Who’s thinking about school in the middle of summer, right? Well, I went to a neighborhood party yesterday, which was heavily attended by parents of toddlers, and the primary topic of conversation was where they were going to send the little ones when they grew up.
Our local schools, for the most part, are lousy. In fact, I probably wouldn’t live here if they weren’t. Low school quality is the very factor that allowed us, along with various other childless buyers, to afford a place here. So part of me was inclined to yawn and turn away at this topic of conversation.
Yet I was also watching the laws of supply and demand in action. If school quality doesn’t improve around here, or the parents don’t feel able to shell out for private school, many of these friendly neighbors whom I’m just getting to know will be moving in a few years.
If and when they do move, local “for-sale” inventory will rise – and other buyers will have to go through the “will we have kids, can we deal with the local schools, and if not, is it worth buying now only to have to move in a few years?” analysis.
For many, the answer will be no. For me, that will mean less neighborhood stability, and less home appreciation for my own abode.
If you’re a homebuyer currently scouting out the market, it really is worth having a look at how your local schools are rated, whether or not you have, or plan to have children. Fortunately, there are lots of great research sources for that, such as City-Data and GreatSchools.org.