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A Desired Commodity: How Real Estate Prices Are Affected By School Districts

When searching for a new home, what attributes are potential homebuyers prioritizing over others? Obviously the details of the home are important: the square footage of the home, the number of bedrooms, the age of the home, etc. But there are other factors that will influence whether a home is purchased or sold. In addition to considerations like the neighborhood crime rate and the home’s closeness to important amenities, the quality of the school districts in the area also takes top priority and can actually affect the surrounding real estate properties.

More Money For Better Schools

Some families are so particular about the type of school district they enroll their children in that it will single-handedly influence whether or not they look at a home in a certain neighborhood. The home could match every quality they are looking for but, if it is outside of an esteemed school district, they may not even bother scheduling a showing.

The standard for a good school district is so high that buyers are even willing to make sacrifices if it means they can live in an area with a better school. A study done by realtor.com found that one in every five buyers would sacrifice something like an extra bedroom to be in a good district, with one out of every three buyers willing to downsize to a much smaller house.

It doesn’t stop at a spatial downsize, either. That same study found that one person out of every five homebuyers would pay between 6-10% over their original budget, while one out of ten buyers would be willing to pay 20% over budget. Depending on the market, that could be a substantial difference in what a home could ultimately sell for.

Better Schools Can Determine The Price Of A Home

Because homebuyers are so particular about the surrounding school districts, homeowners who live in one of these desired areas can sell their homes at a higher cost – the data clearly shows that people are willing to pay for it. There are two main reasons why a better district has become such a sought-after commodity:

A Focus On Education

The primary – and perhaps most obvious – reason is that individuals who either have a family or who are planning to start a family in the near future want to make sure their children are receiving the best education possible. If a better education means spending more on a home, it’s evident that people are willing to pay more out of concern for their children’s futures.

A More Desirable Property

Some individuals who don’t have children, or whose children have grown and moved on, look to buy a home in one of these areas simply because they will have a better chance at not only selling their homes in the future, but making more of a profit when they do.

This is definitely something to keep in mind whether you will soon be looking for a new home for your family or if you already live in an area with a good school district and are planning to eventually sell your home.

Originally published on David Taran’s website.

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Small Vs. Large Homes: Size Does Matter For The Return On Investment

Originally published on David Taran’s LinkedIn.

Does size really matter? Homeowners often ask the question of what size home will potentially have the best return down the line - small or large?

Will a smaller home give you the best investment? Will a larger home provide you with a greater financial return on investment when you go to sell it in the future? While most homebuyers are focused on the size of the home, they are missing out on one crucial facet of homeownership that is just as important - location.

The physical structure of your home will depreciate over time; it is the value of the land that actually appreciates as time passes. The home itself will not have a direct impact on the increase of land value. Instead, it is these areas that will influence the majority of your return on investment:

Quality of the surrounding school district and neighborhood.

Aside from the physical features of the home, the quality of the nearest school district and the entire feel of the neighborhood are at the tops of the lists for families who are looking to settle down. If the home is in an area that will provide their (future) children with a good education and both themselves and their family with a thriving community to connect with, that will be a desired property.

Proximity to amenities.

Millennials want to buy a home that puts them close to the social and active lifestyle they crave. Seniors want to be close to the essentials - a doctor’s office, the grocery store, the bank, etc. A home’s walkability to certain amenities can have a direct impact on the value of the home.

The size of the home.

From mansions to tiny houses, the ideal size of a home has fluctuated over the years. Once, larger homes were more popular due to their elaborateness and spaciousness. Recently, tiny houses that measured in at 1,000 square feet or smaller became the newest real estate trend. Now, smaller homes are sought after again as the younger generations begin to grow their families.

The Final Verdict: Small Vs. Large Homes

When all of these factors are taken into consideration, it seems that smaller homes offer the greatest return on investment. The down payment is much smaller when compared to larger homes, which means lower debt, and they often come off the market quicker as there is a larger number of families looking to settle on small- to moderate-sized homes.

Networking And Why It’s Important For Real Estate Investors

Networking isn’t just for amateurs or professionals with little experience. Even seasoned real estate investors could benefit from networking with other people in the industry. Connecting with other professionals doesn’t just mean going to networking events anymore. There are other methods for getting your name out there and forming rewarding relationships with other people that share a similar passion with you.

Set aside time to attend related conferences and events.

When people think of networking, this is what they picture: a mass of business professionals listening to a lecture followed by free time to mingle with one another and talk real estate. Participating in conferences, classes, and events are not only crucial in forming contacts with valuable, like-minded individuals, they are also an opportunity for you to expand your knowledge of the industry, keeping up-to-date with the latest real estate trends and news. Stronger connections are generally formed in face-to-face interactions when you have a chance to show your personality.

Build and develop a strong online presence.

Physical interactions during networking events are important, but they aren’t the only way to build connections. Now that we live in a world run by technology, it’s imperative that you build a strong online presence as well. If you already have one, continue to develop it. This is just another place where professionals, clients, and prospective clients can get in touch with you.

Be present within your community.

At the heart of real estate investment is your community, so one of your main priorities should be becoming as personally involved within your community as possible. Consider becoming a key member of a local charity or organization. Take up space in various indoor and outdoor spaces and socialize more with active members of the community. Showing that you are invested in your neighborhood will increase a person’s trust in you, which will lend itself to increasing word-of-mouth referrals.

Become active in clubs.

Networking at conferences and events is one thing, but joining a stable, more long-term organization has its benefits as well. Consider joining some kind of real estate club. Because these individuals all share similar goals as you, it is a great way to meet people and form meaningful relationships. Many investors find mentors through these clubs and, then, eventually become mentors themselves.

Get your name out there on both a local and national level by becoming a networking pro. It is all about participating in events and building connections with other individuals both in person and online.

Interesting read! Check it out!

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