The vast importance of School Boundaries 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
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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"
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2.04% were "neutral" around importance of school boundaries
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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
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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
