Morgan: Back to school effect on real estate market
As the summer months wined down families are getting geared up for back to school and the fall months ahead.
As a home buyer with children there is great concern of where your children will go to school and how close their future home will be situated within their ideal school district.
A survey was recently conducted stating that a majority of home buyers said that school boundaries will have an impact on where they purchase and that the average home buyer with children will be willing to pay 1 per cent to 10 per cent above budget to live within their preferred school boundaries.
It has been said that these buyers are especially willing to give up access to shopping and nearby parks and trails, among other amenities, to reside within the school-district boundaries of their choice.
Statistics show that 23.59 per cent would pay 1-5 per cent above budget, 20.70 per cent would pay 6-10 per cent above budget, and 8.98 per cent would pay 11-20 per cent above budget.
However there are still a remaining 40.33 per cent of home buyers that would not go above their budget to be within certain school boundaries.
In recent history the real estate market tends to slow down in September as families are rushing around to get their children back into the school routine.
The average home buyer with children, tend to have their minds preoccupied and distracted away from their home hunting search.
However this slow down that the Central Okanagan might feel does not constitute as a cool down.
As families get back into their routines home buyers will eventually continue their search later in the fall.
Home buyers that did not purchase during the summer months will tend to learn towards purchasing before the snow fly’s, so sellers do not be alarmed if your showing on your home tend to slow down and activity becomes quiet.
Activity will pick again for sellers, especially as inventory will start to deplete as the weather cools.
As always, I do recommend that as a buyer or seller that you consult with your experienced and professional realtor for any real estate advice and market trend updates.