Housing markets fluctuate, neighborhoods evolve, and the economy is always changing. But there are a few important values that homebuyers will never stop caring about. Location, safety, price, size, and amenities are a few good examples of this — and for many people, especially parents, school districts rank at the top of this list. Let’s take a look at exactly how school districts affect home pricing.
Supply and demand.
You don’t need an economics degree to understand how supply and demand affect pricing. And the unfortunate truth is that, even though every parent would love for their kids to attend a top-ranked school, the demand greatly outweighs the supply. This puts anyone who owns a home in a good school district in the driver’s seat when it comes time to sell. It also makes homes in good school districts a safer bet for anyone hoping that their house will raise in value. Last but not least, it means that smart homeowners should take a proactive approach to promoting the quality of their local schools.
Why school district pricing can be a bit misleading.
Homes in better school districts almost always sell for higher prices than homes in districts that rank poorly. However, it is important to understand that correlation does not always imply causation. In some cases, there may actually be an underlying cause behind both the high home prices and the good school district. After all, affluent areas tend to boast better schools while also boasting larger, more valuable homes. This is not to say that school districts don’t directly affect home prices — because they do. It is just a reminder that many factors come into play when determining home pricing. Viewing the full picture is important for home buyers and home sellers alike.
Doing your homework.
Whether you have children or not, take an active approach to learning about the local school district for each and every home that you consider purchasing. Finding out which district the home falls in, and how that district in ranked, should be relatively straightforward. If you want to dig a bit deeper, research which private schools are in the area, search records to see how long the current principal and superintendent have been tenured, and consider reaching out to local PTA officers.
Talking to your realtor
Realtors and real estate firms are not in the business of mind reading — so if school districts are a top priority for you, say so! You are paying them to represent you, and they are motivated to find a property that you will love. Moreover, they know the area well, and can offer their knowledge and expertise.
Looking to buy or sell?
Blue Marble Properties can help. As a cash-only buyer, we are the perfect partner for anyone who is looking to sell quickly. And with expansive listings across the central Virginia area, we can help match buyers to their dream homes quickly and effectively. Visit us online today for more information!