School redistricting and home values

Well, I finally closed on a really awesome house in Andover Hills.  The buyers lived in a neighborhood that is very close and very similar to Andover Hills.  Why did they move?  They wanted to get their kids into a better school district.  The wild thing to me is that this is the 3rd time within a year I have known about people making a lateral move from less than a mile away………..All for the school district!

All the newer development on the northeast part of town didn’t have schools that were considered to be desireable.   Then came Athens-Chilesburg Elementary (ACE).  A brand new building that is only a few stop signs away from Andover Hills and good performance suddenly made a nice neighborhood even more desireable.  I’ve been watching this neighborhood for several years.  It seems to be attracting more and more young families.  Home prices also seem to have been really stable.  The prices for the neighborhood with the exodus have declined.

I have also seen the same thing happen with Andover Forest and West Wynd now that the new Liberty Road Elementary has opened.  Both neighborhoods were really struggling when the market slowed.  Then they built the new school.  Sales have picked up.   I think it is too soon to tell if that school will turn out to be a good one, but a new building sure puts it on peoples radar.  I also think not having a past helps.  As long as the test scores turn out to be at least average, all should be fine.

So, The bottom line is that a desireable school district makes a big difference in resale.  Even if you don’t plan on using that “Perk”, it is still wise to factor that into your decision making process.  I guess the only exception to that rule is if you plan on being in the house for a long long time.  Over, say 15 to 20 years,  what makes a school desireable can change a lot.

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