Whether you’re buying or selling, researching local school districts is crucial for appraising your home’s value.
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Do school districts influence home prices? Conversations regarding schools and their effect on home values can be confusing, but a look at some firm statistics should help clear things up.
It probably comes as no surprise that homes in the best school districts sell for a higher price. According to The RealtyTrac 2016 Schools and Housing Report, homes in zip codes with at least one good elementary school have higher values and stronger price appreciation over the long term than homes in zip codes without. But by just how much? According to RealtyTrac’s report, out of 1,661 zip codes with at least one good elementary school, home values averaged 77% higher than the average home value in 2,774 zip codes without one. That’s a big difference in price, consistent over a broad sample of zip codes.
With these numbers in mind, it’s pretty clear that any decision on buying a home should include a thorough analysis of the school district, even if you don’t intend to send children to those schools. Good schools provide stability in the community, and that’s definitely good for your property value!
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If you have any questions about your local school district, or you’re thinking about buying or selling a home, give us a call today at (972) 468-5017, or send me an email. We would be happy to help you!
Any decision on buying a home should include a thorough analysis of the school district.
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