school tips which will provide more information to help those whose
housing decisions are influenced by school boundaries.”
For the consumer, it is brilliant to know that
Realtors will be better able to assist these buyers on a topic that
truly is dear to their heart; their kids academic future. Other
valuable statistics gathered from this study show that;
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90.53% said school boundaries are “important” and
“somewhat important” -
2.04% were “neutral” around importance of school
boundaries -
7.43% said school boundaries are “unimportant” and
“very unimportant”
Interestingly enough, to further justify just how
important the location of a potential new home is to being within a
valued school district, many homebuyers are willing to sacrifice
other luxuries. Some of the more popular amenities buyers are okay
with giving up were;
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62.39% would do without a pool or spa
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50.60% would give up accessibility to shopping
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43.96% would pass on a bonus room
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41.99% would offer up nearby parks and trails
Some of the specific findings as to why homebuyers
want to be within a close distance of a given school boundary
are;
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45.19% want to live within school boundaries
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33.67% want to live within a few miles so their
children can ride the school bus -
17.20% want to live within a mile so their children
can walk to school
As if it were not clear enough,
todays buyers, especially those with a family, are looking at
location in a very specific way, one that those in the industry
should be wary of.
More Information: The Wall Street Journal