Absolutely Incredible

A Desired Commodity: How Real Estate Prices Are Affected By School Districts

When searching for a new home, what attributes are potential homebuyers prioritizing over others? Obviously the details of the home are important: the square footage of the home, the number of bedrooms, the age of the home, etc. But there are other factors that will influence whether a home is purchased or sold. In addition to considerations like the neighborhood crime rate and the home’s closeness to important amenities, the quality of the school districts in the area also takes top priority and can actually affect the surrounding real estate properties.

More Money For Better Schools

Some families are so particular about the type of school district they enroll their children in that it will single-handedly influence whether or not they look at a home in a certain neighborhood. The home could match every quality they are looking for but, if it is outside of an esteemed school district, they may not even bother scheduling a showing.

The standard for a good school district is so high that buyers are even willing to make sacrifices if it means they can live in an area with a better school. A study done by realtor.com found that one in every five buyers would sacrifice something like an extra bedroom to be in a good district, with one out of every three buyers willing to downsize to a much smaller house.

It doesn’t stop at a spatial downsize, either. That same study found that one person out of every five homebuyers would pay between 6-10% over their original budget, while one out of ten buyers would be willing to pay 20% over budget. Depending on the market, that could be a substantial difference in what a home could ultimately sell for.

Better Schools Can Determine The Price Of A Home

Because homebuyers are so particular about the surrounding school districts, homeowners who live in one of these desired areas can sell their homes at a higher cost – the data clearly shows that people are willing to pay for it. There are two main reasons why a better district has become such a sought-after commodity:

A Focus On Education

The primary – and perhaps most obvious – reason is that individuals who either have a family or who are planning to start a family in the near future want to make sure their children are receiving the best education possible. If a better education means spending more on a home, it’s evident that people are willing to pay more out of concern for their children’s futures.

A More Desirable Property

Some individuals who don’t have children, or whose children have grown and moved on, look to buy a home in one of these areas simply because they will have a better chance at not only selling their homes in the future, but making more of a profit when they do.

This is definitely something to keep in mind whether you will soon be looking for a new home for your family or if you already live in an area with a good school district and are planning to eventually sell your home.

Originally published on David Taran’s website.

The colors here are very interesting. Multi layer use is neat as well.

Super interesting door. I’m assuming there is a second floor where you can access the top part.

You may not control all the events that happen to you, but you can decide not to be reduced by them.

Maya Angelou (via samxcamargo)

Florida island living. For more amazing homes follow us on homeadverts.tumblr.com

Small Vs. Large Homes: Size Does Matter For The Return On Investment

Originally published on David Taran’s LinkedIn.

Does size really matter? Homeowners often ask the question of what size home will potentially have the best return down the line - small or large?

Will a smaller home give you the best investment? Will a larger home provide you with a greater financial return on investment when you go to sell it in the future? While most homebuyers are focused on the size of the home, they are missing out on one crucial facet of homeownership that is just as important - location.

The physical structure of your home will depreciate over time; it is the value of the land that actually appreciates as time passes. The home itself will not have a direct impact on the increase of land value. Instead, it is these areas that will influence the majority of your return on investment:

Quality of the surrounding school district and neighborhood.

Aside from the physical features of the home, the quality of the nearest school district and the entire feel of the neighborhood are at the tops of the lists for families who are looking to settle down. If the home is in an area that will provide their (future) children with a good education and both themselves and their family with a thriving community to connect with, that will be a desired property.

Proximity to amenities.

Millennials want to buy a home that puts them close to the social and active lifestyle they crave. Seniors want to be close to the essentials - a doctor’s office, the grocery store, the bank, etc. A home’s walkability to certain amenities can have a direct impact on the value of the home.

The size of the home.

From mansions to tiny houses, the ideal size of a home has fluctuated over the years. Once, larger homes were more popular due to their elaborateness and spaciousness. Recently, tiny houses that measured in at 1,000 square feet or smaller became the newest real estate trend. Now, smaller homes are sought after again as the younger generations begin to grow their families.

The Final Verdict: Small Vs. Large Homes

When all of these factors are taken into consideration, it seems that smaller homes offer the greatest return on investment. The down payment is much smaller when compared to larger homes, which means lower debt, and they often come off the market quicker as there is a larger number of families looking to settle on small- to moderate-sized homes.

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House Hunting On-The-Go: The Top Real Estate Apps

Instead of replying to texts or scrolling through Facebook while waiting in line at the grocery store or during your lunch break, use that time to productively search for your dream home. Now, you can take house hunting on-the-go with an endless surplus of real estate apps that you can download right to your smartphone.

These apps are all free to use, so don’t hesitate to go download-crazy and have as many tools available to you as possible to assist you in finding your new home. The real estate market is becoming more competitive, so having multiple outlets to search through will only benefit you in finding the right home for you before it’s taken off the market and is a missed opportunity.

Zillow

Zillow is one of the most downloaded real estate apps at the moment. It gives homebuyers a customized look into desired homes and locations. In addition to looking through high-quality images, you can also go on a virtual walkthrough of the home to see if it’s worth scheduling an in-person showing. This decreases the amount of time spent wasted at showings where the images don’t tell a true story of the home. You can also research a home’s surrounding area to find information that could affect your decision to buy, like neighborhood crime rates or the quality of the local school districts.

Redfin

One of the major benefits of Redfin, aside from its vast database of listings and detailed search capabilities, is its efficiency. The app updates its listings every fifteen minutes, which means that you won’t be unknowingly scrolling through older properties that may be close to selling. Redfin is also able to predict how fast a home is projected to be sold, so you will be able to prioritize the order of the homes you go to for showings.

Trulia

Trulia is another one of the most popular apps used by homebuyers and professionals. Trulia, like other real estate apps, offers personalized searches with detailed information about the area to help you make the most informed decision. But one of the areas where Trulia surpasses its competitors is with images. Instead of a map, you can browse through packages of photos that will show you different features you are interested in, like new, renovated kitchens or even fixer uppers for those who are interested in having control in the renovation process of their new home.

Homesnap

You are out driving around and a stunning home for sale catches your eye – how will you ever find that listing online? With Homesnap, you can take a picture of the home and learn more about it through the actual app to see if it’s a worthy candidate to schedule a showing!

If you are serious about finding your dream home, take full advantage of all of these tools that are available to you, whether you are at home or out and about.

Originally published on David Taran’s website.

Interiors by Darren James || Robert D’Costa ||