Can Schools in Wellington Affect Your Home's Value?
In Real Estate it has always been assumed that the quality of schools can have an impact on the price of a home. Several recent studies now show just HOW much of an impact the quality of schools has on today’s real estate values. As a Realtor who specializes in Wellington Florida, I receive calls from potential homebuyers and renters alike, explaining they are looking to move to Wellington Florida, a city that is well known for their highly regarded schools and are even willing to downsize to have access to these school systems.
In a survey done in 2013 by The National Association of Realtors it was found that 29 percent of homebuyers surveyed felt that school quality was an important factor in which home to purchase. Additionally 22 percent said that the proximity to schools was another factor they considered when deciding which home to purchase.
Buyers Willing to pay more for Wellington Florida Schools?
Realtor.com did a survey of 1000 buyers and found that 91 percent said that school boundaries were important in their search for a home. In addition the survey showed that for every five buyers, one buyer would be willing to give up a garage or bedroom for a good school. They also found that for every three buyers surveyed, one buyer would even settle for a smaller home to get access to a good school. Over half of those surveyed said they would sacrifice nearby shopping options for a better school.
The study found that buyers were willing to actually pay more money for a home in a good school district. One out of five of those surveyed said they would pay between six and ten percent more for a home. Additionally, one out of ten people surveyed said they’d go even higher, paying up to 20 percent more for a home with access to good schools.
Wellington Florida Schools Help Protect Home Values
According to an article in MarketWatch from June 2014, “The best school districts have the best property values,” says Lanny Baker, the CEO of ZipRealty in Emeryville, Calif., which tracks housing trends.
In Palm Beach County, Wellington Florida homes command a much higher price than an identical home in a town that does not have the same quality school systems.
If you take a typical three bedroom, 2 bath single family home in Wellington Florida and compared the price to an identical home in some of the surrounding cities the price of the Wellington home would be substantially higher.
Whether you have children, are planning to, or not planning to, it is advantageous to purchase a home in a good school district. Historically houses in good school districts have a higher resale value and sell quicker. Historically when housing markets go down, areas in better school districts rebound faster. Typically they are also more likely to retain more of their value than their counterparts in school districts that are poorly rated.
As is the case in Wellington Florida, the highly regarded Wellington Florida School System provides stability for the community, and that’s good news for the property values of everyone who lives nearby.
Please Click Here if you are thinking of purchasing a home in Wellington Florida and would like to see information on Wellington Florida Schools.