It largely depends on whether the buyers have children or plan to.
I don't expect that people looking at retirement or over-55 communities care much about the quality of schools. Gay/lesbian couples generally don't care as much unless they're planning on having or adopting children. Singles and couples who don't plan on having children (and I know plenty of both) place school districts very low on their list of priorities.
On top of that, there are some ethnic/cultural groups who may feel more comfortable in a specific geographic area . . . even if the school system isn't quite as good as one a few miles away.
Then you get into large school districts--let's say Fairfax County in Northern Virginia. The school system overall is very, very good. But within it, there are some outstanding schools and some not quite so great schools. So the question in Fairfax County really is: Where in the county?
And, speaking from personal experience, certain highly-rated schools don't deserve those accolades. And certain other schools that some people wonder about (very large ones, for instance) can be wonderful.
Hope that helps.
Schools are generally evaluated on their API scores. Scores that are in the high 800's to high 900's are generally regarded well. Obviously the higher the score, the better the rating. But what goes into how the score is received? Honestly I'm not qualified to answer this question, but it's a question worth asking! It's not as simple as it may seem. I asked one of my friends who in a teacher and wow did I open up a very sensitive subject! She spent the next hour ranting about why the scores are misleading and why. Frankly she was talking over my head, nevertheless her diatribe on the subject made me realize something very important.
The API score doesn't necessarily indicate how well educated your child will be at any particular school. That said, here is a link that you can go to for more detail about what makes up the API score. http://bit.ly/Uf1Gls
So to answer the question, yes...buyers pay A LOT of attention to API scores. Too much maybe? I don't know, but properties located in areas where API scores are high, have higher property value.
Hope this helps.
If you could send your child to a public school that provides an excellent education vs. sending your child to a public school whose students consistently tested at average or below level wouldnâ€™t you be willing to pay more to live in the neighborhood served by the excellent school? Most people would pay extra. When they sell their houses, they will sell for more because the buyers will also be paying to live in the neighborhood of higher educational expectations.
Those who live in higher performing school districts reap both educational benefits for their children and financial benefits for themselves. Those who do not have children still get the financial benefits and often buy in those areas for that reason.
Historically speaking; these same homes when new, 45-50 years ago, might have only had a $5,000 difference between them.
The interest for buyers will be whether they want to take advantage of the schools or recognize the higher cost and potential larger return when reselling later.
Mark Burns, Realtor
Coldwell Banker Elite - Top 2% Worldwide
President - PRDS, Contracts and Forms for Silicon Valley Residential Real Estate 2008-2012
DRE #00896552 Licensed since 1985
Over 600 Homes Sold in Silicon Valley
More important than Realtors, home buyers pay attention to school districts. If you can't afford private schools, your best bet is to buy a home in a good school district.
Far many parents, schools are critically important.
It is not uncommon for people to pay premiums in the amount of $100,000, $200,000 or more just to get schools such as the Saratoga Schools or schools near Saratoga, such as Monta Vista High School or Lynbrook High School because of the academic reputations of those schools.
Similar homes near Saratoga or Monta Vista High School or Lynbrook High School often sell for much less if they do not have those schools when compared with similar homes that do have those schools.
Another good example of this school issue is in the Evergreen area of San Jose. Homes with Evergreen Valley High School often sell at premiums of $50,000 to $100,000 or more compared with similar homes in the area without Evergreen Valley High School.
Even clients without children will often have a very strong preference for homes with Schools that are in high demand for resale purposes.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
Our recommendation is that all buyers should consider resale issues prior to making a commitment to purchase a property. Value, location, schools, quality of life, etc are but a few of the factors that should be given serious consideration.
In my opinion, at the end of the day, students who do the best are those with the most involvement from the parents. While schools are important, I believe the family environment is so much more critical and ultimately dictates how successful any child is in any specific school. I frequently counsel buyers to avoid the highest ranked schools and look instead at lesser ranked schools â€“ they will end up with a nicer home in a great neighborhood â€“ and in reality, the children will spend more time in the house and neighborhood than they will at school.