When I am working as a Home Buyer Representative for some people they mention to me that the School District is not important to them because they do not have children. I always point out to the buyers that resale value and ease of resale will matter to them and a good School District means higher value and easier sale in the future.
In this part of New York State the value of the property is determined not only by the house construction and features but by commuting distance to New York City and several other factors. The School District that the property lies in is one of the major considerations when pricing a property. The more highly regarded the district, the higher the test scores, and the better the school programs means a higher value for the property.
To illustrate this point lets look at what is basically the same house in the same condition in two neighboring districts which are approximately the same distance to New York City. The actual properties this is based on transferred in the past six months.
Both of the houses were built in the early 1970's. They are in well cared for condition and similar square footage. The houses are both on smaller lots and are in desirable neighborhoods. They are actually only three and a half miles apart.
But they are in two different school districts. One of the School Districts is more highly thought of by the public than the other and it definitely makes a difference in value and days on the market.
House #1, in the less sought after School District, recently
sold for $192,000.00 and was on the market for 202 days.
House #2, in the more sought after School District, recently
sold for $234,000.00 and was on the market for 55 days.
So as you can see the value of a property is affected by the School District. It is definitely something to consider and research when you are looking for a home. It is also a reason to make every effort to maintain a quality School Program in order to retain the value of the property you may already own.
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Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
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from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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Paddy, That's very true on Long Island as well. The houses go for more and do sell quickly in the better school districts.
I think it is probably true almost everywhere Carole.
Paddy....I have always known that school districts make a difference in buyers choices, but I have never seen it so well demonstrated with actual comparisons. Thanks for your work!
You are welcome Carra. I did this in part to verify my claims during school budget forums we are having now. This is proof that it makes a huge difference.