If you live in an area of Portland where families generally like to reside the rating of the school district and the schools zoned for that home will come into play in the home’s assessed value. A home’s value is assessed before listing and prior to the final sale or closing on a home. School ratings can significantly impact the value of a home and here is how and why school ratings impact a home’s value.
What makes a school a high-ranking school?
To understand how a school impacts the home’s value, it is good to understand how a school is rated as a great school. There is no exact science to how a school is ranked, but some ranking websites such as great schools or niche will use statistics from standardized test scores and graduation rates to help them assess how well a school is performing. Of course, using these measurements does not tell the entire story about a school.
The website great schools is a great source for checking into a school and the desired neighborhood they will allow you to pull up facts about certain schools including diversity and the student-to-teacher ratio of a school. Other websites will also provide reviews of the school from parents and older students who have actually attended there. Of course, you can always see what schools are most desirable by property values and articles bragging about the school’s accomplishments online.
How school ratings affect property values
For families moving into a new home, it is very important and higher on the priority list to have a home that is zoned for the best school possible. Every parent wants their children to have access to the most amazing education that they can. It has been shown that 78% of buyers with school-age children went without desired amenities inside of a home to trade-off for living within a higher-rated school zone. Some of the things parents were willing to trade off including updated kitchens, large backyards, and enough garage space to keep their car protected and secure. This amount of supply and demand amongst young families has driven the value of properties zoned for the most favorable schools to a higher value.
Can a Portland realtor tell you where the best schools in Portland are?
It is actually illegal for any Portland realtor to guide you toward a particular school; this practice is known as steering and is not allowed within the real estate profession. These restrictions are set in place to help protect certain communities from being looked into and being at a disadvantage because realtors did not help to sell homes in the area. Figuring out which school in Portland would be best for your children to attend is something that will have to be left to Internet homework or seeking the advice of people that live in the area. You can research more about schools from sites like those mentioned above as well as from the Oregon Department of Education, which provides report cards for each school in the state.
While an experienced local real estate agent cannot steer you towards a certain area or school, they can help you to find the area to research the data on your own from public forums. For more in-depth information on Portland area real estate please contact us any time.