April 2018
This month I’ll discuss the importance buyers place on school districts when looking at homes, how aware they are that districts can change over time, and the influence this has on home value. Now that Arlington Public School District is undergoing a massive growth period, along with significant re-districting, this topic is more relevant than ever.
Location has and will probably always be the biggest driver in a home’s value. This is especially true in Arlington County, where factors such as traffic and commute time weigh in on the decision-making process – something that may not be a factor in other areas of the country. However, once a location is decided, according to the National Association of REALTORS® 2015 Profile of Home Buyers and Sellers, 25% of home buyers listed school quality and 20% listed proximity to schools as deciding factors in their home purchase. The real estate market is complex, and every home buyer has different factors that weigh into their decision. Therefore, according to a 2016 realtor.com article, it’s not possible to pinpoint exactly how much impact school district has on home prices. It is clear, that the demand is large enough to increase home values since half of home-buyers are willing to pay more to get into their desired school district, and more than half would give up other desired amenities.
Arlington poses a unique situation – children in Arlington can attend their neighborhood schools, but they also have a lottery option to attend a Montessori school, two Spanish-language immersion programs, a traditional academy and a STEM focused program. It’s wonderful that parents can have a choice in their children’s school. This may also cause home buyers to hold proximity to a specific school lower in their decision process since their options are a bit more fluid.
An unintended consequence of the combination of great location and great schools, is an increase in residents moving to the area. This has happened to Arlington County and the school district must expand to accommodate the fast growth of school-aged children. New schools will be built and boundaries will change in 2019. Arlington County home owners are affected by this re-districting; something they may not have considered a possibility when they purchased their home. In my experience, all buyers with children focus on school districts. Some who know Arlington, understand the school districts are changing and some do not. I believe it’s important to make sure they understand that it is a dynamic situation.
According to realtor.com, while a top-performing school is a plus for your property value, a bad school is a complete disaster, and can decrease your home values by 22%. Niche.com’s 2018 American School Rankings placed Arlington schools #1 in the state of Virginia, with all receiving A’s every category. Therefore, Arlington schools, no matter which, are excellent options. It’s best for Arlington County home owners and buyers to remember that things change…stay informed, make the best decision you can at the time for you, and then re-evaluate when the time comes.
If you have any questions, or would like more information, I’m available to discuss your home’s value. Contact me anytime! [email protected] | 703-798-1803
