Whether you have kids or not, the quality of the local school district is something you may want to think about as you consider a house. Here are a few reasons why.
Homes in a Good School District Cost More
This correlation is very common. If you remember from economics class, the principles of supply and demand are always affecting the prices of goods and services in the market. That goes for anything from internet service to the bananas you buy at the grocery store. As the demand for something goes up, the price also goes up assuming the supply stays the same. Consumers are willing to pay more money because they’re so interested in that good.
The housing market is the same way. Millions of people want their kids to be a part of a good school district. They want their kids to have every advantage possible, and a good school district seems like a no-brainer. After all, their kids must go to school either way, right? They may as well go to one that will prepare them to get into a good college.
That means the demand for homes in these areas are high. Even though new homes are always being built, they aren’t always getting built fast enough to keep pricing down.
All of that leads to one question: are you willing to pay more for a house in a good school district? Because you’ll need to!
Homes in a Great School District Sell Quickly
Let’s look at the flip side of the coin. Most people buy a home and stay in it for a few decades. They will usually live in a house for 3-5 years and then move on, for one reason or another.
This is a stressful time though. You have to balance getting your house ready to sell with also being in the market for your new home. You’re working with contractors to fix things, a real estate agent, your mortgage lender, etc. It’s a process you want to be over as quickly as possible!
By buying a house in an area with a good school district, this process is likely to be shorter. There is always high demand for these homes, so you have potential buyers constantly scanning sites online to find a perfect home in the area. When you sell, your house may only be on the market for a day or two before you get a great offer. That’s a huge advantage to buying in these areas.
Do You Have Kids that Will Go to the Schools?
This last question may be the most obvious, but also the most important factor to think about.
Do you have school-age kids that will go to these schools? If so, it might make sense to buy in this area. After all, you want to give your child every advantage they can get in life, right?
But if you don’t have kids in this age range, it may not make sense. Or maybe you homeschool your kids since those options are so great. In that case, you may decide not to buy one of these higher-priced homes.
Determining where to buy your house is just one part of the complex home buying process. We’d love to help you any way we can, so give us a call at (562) 924-7884 and we’ll walk with you every step of the way.