Moving into a new home or selling a home can be a hectic period for both homebuyers and sellers with school age children. In fact, according to a new report from the National Association of Realtors, "2019 Moving With Kids," the home search gets more complicated for those who have children under the age of 18 years old living in the home.
The report found homebuyers who still have children living in their home were likely to be drawn to specific neighborhood characteristics. Fifty-three percent of buyers with children considered a neighborhood based on the quality of the school districts within that neighborhood, and 50 percent of buyers with children selected a neighborhood based on its convenience to schools. Of those polled who had no children, only 10 percent chose a neighborhood because of the quality of its school district.
"Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home," said Lawrence Yun, NAR's chief economist. "Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district."
Many high schools in Silicon Valley are on the list of 2019 Best High Schools Ranking of U.S. News & World Report. Among the school districts with schools on the list and named the top high schools in the state are Fremont Union High School District, Palo Alto Unified School District, Los Gatos-Saratoga High School District and Mountain View-Los Altos Union High School District.
"It's not surprising that the school district is a major priority for homebuyers with children, especially in Silicon Valley," says Alan Barbic, president of the Silicon Valley Association of Realtors. "Silicon Valley's excellent schools is one of the many strong points that draws homebuyers to the area. There is so much innovation in this region and that is shared with students by top notch educators and professionals who live and work here in Silicon Valley."
According to the NAR report, more than half of all buyers, regardless of children, said finding the right property was the most difficult stage in the process. Among the homebuyers with children living in the household, 86 percent purchased their home with the help of a real estate agent.
"When searching for a home, families with children should seek the advice of their Realtor, who is well-acquainted with the schools in the area," says Barbic.
Barbic and other Realtors note many families are willing to make sacrifices and will pay more for a home located in the school district of their choice. "Next to bedroom count, the school is the most compelling reason families move. It is the primary question asked at open houses," says Denise Welsh, a member of SILVAR's Los Altos-Mountain View District. "People will pay 30 percent more for a house with a better school. It is the one housing feature where buyers refuse to compromise. Often, the school choice takes precedence over the house size and location."
According to the NAR survey, despite high prices and other expenses, like childcare, some buyers were able to make a purchase but had to make compromises and concessions on the properties. Thirty-one percent said they compromised on the condition of the home, while another 31 percent said they compromised on the size of the home. Twenty-four percent reported to have compromised on the price of the home.
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.
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