Good Schools EQUAL Higher Home Values
Finally some research on something we Agents have known a long time! Home buyers will pay a premium for high quality schools. This past summer, Redfin the national web-based real estate company from Seattle compared home sales from neighborhood to neighborhood by square foot, even more particularly homes within the same neighborhood but different schools, and found the homes with the high quality schools sold on average for $50/sf more than their more “average” counterparts.
Using MLS data to calculate median sales prices (as we do here often) they were able to identify “Homes just a short distance apart with nearly identical attributes are selling for drastically different prices”
Trying to improve your home’s value? Support your local public school!
Housing equity rose 30% or more than $2 Trillion dollars over the past year
Home purchases rebounded, prices rose, and mortgages continued to decline. This rise is value is a relief to homeowners and the Realtor’s trying to help them move on to their next stage in life. It contributes to rising consumer confidence, and rising optimism about future home prices. The total value of all homes in the US is still 18% below its pre-recession peak- which is probably a good thing overall.