Findings from a realtor.com survey reveal schools continue to be a major consideration for families when purchasing a home. Many home buyers are even willing to pay more to live within a preferred school boundary.
A July Back to School survey by the online listing website of the National Association of REALTORS® analyzed the impact school boundaries have on buyers looking to purchase a home within two years. The survey found three out of five home buyers surveyed said school boundaries will impact their home purchasing decision. More than 44 percent of respondents throughout the country would consider going over budget by up to 10 percent for homes in preferred school boundaries.
Among those home buyers who said school boundaries will have an impact on their home purchase decision, 45.19 percent said they want to live within school boundaries; 33.67 percent want to live within a few miles so their children can ride the school bus; and 17.20 percent want to live within a mile so their children can walk to school.
Schools matter a lot to families, and excellent schools help sell property in the area, said Carolyn Miller, president of the Silicon Valley Association of REALTORS®. She noted Silicon Valley has excellent schools, many of which have been annually awarded gold, old, silver or bronze medals by U.S. News & World Report, based on state proficiency standards and how well they prepare students for college.
"Our excellent schools are a major reason attracting many families to Silicon Valley. I have had buyers with non-school age children that have bought their home because it is located in an excellent school district," said Miller.
When asked if they would give up several amenities to live within school boundaries of choice, 62.39 percent of the respondents said they would do without a pool or spa; 50.60 percent would give up accessibility to shopping; 43.96 percent would pass on a bonus room; and 42 percent would give up living near parks and trails.
Forty-four percent of these home buyers who said schools matter in their home purchase decision said they are willing to pay 1 percent to 10 percent above budget to live within a preferred school boundary, with 23.59 percent willing to pay 1-5 percent above budget; 20.70 percent 6-10 percent above budget; 8.98 percent 11-20 percent above budget; and 40.33 percent would not go above budget.
"Supporting the schools is a way REALTORS® can give back to the community, since the quality of the school district is important for selling property," said Miller.
Miller said for the past 14 years the Silicon Valley REALTORS® Charitable Foundation has provided $1,000 scholarships to 18 graduating seniors from public high schools in Silicon Valley. At the beginning of each school year, the REALTORS® donate backpacks for low-income students. The REALTOR® members of the local trade association are also encouraged to donate a portion of their commission to the schools.
"Our students are among the cream of the crop and the world knows this. Helping the schools helps all of those living in our communities," said Miller.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.