School Assignments Affect Home Prices

I recently read an article from the Wall Street Journal about school boundaries and home prices. As a society we are more concerned now than ever before about the schools our children will be attending than ever before. That has impacted the home values in pockets of Charlotte and the surrounding communities.

When i got done reading the article and subsequent articles about the topic; I went back and started thinking about my last move eight months ago. Price was important in the home I chose. As was the amount of space and certain features we were looking for in a home. But was it the underlying decision on what I bought? No. My wife and i were mostly concerned about staying within the school boundaries of where our children were attending and would be attending as they progressed through the grade levels. We felt the quality of education they were receiving outweighed the cost to stay within the boundaries of the school assignments.

The article in the Wall Street journal mentions nationally how school assignment can affect a home price dramatically. In some instances it caused a similiar home to be as much as 18% more because of the schools they would be assigned to. Nationally, research is showing that it affects the value of a home anywhere between 5% and up to as much as 20%more based on availability of homes.

People looking to sell their homes still have seen prices drop. However; the drop in prices has not been as dramatic as other areas because of the schools. With a higher quality of education parents were paying more to live in those areas. Buyers today looking for a great deal are finding it more difficult to find a home in the school area they want at a bargain rate. That is because the competition for those homes is higher right now.

The internet has helped this out as well. With websites posting ratings for schools there is an abundance of information out there for people to take advantage of when looking for homes. I personally use greatschools.org for families moving into the area or asking about what the schools are like.

Dave diCecco
Realtor/Broker
www.davedicecco.com