SEATTLE--(BUSINESS WIRE)--Today Redfin (www.redfin.com), the customer-first real estate brokerage, released a report naming the top neighborhoods for highly-ranked public schools in 22 major cities across the U.S., along with information on the real estate market in those areas. The ranking is based on which areas have the most public schools with a higher than average GreatSchools rating, as provided by Onboard Informatics.
The Redfin report also includes information that will help parents understand what it will take to buy a home in one of the top neighborhoods for highly-ranked schools, including data on median sale prices, the percentage of homes that sold above the asking price, how long those homes took to sell, and how many homes hit the market in the past year.
As Redfin demonstrated last year, being within a highly rated public school zone can have a dramatic effect on the value of your home. When accounting for size, on average, people pay $50 more per square foot for homes in top-rated school zones compared with homes in average-rated zones.
When comparing homes in neighborhoods with the most highly rated public schools with homes in the whole metropolitan area, Redfin found that they:
- Are higher priced - $474,900 median sale price vs. $290,000
- Are more likely to sell for over the asking price - 30% sold above list price vs. 23%
- Sell faster – A median of 25 days on the market vs. 31 days
- Are harder to come by – For every 100 homes in a neighborhood, on average only 5.8 hit the market in the past year, compared with 6.5 for the great metropolitan areas.
So how can a homebuyer get in to these top neighborhoods, where there are likely to be bidding wars? They need to come prepared. Earlier this year Redfin analyzed data from more than 10,000 offers that Redfin agents wrote in 2013, and determined that the following strategies were the most effective for winning a bidding war:
- All-Cash Offer - Improves an offer’s likelihood of success by 28%
- Pre-Inspection - Improves an offer’s likelihood of success by 21%
- Waived Financing Contingency - Improves an offer’s likelihood of success by 15%
- Waived Inspection Contingency - Improves an offer’s likelihood of success by 15%
- Personal Cover Letter - Improves an offer’s likelihood of success by 9%
For more information on these bidding war strategies, check out the original report. For the full list of top neighborhoods for highly-ranked schools, more information on the schools and homes in those areas, and the full methodology for the report, please visit the Redfin Blog at http://blog.redfin.com/blog/2014/09/redfin-names-the-top-neighborhoods-for-highly-ranked-schools.html.
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Redfin (www.redfin.com) is a customer-first real estate brokerage that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.