Your
Home's School District Matters
Even for people who do not
have children, the desirability of the school district deserves to be
seriously considered in making your homebuying decision. It might be
a natural tendency for people who are looking for a home not to consider
the performance of the school district where their new home is located.
This can be the case for a single person not thinking ahead to having
children, a young couple, or maybe a retired individual or couple.
Home Price Levels Are
Influenced by the Schools
Many real estate agents claim that the school district in which a property
is located is the main factor affecting the prices of homes in most
areas or neighborhoods. Homes in the neighborhoods of better-rated school
districts being sold for significantly higher prices than similar properties
in other areas has become the rule in recent years. That is more frequently
the case than in previous years.
The difference attributable
to the performance of the school district is no insignificant matter,
nor is it a theoretical abstraction. Homes that are located in higher-performing
districts will be sold for up to 30% more than homes elsewhere. If you
look at the median cost of a home in the range of between $180,000 and
$240,000, the difference is significant. In places where prices are
higher, naturally, there will be an even larger difference, but even
where median prices are lower it's still a definite difference in home
value. Do the math.
Buyers Are Harder to Satisfy
In previous years, home buyers seemed to be only thinking about such
factors as the property's location near their work, places for entertainment,
convenience, and possibly things like trees having nearby parks. Now,
savvy buyers are more sensitive to detrimental factors such as being
located in a school district that is less desirable, where the per capita
education spending and scores are low. Homes located in such districts
can well be hard to sell.
School Districts Create
Real Value
In some desirable districts, even in a slow market, buyers are ready
to bid up the price for homes with the top schools. This can cause inflation
of housing prices. In a slow market it can cause homes to decline more
slowly. This affects the listed price of any home in the area available
for sale after the transaction. Smart buyers acquire school performance
reports early in their search. They know it is In many cases, school
reports are viewed as more important than neighborhood demographic information.
Boundary Line Uncertainty
No matter the condition of the market, any reason that might compel
a buyer to buy a home in a particular neighborhood increases the value
of the homes there. Real estate investors and homebuyers have to remember
that the boundary lines of school districts can be changed at any given
time, which can change the property values by a significant amount.
In an established district that is near a new subdivision, for example,
things could shift seemingly on a whim, on short notice, as population
shifts or is projected to shift. In real estate, very little is guaranteed,
and this does not exclude the school district in which the property
is located.
This article was presented
through your Colorado Louisville
real estate specialists, Automated Homefinder.
