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May 24, 2013

When people think about the factors that affect the cost of Bellevue homes, they tend to assume that these prices are very dependent on the size of the properties, crime statistics, views or even great shopping facilities in the area. In reality, however, there is something else that is currently driving people to this area and causing the property market to suddenly skyrocket, and this is schooling.

One of the areas in Bellevue where this is particularly evident is Somerset where buyers are snatching up properties within days after they have gone onto the market, and according to the experts, this is because of the school district that is so appealing, not necessarily the homes. Some of the current listings show that homes that might have previously been negotiated on because they were in need of some attention are actually being inundated with offers for purchase. In some instances, people have actually been waiving the inspections and the appraisals, as well as paying well above the asking price simply so that their offers have the chance of being accepted.

In the past, when people were interested in selling their properties, they would call up a Bellevue real estate agent and then sit and wait until they got a bite or two; this is no longer the case. These days, when a property goes up for sale, it’s quite common to find the street suddenly filled with agents and prospective buyers; in some cases, realtors wait up to 45 minutes in order to get a chance at viewing a property. This new development is changing the way that real estate is sold or even rented out in these areas, and as the properties rise in demand, this is continuously evolving.

Newport High School is one of the institutions that are currently adding to the popularity of Bellevue and the specific areas that feed into the school. In previous weeks, the school has made it onto some of the most lucrative lists outlining the best schools in America, but they are not the only ones. According to the lists, four other schools within Bellevue have made it to the top and become some of the most sought-after educational institutions within the state, and they are helping to draw even more home-seekers to the area.

It seems that quality education is something that people are willing to not only go out of their way for, but actually compete with others to obtain a chance at giving their children the best education that the country has to offer. An investment in a house is no longer just that; it is now becoming an investment in a child’s future, and buyers are willing to pay top dollar for this.

People who are currently living within the area are very proud of the fast growing reputation of their schools, and they’ve been aware of its effect on the influx of people into the area. Many of the residents who are currently staying in the area moved there so that their children could benefit from some of the best schools, and so they know better than anyone about the appeal of this prospect.

With so much competition, it is not the sellers that have to go the extra mile to get their properties off their hands, but the buyers; something that is quite unique within the world of real estate, particularly in the shadow of the recent economic woes. When buyers have to compete with up to 30 other people in order to get their hands on a property, they often have to ensure that their applications are pristine, and some experts are advising that they submit motivational letters to the sellers, since this might give them a competitive edge.

Understanding the competitive nature of the real estate industry within Bellevue, and in Somerset in particular, buyers can ensure they are prepared for the unique challenges they will face along the way, as well as the advantages they will benefit from. At the moment, it seems that people aren’t picking their locations based on the aesthetic appeal or even the current status of the property market, but on the schools’ reputations, and this has turned it into a very exciting game indeed.

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