Nick Tabick

Broker

School Boundaries Play A Major Role in Home Buying Decision



Realtor.com(R) Back to School Survey Finds School Boundaries Play Major Role in Home Buying Decisions

 

Realtor.com®, operated by Move, Inc., recently announced the results of its Back to School survey that ran on realtor.com® from July 18-22 and analyzed how much impact school boundaries have on buyers looking to purchase a home within two years. Realtor.com® found that 3 out of 5 home buyers surveyed said school boundaries will impact their home purchasing decision.

Key Survey Findings:
A majority of home buyers who said school boundaries will have an impact are willing to pay 1 percent to 10 percent above budget to live within school boundaries:

  • 23.59 percent would pay 1 percent to 5 percent above budget
  • 20.70 percent would pay 6 percent to 10 percent above budget
  • 8.98 percent would pay 11 percent to 20 percent above budget
  • 40.33 percent would not go above budget

"Our survey demonstrates the large impact school boundaries have on those looking to purchase a home. In April, realtor.com® launched its new mobile school search functionality which allows buyers to search for listings in specific school and district boundaries," said Barbara O'Connor, chief marketing officer at Move, Inc. "This data shows how compelling this new feature is to consumers and the impact it has on their home purchase experience.  School search demonstrates realtor.com®'s commitment to innovation and expansion of features based on the needs of users and customers. We will also be launching a section on our realtor.com site focused on back to school tips which will provide more information to help those whose housing decisions are influenced by school boundaries."

For those home buyers who said school boundaries will have an impact on their decision, the majority indicated school boundaries will be an important consideration:

  • 90.53 percent said school boundaries are  "important" and "somewhat important"
  • 2.04 percent were "neutral" around importance of school boundaries
  • 7.43 percent said school boundaries are "unimportant" and "very unimportant"

Home buyers who said school boundaries will have an impact on their decision also indicated that they would give up several amenities to live within school boundaries of choice:

  • 62.39 percent 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
  • 41.99 percent would offer up nearby parks and trails

Home buyers indicated that they would like to be within a certain distance of school boundaries:

  • 45.19 percent want to live within school boundaries
  • 33.67 percent want to live within a few miles so their children can ride the school bus
  • 17.20 percent want to live within a mile so their children can walk to school

With realtor.com's search-by-school functionality, users can hone their home search based on school or district boundaries and discover valuable information on schools and districts of interest. Users can filter listings by public schools, districts and private schools in just one tap.  To search for homes by school on your favorite mobile device, download the realtor.com® mobile app for iPhone, iPad or Android.

Reprinted with permission from RISMedia. ©2013. All rights reserved.