School quality, location very important to homebuyers with children

The schools located near your listing could be your ticket to selling that house to parents.

More than three-fourths of parents reported that their child’s education is an important aspect when on the hunt for a new home to buy, according to Bank of America’s Homebuyer Insights Report, Moving with Purpose.

Additionally, more than half of parents surveyed said they would buy a new home in a specific area in order for their child to be able to attend a better school. Sixty-four percent said the quality or ranking of a school is “extremely important” in their purchasing decision. And more than one-third said the school’s extracurricular reputation is “very important” to them in their home search.

Nearly 25 percent of parents said they would consider buying a less expensive home in order to be able to afford a better education for their children. For those parents with older children, 14 percent reported that they would consider purchasing a home near campus for a child in college.

A school’s schedule also impacts the timing of their purchase, as more than one-fourth of adults with children wait to move until a school break, as to not disrupt their child’s education.

Not only do parents want to be in a good school district, but they want to be close to the schools as well. More than one-third reported that the distance to the school is “extremely important,” while 22 percent said they want their children to be able to walk to school.