October 3rd, 2014
The quality of local schools is one of the key considerations when consumers want to buy a home, and this is the case even for buyers who aren’t parents.
Good schools tend to raise property values, and parents can ensure their children have a top-notch education. Childless homeowners have more assurance they can sell at a reasonable price when they’re ready to move. In some cases, these locations are so popular that parents are willing to rent in the neighborhood until they can find an available home.
While the advantages of purchasing a house near an excellent school district are clear, finding them may not be as easy. Luckily, online real estate listing service Redfin recently compiled lists of neighborhoods with top schools in certain metro areas.
Here are some of the locations with high-ranking schools:
What are some traits of these neighborhoods
According to Redfin, buyers have their work cut out if they want to land a property in one of the aforementioned neighborhoods or any others that were on the list. First, they will have to pay more. The median sale price was $474,900 compared to $290,000 for the entire metropolitan area. Additionally, homes in these neighborhoods are more likely to close for more than the asking price, as 30 percent of these properties sell above their list prices. The overall metro areas, on the other hand, had homes sell for 27 percent more on average.
These price considerations likely stem from high demand and low times on market for available homes. Buyers will likely be locked into intense bidding wars if they want one of these houses.
The good news is these properties tend to hold up better when the housing market is on a downturn. Regardless of which way the economy is going, parents want a good education for their children, so future homeowners will have leverage when they’re ready to sell.
Interested consumers can look at some strategies for winning a bidding war if they want to land a home near top-notch schools.