Does School District Matter?
When thinking about buying a new home ask yourself the question ” Does School District Matter “. You might think ” I don’t have children why should I care” It might be a surprise for you to learn that even in those cases, the desirability of the school district should be a significant factor to include in your plan. A Studio City home in the Carpenter School District will demand a higher price than a Studio City home that is not.
Home Prices Are Influenced by the Quality of the Schools
Ask a Realtor® ” Does School District Matter “. Many real estate professionals say that the school district is a main factor that moves home prices in many neighborhoods. With the increased sophistication and knowledge of buyers homes in the higher quality school districts sell for significantly higher prices than similar homes in other areas.The difference in home prices attributable to the rating of the neighborhood schools is a real part of the market reality. Property located in the better-rated school districts can be priced at up to 30% more than homes in other neighborhoods. If you consider the median asking price for a single family home in the area of between $700,000 and $1,200,000 the difference is significant.
In previous years, home buyers were more concerned with such factors as the property’s location with respect to places for nightlife or entertainment, downtown businesses, shopping centers. Now, home buyers are more sensitive to negative factors such as being located in a school district that is less desirable. Homes located in such areas can be difficult to sell when the homeowner chooses to move.
In areas with the best school districts, buyers actually bid against each other. This can account for inflation of housing prices, or in a slow market can let homes decline more slowly. Smart buyers acquire school performance reports early in their search. They know it is an important factor in the value of the home. Also a factor in the price at which the home can be sold in a future transaction. School rankings are frequently given greater weight than neighborhood demographic data.
Any reason that might compel a person to buy a home in a particular neighborhood increases the value of those homes. Real estate investors and home buyers alike need to remember that the boundary lines of a school district can be changed. That would affect the property values significantly. In an established district that is near a new subdivision, for example, things could shift seemingly on a whim. In the real estate market very little is guaranteed and almost everything is subject to change.
Got a house in mind click here to find out what school district it is in.