With times changing (and the market too) … you may wonder how the market of today compares to that of the ‘old’ days?! While much has changed in terms of updating homes vs. leaving them customizable, de-cluttering vs. completely staging and the times of year that are ideal to sell – there is one constant…
A GREAT school is virtually always cool!
It’s generally still true today that living near a top-ranked school adds measurable value and desirability to your home. According to the California Association of Realtors®, 47% of consumers consider highly-rated schools ‘very important’. That number climbs to 58% for consumers earning more than $100K annually.
IF you live in a desirable school district, don’t feel like you have to wait until kids are out of school to put your home on the market. A family looking for a great home in a great neighborhood is often willing to move any time of year – and many would rather NOT move during grade promotions/graduations or vacations! Also, the cost of Silicon Valley means that many families are seeking condos or townhomes as starter homes; your residence does not have to an SFR to be a family’s first great achievement (especially if the nearby schools are notable!).
IF you live in a less than desirable school district, it does not mean your home will NOT sell. It just means that your agent needs to adjust your marketing strategy and target audience to fit that criteria. Does your school have an ‘open choice’ policy? How common are inter or intra-district transfers? What are the local private school options like and how does that factor into the cost of homes in your neighborhood?
NOTE: While schools are a critically important part of any buying/selling discussion – it is important to remember (and note in marketing!) that the buyer is responsible for verifying schools. You don’t want to ‘promise’ a certain school if boundaries change, if schools consolidate, etc. It is the seller’s responsibility to provide data that is deemed accurate, and the buyer’s responsibility to verify. Just as in disclosing anything about a home – transparency, integrity and honesty are key. The proximity to a top school is one thing – but guaranteeing any student’s enrollment into it is another… and out of your control!
All my best,
Bobbi Decker, SRES®, CIPS®
Broker Associate, Today Sotheby’s International Realty
Bobbi Decker & Associates
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/