When people talk about homes, they always mention the schools. Heck, some people move specifically so their kids can go to a certain school. Yes, home values are higher in areas with better schools, and this is something that’s very important to consider when buying or selling a home. Even if you’re not planning on having children, it makes an impact on value, so keep your eye out.
Now, there’s no quantifiable correlation between schools and home value. It’s not a simple formula with a few variables available; anyone in real estate knows there’s a connection, though. Why? Simple — everyone wants their kids to go to a good school. Now, do expensive homes beget good schools because of affluent neighborhoods (higher priority on education, more taxpayer money going into the schools, etc.)? Or do good schools themselves boost property value? It’s one of those chicken-and-egg conundrums and there’s no real answer for it.
The bottom line is that regardless of how it started or how it’s calculated, we know that established good schools are in demand, and many people will strategically move to go to those schools. If you’re selling in that neighborhood, then you’re in luck as these homes will be in demand even during a recession. If you’re buying, you might want to strike early while the market is hurting, as these values will definitely increase when the economy hits its stride again.
The views published here are the opinions of the writer and are not a substitute for legal counsel.
Israel Gonzalez
Real Estate Broker-Hollister CA
831-636-8858
Click here to contact me by email
