There is an ongoing debate as to whether good schools increase property prices or affluent homeowners (who can afford expensive houses) give rise to good schools. The connection may be two-way, but it is also true that selling a house in the neighborhood of a good school is different from selling one in a bad school district. Here are four things you should know when selling a house in a good school district:
Good Schools May Increase Property Prices
Irrespective of what made a school good in the first place, the school will increase property prices once it is established that it is good. Families with school-going children, or those who are just about to start school, will be attracted to the area and will be willing to pay good money for the properties. There are also those who believe, and they may be right, that areas with good schools also tend to be better in other sectors such as security and infrastructural development.
Good Schools Attract Many Buyers
The advantages associated with a neighborhood with good schools means that many buyers are likely to be interested in properties in the area. As a seller, this gives you the same advantages as selling a home in a seller's market. For example, you may be able to sell the house without making as many improvements as would have been necessary if there were fewer prospective buyers. It may also allow you to include a few contingencies that you wouldn't have otherwise included.
Good Schools Attract Families
Good school districts, as you can imagine, attract buyers with families, and specifically those with school going kids. It also attracts those who are looking to start a family in the near future even if they don't already have kids. Such buyers may be more interested in or worried by things that wouldn't concern buyers without school going children. For example, homebuyers with kids tend to be extremely concerned with home security installations or attractive nuisances such as abandoned wells. Therefore, get rid of all attractive nuisances on your property if you want to sell your home in a good school district.
Good Schools Make Buyers Give up Some Things
Lastly, a good school district can also make a home buyer give up some things that they wouldn't have given up under any other circumstance. For example, if a potential buyer's heart is set on a property with a giant yard in a good school district, they may give up their desire for a big yard (and buy your property with a smaller yard) if the schools in your area are excellent.
For more information, contact companies like RE/MAX Real Estate Results.Share